Elon Musk Confirms X Will Not Launch Its Own Crypto Token

Elon Musk emphasized that X will not launch its own cryptocurrency. (Photo; Doc. Bitcoinist)

JAKARTA- In a statement that drew public attention, leading technology investor Elon Musk explicitly rejected the possibility of launching digital currency tokens by his social media platform, X.

This statement comes in response to warnings posted by a network user warning about potential fake coin projects trying to take advantage of Musk's name and the platform's popularity.

Elon Musk and X never launch crypto tokens. Be careful with such articles, "wrote the DogeDesigner account (@cb_doge) August 5, 2023.

The warning shows that neither social media networks nor owners have ever launched digital tokens. "And we will never do it," replied Elon Musk.

In response to a user post with the name @cb_doge, which reminds the public of articles promoting tokens that don't actually exist, Elon Musk emphatically explains that X will never launch its own crypto tokens.

This mainly refers to claims that "$X" tokens and Twitter tokens" have similarities with X and previous brand names, Twitter. These kinds of incidents create public misunderstandings and could lead to potential fraud. Investors tempted by promises of spectacular price increases in a short time should be more aware of this kind of news.

As the owner of a social media platform previously called Twitter, Elon Musk has changed his name to X after last year's $44 billion acquisition. This change also reflects the vision and plans for the major changes he hopes for this platform.

Even so, Musk not only touched on the potential for fraud through fake tokens in his statement, but also reminded the public of the popularity of other cryptocurrencies known for their connection with him. In particular, dogecoin, a meme coin that has been widely known and received media attention thanks to Musk's association with him.

In June, Musk himself was involved in a class action lawsuit accusing him of insider trading Dogecoin. This happened when Musk changed the Twitter logo to the Dogecoin logo for a while, which resulted in a 30% spike in the coin price. Plaintiffs in this case claim that the action has significantly changed the coin price.

X Becomes Super App

In July, Musk replaced Twitter's iconic blue bird logo with the X logo, reflecting larger change steps in the platform's vision. Musk also hinted at his plans to develop the platform into a super app that provides comprehensive communication and is even likely to engage in global finance.

However, in a statement, Musk did not explain whether his plans to develop this platform would include the use of cryptocurrencies. As a person who has a major impact on the crypto world, his statement about the rejection of the launch of crypto tokens on platform X remains a major focus for the public interested in the development of digital technology and finance.