Tesla (NASDAQ: TSLA) CEO Elon Musk has addressed the possibility of launching a cryptocurrency at a time the executive ranks among the most influential individuals in the space.
Musk made the declaration after it emerged that there were reports alleging that X (formerly Twitter) had launched a crypto token. The reports about the token escalated after Twitter, acquired by Musk in 2022, began rebranding to X.
In response, in a post on August 5, Musk ruled out the possibility of the company ever launching a cryptocurrency, stating, “And we never will.”
This after an X user, pseudonymously known as Doge Designer, raised caution among users, advising them to be wary of reports claiming X had introduced a cryptocurrency.
Musk’s involvement with cryptocurrencies
It is worth noting that Musk’s influence in the realm of cryptocurrencies cannot be overlooked, as he has emerged as one of the leading figures in the space. The Tesla CEO has publicly expressed his fondness for the meme-based cryptocurrency, Dogecoin (DOGE). As reported by Finbold, Musk revealed that his affinity for Dogecoin extends beyond its market potential; he appreciates its humorous nature.
Indeed, despite initially lacking significant viability, several crypto players, such as Changpeng Zhao, the CEO of Binance, believe that Musk’s involvement with Dogecoin has helped the token remain relevant in the crypto realm.
Interestingly, despite Musk’s active interest in cryptocurrencies, he has advised against investing in the sector, as reported by Finbold. He has denied promoting or encouraging people to invest in digital assets.
DOGE’s possible new use cases
With Twitter’s rebranding also focusing on facilitating transactions in the financial world, speculations about tokens like Dogecoin potentially finding significant use cases in the ecosystem have arisen.
Musk’s recent statement ruling out the possibility of X launching a crypto token has sparked further speculation that the company may turn to Dogecoin, potentially boosting its value.
In the meantime, Musk, Tesla, and SpaceX are facing a massive $258 billion lawsuit filed by Keith Johnson, an American citizen and Dogecoin investor. The lawsuit accuses Musk and his companies of manipulating Dogecoin’s value as part of a racketeering scheme to support the meme cryptocurrency.
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