Musk: "Most Cryptocurrencies Are Scams"...Opens Cashtag Feature, But Negative on Market

▲ X, Virtual Asset/AI Generated Image

Elon Musk's X (formerly Twitter) introduced a 'Cashtag' feature that links cryptocurrency and stock information in real-time, while Musk stirred up the market by classifying most cryptocurrencies as 'scams'.

According to the cryptocurrency media CoinGape on May 1 (local time), X activated the Cashtag feature for major assets such as Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE). This feature is designed to allow users to instantly check real-time price information and related data by entering a specific ticker. This is interpreted as part of a strategy to expand X into a financial information platform.

The Cashtag feature goes beyond simple information provision and even raises the possibility of linking to trading. In fact, X is accelerating its transformation into a financial platform by building a structure where users can check real-time price data, asset-related posts, and market trends on one screen.

However, at the same time, Musk issued strong criticism of the overall cryptocurrency market. He stated, "Some have value, but most are scams," revealing a general distrust of the market.

These remarks are interpreted as a message directly conflicting with X's trend of enhancing cryptocurrency features. On one hand, the platform is expanding access to cryptocurrencies, while on the other hand, it is expressing caution about the market as a whole.

In the market, Musk's remarks are being taken as a warning against memecoins and speculative projects. Indeed, the cryptocurrency market continues to see repeated short-term surges and drops based on statements from specific individuals or social media issues, and in this process, general investors continue to suffer losses.

Ultimately, X's introduction of Cashtags is accelerating the integration of virtual assets, social media, and financial information, while also serving as an opportunity to highlight market trust issues once again. As platform expansion and market skepticism are simultaneously emphasized, investors are required to find a new balance between information accessibility and risk management.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*