- Elon Musk firmly denies the development of an “𝕏 coin” to reward creators on the social media platform X, putting an end to longstanding rumors.
- X obtains a currency transmitter license from Rhode Island, its seventh state license in the U.S., sparking renewed speculation about its crypto ambitions.
Elon Musk, the visionary force behind X (formerly known as Twitter), has finally broken his silence on the rumor mill swirling around the development of an “𝕏 coin” for creators. Responding succinctly with a “no,” Musk has officially squashed all speculation. This revelation comes as a follow-up to various leaked code fragments from X’s previous incarnation as Twitter, where many believed the platform was inching toward launching its own cryptocurrency.
NEWS: 𝕏 might be looking at launching 𝕏 coin for creators!
Receiving coins will help users accumulate diamonds which will be converted to real money in creator payouts! https://t.co/kxeBa0bZrj pic.twitter.com/Wu8t3F9etq
— X News Daily (@xDaily) August 30, 2023
Dogecoin Lovers Keep Hope Alive
The ripple effects of Musk’s response have been particularly strong among the cryptocurrency community and passionate Dogecoin supporters. Ever since Elon Musk assumed the helm at X, there have been whispers of integrating Dogecoin as the platform’s native currency. Though Musk’s statement did not address this issue directly, it has certainly reignited debates and discussions among crypto enthusiasts. The lingering question now is: does Musk’s denial about the “𝕏 coin” extend to a broader rejection of cryptocurrencies for X?
Regulatory Milestones: A Step Toward Cryptocurrency Transactions?
In a separate but related development, Forbes Digital Assets reports that X has secured a currency transmitter license from Rhode Island regulators. This move marks the seventh such state license for X in the United States, following licenses obtained in Michigan, Missouri, and New Hampshire, among others. It’s another significant milestone toward Musk’s ambition to morph X into an all-encompassing super app that can handle cryptocurrency transactions.
Community Buzz and Market Impact
Comments from industry experts underline the gravity of these developments. Caroline Bowler, CEO of Melbourne-based BTC Markets, noted that endorsements from influential figures like Musk could reshape the global crypto landscape. Meanwhile, online conversations are exploding with speculations about the platform’s next moves in the crypto space. Notably, Dogecoin’s price saw a small bump after Musk’s recent remarks, leading many to wonder if Musk considers Dogecoin “real money.”
Additional Notes on Revenue Streams and Future Plans
Last week, leaks hinted at Musk’s discussions with Wall Street executives about turning X into an updated version of PayPal. While the reports remain unconfirmed, they signify Musk’s ongoing quest to explore fresh revenue streams for X. Amidst these developments, whether or not Dogecoin or any other cryptocurrency becomes integrated into X remains a captivating subject for ongoing discussions.
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