Elon Musk has no Plans to Integrate Crypto into X
- Elon Musk confirmed that he has no plans to integrate cryptocurrencies into the social media platform X.
- Twitter entity DogeDesigner warned investors about cryptocurrencies that claim to be associated with X.
- The billionaire also agreed with DogeDesigner’s warning against tokens like X (X) and TwitterDAO (TWITTER).
- The Tesla CEO had earlier revealed plans to experiment with crypto payments on Twitter.
The CEO of Tesla and SpaceX, Elon Musk, has confirmed that he has no plans to integrate cryptocurrency payments into X. Recently, the billionaire decided to rebrand social media platform Twitter to X after buying the platform and laying off a significant number of employers in the past few months. The crypto community on the platform had mixed reactions to the 52-year old entrepreneur’s decision.
In a response to a post surrounding questionable X and Twitter-based digital currencies on Saturday, August 5, Elon Musk replied that there are no plans to debut or integrate crypto into X. The billionaire replied to a post by DogeDesigner addressing the issue of meme coins and scam tokens like X (X) and TwitterDAO (TWITTER) that claim to be affiliated with the platform or the entrepreneur.
DogeDesigner took to the social media platform to warn the members of the crypto space regarding scammers that have issued crypto coins claiming to be affiliated with the social media platform, along with articles related to these tokens. Moreover, DogeDesigner also confirmed that neither Elon Musk nor X had ever launched a crypto token.
However, Elon Musk had previously dropped hints about bringing crypto payments to Twitter in early 2023. The crypto community on X at that time was left wondering if the billionaire would introduce a new cryptocurrency and stick to his favorite meme coin, Dogecoin (DOGE). Interestingly, the renowned entrepreneur did see a crucial role for cryptocurrencies in his vision for X.
As reported earlier by BitcoinWisdom, Elon Musk widely promoted Dogecoin in the 2021 crypto market bull run, and investors in the meme coin have sued the billionaire for insider trading.
It seems that the regulatory uncertainty surrounding cryptocurrencies and blockchain in the United States has been a major cause for concern for companies that seek to experiment with blockchain, cryptocurrencies, and tokenization. Multiple firms have come under the regulatory wrath of the United States Securities and Exchange Commission (SEC), including crypto exchanges Binance and Coinbase.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
