Cryptocurrencies borrowing the name of Elon Musk, Twitter or X, are now legion. Is the Tesla and Spacelink boss planning to launch his own token for his “everything app”? The interested party has finally given his answer
Will
X have his own cryptocurrency?
Will
X, formerly Twitter, launch its own cryptocurrency? Well, that’s not in the cards, nor is it likely to happen, according to Elon Musk, who bought the bluebird social network in October 2022.
Responding to a post by an X user indicating that one should be wary of press reports of a potential token for the platform, Elon Musk himself replied that “it would never happen” :
And we never will
– Elon Musk (@elonmusk) August 5, 2023
Effectively, many small-cap tokens exist in the hope of capitalizing on the aura of Elon Musk or X, such as TwitterDOGE, X, CryptoTwitter (CT) or ELON BUYS TWITTER (EBT). Obviously, the latter have no connection whatsoever with the platform, and are often highly volatile.
The question remains as to what X could offer. Even if the social network doesn’t have its own cryptocurrency, will it be able to accept cryptocurrencies for exchange, as Elon Musk has repeatedly stated his intention to make X an “everything app”?
Moreover, even if Elon Musk assures us that he will never “launch” a cryptocurrency for X, it remains possible that the social network will use one that already exists. Of course, all eyes will be on Dogecoin (DOGE), the billionaire’s favorite crypto, which has recorded a – slight – rise of 2.2% over the last 24 hours.
X will soon include a trading hub
Two days ago, our Semafor colleagues reported that X was actively seeking a leading partner to build a trading hub within the social network. According to the internal document, X would not be offering any remuneration for these services, but “hundreds of millions of highly qualified users.” To this, X adds that “real-time information is a powerful force, especially in the investment world”.
The functionalities requested by X would integrate, among other things, real-time financial content and stock market data. A partnership with eToro was signed last April, but has yet to appear on the platform. However, when searching for an asset on X, such as Bitcoin, it is currently possible to access a TradingView chart to track its price.
According to Elon Musk, a “Swiss Army knife” application such as he envisages X could quadruple the number of users on the platform, taking it past the symbolic billion mark.
In any case, an eToro spokesperson was very enthusiastic about the future of investing in X:
“X is an increasingly important part of the DIY investment community… We’re extremely excited to see how X develops and are in close contact with the team about future projects.”
