Billionaire entrepreneur Elon Musk mentioned in a social media put up on on Nov. 3 that his numerous corporations won’t ever difficulty a cryptocurrency token.
Musk acknowledged:
“To be tremendous clear, none of my corporations will ever create a crypto token.”
Musk made that remark in response to information a few token that’s trying to capitalize on a brand new product from his AI agency, xAI, known as Grok. Although that firm and undertaking are professional, any crypto tokens that use these names usually are not professional.
Musk’s assertion signifies that the opposite corporations that he owns or leads — together with his rebranded Twitter app X, his automotive firm Tesla, and his spacecraft and launch firm SpaceX — is not going to difficulty 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 corporations 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 various cryptocurrency scams and faux coin choices.
Musk’s corporations already make use of crypto
Although Musk’s corporations is not going to difficulty new crypto tokens, these corporations do make use of present cryptocurrencies. Tesla holds about $184 million of cryptocurrency, largely or fully Bitcoin, and accepts Dogecoin for some merchandise transactions.
Elsewhere, X helps Bitcoin tipping. The agency can also be planning to introduce in depth fee options that will or might not embrace help for crypto transactions.
SpaceX, lastly, held an unspecified quantity of Bitcoin as just lately as 2021. One of many firm’s clients has additionally funded a SpaceX mission, known as DOGE-1, with Dogecoin; that mission is at the moment anticipated to launch in January 2024.
