Boss of the popular X app (formerly widely known as Twitter) Elon Musk has commented on the recent rumors that X is working on the creation of its own cryptocurrency.
Musk clearly stated that this will never happen and no "X coin" will ever be developed and launched.
And we never will
— Elon Musk (@elonmusk) August 5, 2023
Speculations about crypto payments on Twitter (now being rebranded as X) have been circulating the ultra-popular social media platform since October last year, when Elon Musk finalized the deal on purchasing Twitter for $44 billion.
Everyone, especially the Dogecoin community, still expects Musk to implement the original meme coin DOGE for micropayments and tipping content creators on Twitter. So far, to support creators all over the world, Musk has introduced a Subscription feature that allows account owners to receive monthly micropayments from their subscribers.
According to a recent announcement made by Musk, the platform will not be charging 10% off creators' earnings after the first year — not until the threshold of payments reaches $100,000 in total. This made the Twitter community happy.
However, these payments are made in fiat, not crypto. Earlier this year, Twitter, before getting rebranded into X ("the everything app"), was reported to be working on a "Coins" feature.
Now, at least, it is clear that Musk and X are not working on a native cryptocurrency. However, the community still hopes that Dogecoin payments will be implemented. Musk avoids discussing this topic and has not clarified it yet. Still, before buying Twitter, he stated in multiple interviews and podcasts that he sees DOGE as a perfect alternative to Bitcoin and that it would be great if Twitter began to use it for internal payments.
Dan Burgin
Tomiwabold Olajide
Alex Dovbnya
