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Again, Elon Debunks Rumors of an X Token

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By Jaden Francis - - 5 Mins Read
Elon Musk
X CEO, Elon Musk | Shutterstock

In recent times, several rumors and news have been circulating about the social media platform Twitter (now X) since Elon Musk took over its leadership. As the platform rebrands to X, the rumors seem to increase daily.


According to sources, Elon Musk has expressed his desire to transform the platform into an all-in-one app now that it has been rebranded to X. This has raised expectations from users around the world. One of the things Elon Musk mentioned was the plan to convert X into a payment platform where users can make financial transactions. 


The crypto community has set high expectations for Elon Musk to integrate cryptocurrencies into the Twitter platform. Elon Musk has also fueled these expectations by dropping hints since taking over the platform. For instance, he changed the platform's logo to Dogecoin's logo and posted pictures of his Shiba dog as the new CEO of Twitter. These actions caused Dogecoin and other dog-themed tokens to skyrocket in value.


A shiba inu sitting an office chair in a high rise office building
Elon's Shiba Inu as CEO | Elon Musk/X


It's no wonder people, especially those in the crypto community, were expecting an Elon Musk X coin after rebranding the platform to the Everything app.


But it looks like the rumors have hit stronger recently, prompting Elon Musk to come out and clarify the whole situation. Apparently, Elon Musk was replying to a post that said he wouldn't be integrating any X coin into the platform. He responded to the post by saying, "Correct." Instead, Elon Musk says they will only incorporate real-world financial assets into the platform instead of alternatives like cryptocurrencies. 


This is the second time Elon Musk will clarify what his social media platform plans to integrate with the rebrand. Previously, on the 5th of August, Elon Musk Made the same clarification that the platform won't be launching any X coin or token. Apparently, this clarification resulted from the rise in many X tokens in the crypto industry. He doesn't plan to do so, as he said "never" to such crypto tokens. 

Why the Rumors About X Coin? 

On the other hand, you can't really blame the crypto community for fueling rumors of Elon Musk X coin when the platform hasn't made any official announcement. Elon Musk's involvement with the crypto industry is a huge factor. And this won't be the first time his company is entering into cryptocurrencies, assuming it happens. Previously, the electric car-producing company bought large amounts of Bitcoin, accepted Bitcoin, and allowed Dogecoin in some of their merchandise. 


Also, X reached a new milestone, which led to the resurrection of the rumors concerning an X coin. The social media platform secured a currency transmitter license in Rhode Island. The result of this action is that they will be permitted to manage and facilitate digital currency transactions. This was the reason why everyone started making speculations about a particular cryptocurrency. Furthermore, the social media company has gotten the permission of the Treasury Department's Financial Crimes Enforcement Network (FinCEN) to obtain Money Service Business licenses.  


With these new licenses, X now has permission to expand their services in many States in the US. Some of the confirmed three states are Michigan, New Hampshire, and Missouri. Nevertheless, X has yet to launch a payment service.