Musk: "Most cryptocurrencies are scams"...opens Cashtag feature, market reacts negatively

▲ X, Virtual Asset/AI Generated Image

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

According to CoinGape, a cryptocurrency specialized media outlet, 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 is raising the possibility of not just providing information but also linking to transactions. In fact, X is accelerating its transition to a financial platform by building a structure that allows users to 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 expressed distrust in the market as a whole, stating, "Some have value, but most are scams."

These remarks are interpreted as a message that directly conflicts with X's trend of strengthening cryptocurrency features. On the one hand, the platform is expanding cryptocurrency accessibility, while on the other hand, it is expressing caution about the overall market.

In the market, Musk's remarks are being taken as a warning against meme coins and speculative projects. Indeed, the cryptocurrency market continues to see repeated short-term surges and drops based on statements by specific individuals or social media issues, and in this process, cases of ordinary investors suffering losses are also ongoing.

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

*Disclaimer: This article is for investment reference only and does not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.*