Elon Musk Distances Himself From Cryptocurrency, Says His Companies Will Never 'Create A Crypto Token'

Despite previous reports suggesting that Elon Musk "quietly funded" the meme coin Dogecoin, the tech billionaire has now clarified that none of his "companies will ever create a crypto token."

Musk, who dubs himself as "the DogeFather," and is a crypto evangelist, has over the years swayed prices of numerous crypto assets, especially DOGE with just his online posts. The tech billionaire can easily create his own cryptocurrency, but it appears that he is reluctant to officially launch one, and he hasn't explained why.

On Friday, Musk reiterated that neither he nor any of his "companies will ever create a crypto token." The tech billionaire's statement came as a response to a post by an X user @cb_doge, who is also a UX/UI & Graphic Designer at Dogecoin. The user stated that neither Musk nor xAI, are related to the meme coin xAI Corp (XAI).

"Elon Musk & xAI is not associated with any such crypto token. Please be careful," the user said in the post. Responding to the post, the tech billionaire said, "To be super clear, none of my companies will ever create a crypto token."

It is worth noting that this is not the first time that Musk distanced himself or his companies from cryptocurrency.

In 2019, despite his post on X, formerly Twitter, about Bitcoin, the world's largest crypto asset by market capitalization, the tech billionaire clarified that Tesla, his electric car company, is steering clear of crypto.

While Musk said that Bitcoin is "interesting," and could be a valuable way to transfer money, he noted that it is not for Tesla.

"Bitcoin's structure is brilliant but I don't think it would be a good use of Tesla's resources to get involved in crypto," Musk said in a podcast with Ark Invest founder Cathie Wood in a podcast.

In September, an excerpt from the book titled "Elon Musk" was published in the Wall Street Journal," revealing that the tech billionaire had an idea of creating "a new social-media platform based on the blockchain" that "could have a payment system using Dogecoin, the semi-serious cryptocurrency whose development he had been quietly funding."

It is worth noting that while Musk, or any of his companies, have no cryptocurrency of their own, Tesla accepts Dogecoin as a form of payment for some of its items.

DOGE, the world's first-ever meme coin, was trading in the green zone at $0.0687 as of 8:34 a.m. ET on Saturday, with its 24-hour trading volume down by 40.35% at $238.26 million, representing a 2% increase over the last 24 hours and a 0.8% gain over the past seven days.

The latest data from CoinMarketCap reveals that Dogecoin's total circulating supply stands at 141.69 billion DOGE, with its value up by 1.91% to a $9.74 billion market cap.