Elon Musk Asserts X Will Never Issue Cryptocurrency Despite Speculations – Investor Bites

SNEAK PEEK

• Elon Musk warns against unrelated cryptocurrencies, denies plans for X’s own coin issuance.
• Speculation of Musk launching a stablecoin dismissed, asserts no Twitter crypto exchange in the works.
• “Twitter Coin” project shelved, not based on blockchain technology, represents localized currency.

Elon Musk, the billionaire businessman and owner of X, formerly known as Twitter, made a significant statement today regarding cryptocurrencies. In response to the recent surge of unrelated cryptocurrencies, Musk issued a warning against such coins. He clarified that neither he nor his company, X, will ever issue a cryptocurrency.

This comes amid growing concerns among US senators, as reported by Market Watch, who feared that Musk might launch his own stablecoin. However, Musk has categorically denied any such plans, stating that it will never happen.

And we never will

— Elon Musk (@elonmusk) August 5, 2023

Just days ago, speculations were rife about Musk creating a Twitter exchange for buying and selling crypto assets. Contrary to the rumors, Musk asserted in his statement that there were no ongoing studies or plans for such an exchange.

Interestingly, there was prior speculation about a “Twitter Coin” project, a secret digital money initiative designed for use on the platform. It was clarified that this project would not be based on blockchain technology and would instead represent a localized currency for specific platform features. However, it appears that the “Twitter Coin” project has been shelved.

While Musk’s stance remains firm on not issuing any cryptocurrencies, he continues to be a prominent figure in the crypto space. His tweets and statements have had a significant impact on various digital currencies’ valuations, prompting increased scrutiny and attention from regulators and investors alike.

Moreover, Musk’s interest and involvement in the crypto world have been a subject of continuous speculation, and his statements often generate widespread discussion and debate in the financial markets.

Hence, it remains to be seen how Musk’s stance on cryptocurrencies will evolve in the future and what impact it will have on the crypto landscape. For now, however, he maintains that neither he nor his company will be directly involved in the issuance of any digital currencies.

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• Source: https://investorbites.com/elon-musk-asserts-x-will-never-issue-cryptocurrency-despite-speculations/