News - Elon Musk says "no" to crypto: there will be no X-token

By Ted Maas

Elon Musk says "no" to crypto: there will be no X-token

Elon Musk is holding firm. The boss of X (formerly Twitter) continues to deny the rumors regarding the launch of his own X-token. The reason? All the hurdles surrounding laws and regulations.

Musk is clear: "The platform will never launch a token". The statement was in response to a Twitter user's warning that multiple scams were circulating promising fake Twitter Coins. Ever since Musk took over Twitter in 2022, rumors have been circulating about the integration or launch of a separate token to support the platform.

Elon Musk wants to turn X into a super app, like China's WeChat, for example. So it must also become a payment and financial platform. Musk himself is a fan of cryptocurrencies. At Tesla, he owned nearly 50,000 Bitcoin (it is now just over 10,000). He repeatedly advocated Dogecoin as a means of payment. In 2023, he even swapped Twitter's logo, the blue bird, for the Dogememe for a few days.

Launching his own cryptocurrency would come with great risks for Elon Musk. It would potentially bring the financial regulator SEC to the front door. Facebook also had to shut down its cryptocurrency project Libra because of regulatory concerns.

From a business perspective, it would make more sense for him to introduce an existing currency as a means of payment, he said.

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