Elon Musk Launches XChat with ‘Bitcoin-Style’ Encryption, Sparks Crypto Skepticism

Elon Musk has launched XChat, a new encrypted messaging platform featuring Bitcoin-style encryption, on June 1st, 2025. The feature, designed to enhance user security, has been met with mixed reactions from the crypto community. While some see it as an innovative step towards enhancing privacy and security, others have raised technical questions about its true implementation. Experts are divided over whether Musk’s claims of ‘Bitcoin-style’ encryption are accurate, citing discrepancies in the technology used by Bitcoin compared to XChat. The financial implications remain unclear but highlight Musk’s commitment to expanding financial services on X.