Elon Musk, a tech billionaire, finally put an end to any hopes that Twitter (or X) would introduce its own cryptocurrency token. Ending years of speculation and eager anticipation among cryptocurrency enthusiasts; especially fans of Dogecoin. This news came after years of speculation and eager anticipation among cryptocurrency enthusiasts.
It is interesting to note that this news was not disseminated in the form of an official announcement or a post on Twitter. Instead, it was a response to one of the other users’ comments.
User @DogeDesigner, who has a significant following of 240,000 and has interacted with both Musk and the current CEO of X, Linda Yaccarino. He warned that neither Musk nor X had ever launched a crypto token before. The tweet contained an image that depicted headlines from news articles that erroneously claimed an event of this nature had taken place.
Musk responded with a resolute one-liner, “And we never will.”
While Twitter is going through a significant rebranding effort and Elon Musk is taking the lead with ‘X,’ there has been a straightforward denial of any plans for a Twitter-backed cryptocurrency.
However, this does not necessarily imply that support for cryptocurrencies or other features related to cryptocurrencies will not be included in the future iteration of X’s “everything app.”
Taking into account Musk’s previous enthusiasm for digital assets, in particular his fondness for Dogecoin (DOGE), a memecoin created as a humorous take on the crypto world, there is still some uncertainty and room for speculation about potential cryptocurrency involvement in the future.
Elon Musk, who refers to himself as the “Dogefather,” received a great deal of attention after purchasing Twitter for an astounding price of $44 billion in the previous year. Soon after that, he changed Twitter’s well-known blue bird logo to an image of a Shiba Inu dog, which is associated with the cryptocurrency known as Dogecoin.
This action resulted in a 20% increase in the value of the token and led to Musk being named as a defendant in a $258 billion lawsuit for alleged racketeering and insider trading.
The impact that Elon Musk’s tweets have had on the community surrounding cryptocurrencies is well-known, but over the years, those tweets have frequently given people conflicting information. In 2021, the developers of Dogecoin disclosed that they had been working closely with Musk for several years on the development of an alternative to Bitcoin that was less expensive and friendlier to the environment.
Earlier this year, the company reported that it was working on a product that would facilitate cryptocurrency payments; however, the company did not make the particular token that would be utilized public at the time.
Even though it might be too soon to anticipate a TwitterCoin or XCoin in the near future, there is still a chance that cryptocurrencies will play a role in Musk’s next venture.