X, the social network once known as Twitter, spearheaded by Elon Musk, is poised to reshape how digital transactions are conducted through its upcoming, comprehensive built-in payment system.
This potential for X to integrate cryptocurrencies such as bitcoin, ethereum, XRP, and dogecoin is stirring enthusiasm and conjecture among crypto enthusiasts, as this move could dramatically influence these digital currencies' valuations.
TLDR
- Formerly recognized as Twitter, X is gearing up to evolve into an all-encompassing app, complete with a unified payment system that may include cryptocurrencies.
- Christopher Stanley, the chief officer overseeing payment security at X, conveyed that their primary objective is to ensure users keep their finances within the X ecosystem entirely.
- Elon Musk has hinted at the potential to purchase Tesla vehicles with dogecoin, and he's previously conveyed intentions to morph X into a 'more modern' PayPal.
- X has secured licenses to operate as a money-transmitter across 25 states in the U.S., intensifying rumors about the possible integration of cryptocurrencies including bitcoin, ethereum, XRP, and dogecoin.
- Although Musk hinted that X's payment functionalities will encompass most financial facets, he stopped short of confirming explicit crypto integration, even though some features like Bitcoin and Ethereum tips are present.
The ambitious target laid out by Christopher Stanley, X's chief information security officer in payments, is to cultivate a robust, self-sufficient ecosystem where finances remain within the platform.
Stanley's vision for X is to develop it into a service akin to Venmo, enabling users eventually to earn interest, shop, and make in-store transactions using the system.
Beyond simple tipping: you could move money into X, keep it in your X Wallet, and transfer funds to any X Payments user. Picture starting like Venmo and gradually evolving so you can earn interest, shop, and eventually use it in stores (similar to Apple Pay). The ultimate aim is if you...
— Christopher Stanley (@cstanley) April 22, 2024
The speculation about X's crypto integration has heated up even more following Elon Musk's recent suggestion of using dogecoin for Tesla car purchases, lending credibility to this move.
Known for his outspoken support of cryptocurrencies, notably dogecoin, Musk has previously shown interest in upgrading X into a version of PayPal that's tuned to modern needs.
Acquiring money-transmitting licenses in 25 U.S. states has fueled anticipation about a possible significant announcement regarding crypto payments on X.
Crypto enthusiasts are closely watching if X will follow in PayPal's footsteps, which began supporting bitcoin, ethereum, litecoin, and bitcoin cash in late 2020, a move that spurred the 2021 bitcoin price surge.
At a company-wide online meeting in October 2023, Musk outlined the expansion of X's financial services, declaring, 'If it involves money. It’ll be on our platform.
This statement has spurred speculation among leading crypto voices, suggesting that X's payment system might drive a substantial increase in crypto adoption.
Despite Musk not explicitly announcing a crypto integration in X's payment facilities, the app already incorporates some digital asset functionalities, such as Bitcoin and Ethereum tipping and NFT profile picture capabilities.
Musk's ongoing commentary on digital currencies over the years suggests that expanding X's adoption of digital assets might just be a matter of time.
With the launch of a dedicated payment account on X, anticipation has peaked, especially among crypto analysts like Mason Versluis, who are hopeful about seeing cryptocurrencies starting with an 'X', such as XRP, Stellar, and XDC, take center stage on the platform.
Some insiders believe dogecoin, which Musk has employed for transactions on Tesla's merchandise store, stands as the most plausible choice for X's potential cryptocurrency offerings.
As X progresses into an 'everything app', aiming to mimic the vast capabilities of China's WeChat, integrating cryptocurrencies might revolutionize the sector entirely.
Greater exposure and ease of access to digital assets on a widely-used platform could trigger a notable increase in their popularity and consequently affect their market values. bitcoin , ethereum , XRP , and dogecoin .
