Is Elon Musk, long considered the most crypto-friendly of billionaires, moving away from the sector? In any case, he recently confirmed that none of his many companies would ever create a cryptocurrency token. But does this leave the door open for Dogecoin (DOGE)?
The XAI cryptocurrency breakthrough this week
This week, Elon Musk’s artificial intelligence startup, xAI, announced the release of a new Chatbot: Grok. Intended as a serious competitor to ChatGPT, it is currently available to a limited number of users. And like any project bearing the billionaire’s name, it’s getting people talking.
xAI is in no way linked to a cryptocurrency, but that hasn’t stopped a few “degens” from pummeling the price of the XAI Corps (XAI) token. The cryptocurrency, which has no interest other than sharing the name of Elon Musk’s company, thus gained +175% in 24 hours, following the announcement tweet:
Tomorrow, @xAI will release its first AI to a select group.
In some important respects, it is the best that currently exists.
– Elon Musk (@elonmusk) November 3, 2023
The XAI price fell as fast as it rose, but the cryptocurrency pumped enough to be mentioned on many sites. This prompted Elon Musk to communicate about it.
Tesla, SpaceX, X… Elon Musk’s companies won’t have their own cryptocurrencies
Elon Musk reiterated that XAI was in no way linked to his company, and dashed the hopes of those who still believed in a cryptocurrency “made by Elon”:
To be super clear, none of my companies will ever create a crypto token
– Elon Musk (@elonmusk) November 4, 2023
“To be very clear, none of my companies will ever create a cryptocurrency token. “
We recall that while Elon Musk has several times shown an interest in cryptocurrencies, he has indeed focused more on Dogecoin (DOGE). The “memecoin” was integrated for certain purchases at Tesla, and the billionaire still communicates about it from time to time. He is also said to have discreetly financed its development.
But beyond that, Elon Musk seems to be turning his back on cryptocurrencies. Last August, we learned that SpaceX had divested itself of its Bitcoin (BTC) holdings. In addition, plans to launch a cryptocurrency payment service on X had been shelved.
In recent months, the billionaire had also stated that he was now more interested in artificial intelligence. So, despite what scammers and opportunists would have us believe, we’re unlikely to see any crypto start-ups at Tesla, SpaceX or X.
