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Currently in cryptocurrency, TikTok has responded to allegations from a US congressman claiming it acquired hundreds of millions of dollars of President Donald Trump’s memecoin. Sentiment regarding Bitcoin is divided as the crypto landscape remains stagnant, and Elon Musk’s X is planning a 2025 introduction for its financial services division.
TikTok refutes TRUMP memecoin acquisitions in response to congressman’s claims
The Chinese social media site TikTok dismissed accusations suggesting it has made purchases of US President Donald Trump’s designated memecoin.
The official TikTok Policy account took to X on Thursday to reject assertions that its proprietors are acquiring the Official Trump (TRUMP) memecoin, responding to claims made by California Democratic Party Representative Brad Sherman.
Sherman had asserted that the “Chinese proprietors of TikTok announced they are acquiring ‘Trump Coins’ for $300 million.”
“Congressman, claiming that TikTok’s owners are purchasing ‘Trump Coins’ is blatantly false and irresponsible and fails to accurately reflect a letter you signed last month,” TikTok Policy stated in reply to the remarks.
Sherman’s statements arose amid the news that Trump had endorsed yet another executive order to postpone the ban or sale of TikTok.
The latest extension represents the third deferment, granting TikTok an additional 90 days to locate a buyer or face a ban in the US, as reported by online sources.
Bitcoin sentiment divided as crypto market remains stagnant
Sentiment towards Bitcoin (BTC) is at a nearly equal divide between those optimistic and pessimistic, with attitudes towards the cryptocurrency at a low not seen since April when Donald Trump’s global tariffs devastated worldwide markets, per Santiment.
Santiment marketing director Brian Quinlivan remarked on Thursday that a social media examination revealed “there are merely 1.03 bullish remarks for every 1 bearish remark, which hasn’t been seen since the peak of FUD [fear, uncertainty, and doubt] during the initial tariff responses on April 6.”
He added, however, that this is “generally a bullish indicator” as markets “historically trend in the opposite direction of retail’s anticipations.”
Simultaneously, a poll on X by cryptocurrency analyst Matthew Hyland on Thursday revealed a nearly equal split between those who believe Bitcoin will surge to an all-time peak above $114,000 or drop back to $94,000.
Bitcoin has remained stable at approximately $104,500 over the past week, showing only a 0.2% increase during the last seven days as of early Friday.
Musk’s X intends to launch payment and investment features by 2025 — Report
Elon Musk’s social platform, X, is set to incorporate various financial services, allowing users to conduct payments and investments directly within the application.
In a recent conversation with the Financial Times, X CEO Linda Yaccarino mentioned the platform’s projected 600 million users will eventually “have the capability to manage [their] complete life on the platform,” from transferring funds to overseeing investments.
The company is also exploring the possibility of launching an X-branded credit or debit card, potentially later this year.
X’s venture into financial services is hardly surprising, considering Musk has already confirmed beta testing for the X Money payment and banking application.
In response to a May 25 social media update, Musk stated “extreme caution is essential” in the testing phase as “personal savings are at stake.”
The official X Money account hints at a 2025 launch. Yaccarino informed the Financial Times that the X Money payment application would initially roll out in the US, referring to it as a “whole commerce ecosystem and a financial ecosystem.”
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