Elon Musk’s X Removes Bitcoin Hashmoji, Community Left Buzzing

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As a researcher with a background in technology and finance, I have closely followed the developments within the Bitcoin community on Twitter (X) with great interest. Recently, the buzz around X has been centered around the sudden disappearance of the Bitcoin hashmoji, which was previously added by Jack Dorsey, one of Twitter’s co-founders and a known Bitcoin supporter.

The Bitcoin world is abuzz with speculation over why Elon Musk’s X platform recently deleted the Bitcoin logo emoji, following reports of its disappearance and subsequent confirmation from an X team representative.

X no longer shows Bitcoin hashmoji

The DOGE community member and insider known as “DogeDesigner” (@cb_doge) from the DOGE team has announced that the Bitcoin hashmoji is now defunct on their platform, leaving only the Bitcoin hashtag in its place.

The crypto community is baffled after Elon Musk took an unexplained action, resulting in the removal of Bitcoin’s hashmoji from Twitter. The absence of clarity on this unexpected decision has sparked intense debates among crypto enthusiasts, with many questioning what could have led Musk to make such a move.

A number of prominent figures in the Bitcoin community have weighed in on this issue. Among them are Samson Mow, CEO of JAN3 and a long-time Bitcoin backer and investor Jeremy Davidi, as well as active trader TheMoonCarl.

#Bitcoin hashmoji is no longer working on 𝕏

— DogeDesigner (@cb_doge) July 26, 2024

It appears that Bitcoin, as well as emojis representing other cryptocurrencies, have been taken down from X.

Tesla still holds Bitcoin

According to U.Today’s report, as of April this year, Tesla, Elon Musk’s electric car company, continues to possess a significant amount of Bitcoin. The latest earnings report for Q1 2024 reveals that this bitcoin hoard is valued at approximately $184 million.

In February 2021, the company revealed its plan to invest $1.5 billion in Bitcoin. Subsequently, Musk disclosed that Tesla had initiated accepting Bitcoin as a form of payment for its electric vehicles. This significant news contributed to Bitcoin reaching an all-time high price of over $60,000 in April.

In the same month, Musk unexpectedly declared that Tesla would no longer accept Bitcoin due to concerns over the environmental impact of the energy-intensive Bitcoin mining process.

Tesla still keeps a significant amount of Bitcoin on its books, yet it has progressively disposed of some of this cryptocurrency. Approximately $184 million remains as the current value of its Bitcoin holdings.

No X coin to be launched, per Musk

As a financial analyst, I have been closely monitoring X’s preparations for introducing an internal payment system. Simultaneously, they have been working diligently to obtain the required licenses in multiple US states.

As a crypto investor, I understand the speculation surrounding Elon Musk and his potential involvement in creating a new cryptocurrency. However, it’s important to note that Musk has repeatedly stated that neither Tesla nor SpaceX have plans to launch their own digital currency. Therefore, any clearing of Bitcoin or other cryptos from his social media platforms should not be interpreted as an imminent move into the crypto space with a new offering from these companies.

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2024-07-26 11:56