Billionaire entrepreneur Elon Musk stated in a social media submit on on Nov. 3 that his numerous firms will by no means issue a cryptocurrency token.
Musk acknowledged:
“To be tremendous clear, none of my firms will ever create a crypto token.”
Musk made that remark in response to information a couple of token that is trying to capitalize on a brand new product from his AI agency, xAI, referred to as Grok. Although that firm and mission are professional, any crypto tokens that use these names usually are not professional.
Musk’s assertion signifies that the opposite firms that he owns or leads — together with his rebranded Twitter app X, his automotive firm Tesla, and his spacecraft and launch firm SpaceX — will not issue a cryptocurrency of their very own.
Regardless of that warning, there seem like quite a few tokens in circulation that intend to capitalize on Musk’s firms and their reputation within the crypto sphere. On the Ethereum blockchain alone, there are 260 tokens that point out SpaceX, 497 tokens that point out Tesla, and numerous others that point out Twitter or X.
Although few of these tokens have any market worth, some have develop into high-profile scams. In January 2023, Forbes listed 25 notable Elon Musk-themed scams, together with quite a lot of cryptocurrency scams and pretend coin choices.
Musk’s firms already make use of crypto
Although Musk’s corporations will not issue new crypto tokens, these firms do make use of current cryptocurrencies. Tesla holds about $184 million of cryptocurrency, largely or completely Bitcoin, and accepts Dogecoin for some merchandise transactions.
Elsewhere, X helps Bitcoin tipping. The agency can be planning to introduce extensive payment features that could or could not embody help for crypto transactions.
SpaceX, lastly, held an unspecified quantity of Bitcoin as not too long ago as 2021. One of many firm’s prospects has additionally funded a SpaceX mission, referred to as DOGE-1, with Dogecoin; that mission is at the moment anticipated to launch in January 2024.
Elon Musk denies that X, Tesla, or SpaceX will ever issue crypto tokens cryptoslate.com 2023-11-06 21:38:58
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