Elon Musk has declared he will no longer promote cryptocurrencies, citing a surge in fake AI videos that use his likeness to push scams and mislead investors. In a recent interview, the Tesla, SpaceX, and X owner stated, "I'm not going to be promoting crypto, at most, in a joking way," and warned that any apparent endorsements are likely deepfakes. This move aims to draw a clear line against fraudulent content that has fueled rug pulls and token presales.
Despite stepping back from promotions, Musk affirmed his ongoing appreciation for Bitcoin and Dogecoin. He noted "some merit in Bitcoin" and maintains a "soft spot" for Dogecoin due to his fondness for dogs and memes. Tesla's treasury continues to hold 11,509 BTC, underscoring the company's sustained exposure to Bitcoin. Musk's associates, including Arthur Hayes and Naval Ravikant, have encouraged him to consider privacy-focused Zcash, but his public comments and projects align more closely with Bitcoin's architecture.
Musk's upcoming X Chat messaging platform, set to rival WhatsApp and Telegram, reflects this alignment. He revealed that X Chat uses a peer-to-peer encryption model inspired by Bitcoin, ensuring stronger security and independence from corporate data storage. The platform, rebuilt from the ground up, will support texting, file sharing, and audio or video calls, with no ad hooks to create a "clean, secure communication environment." Expected to launch in the coming months, X Chat will integrate into X while also operating as a standalone app.
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