It has been announced that X, Tesla, SpaceX, Neuralink, and xAI will not be launching their own cryptocurrency anytime soon.
Elon Musk declared this last week on Twitter, highlighting a shift in the tech industry’s attitude toward competing with Bitcoin as a digital currency.
This announcement is significant, especially considering X’s recent intention to become a platform for financial services. There had been speculation that Musk might integrate Dogecoin, a cryptocurrency he has supported in the past, into his companies’ operations.
Under Jack Dorsey’s leadership, Twitter was known for its pro-Bitcoin stance and actively incorporating new features like Bitcoin tipping. However, Musk’s decision not to launch a crypto token suggests that the concept of issuing worthless cryptocurrencies is losing favor among prominent Silicon Valley tech leaders.
This change in sentiment could be attributed to the increasing regulatory scrutiny and uncertainty surrounding the cryptocurrency industry. With Musk’s reputation as a tech visionary and influencer, his statement may influence other tech leaders and entrepreneurs to reconsider the idea as well.