“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 making an attempt to capitalize on a brand new product from his AI agency, xAI, referred to as Grok. Although that firm and venture are respectable, any crypto tokens that use these names aren’t respectable.
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 subject 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 turn into high-profile scams. In January 2023, Forbes listed 25 notable Elon Musk-themed scams, together with a lot of cryptocurrency scams and pretend coin choices.
Musk’s corporations already make use of crypto
Although Musk’s companies is not going to subject new crypto tokens, these corporations 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 in depth cost options which will or could not embrace 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 present anticipated to launch in January 2024.