Elon Musk’s social media platform X, formerly known as Twitter, is on the cusp of revolutionizing the digital payments landscape with its upcoming integrated payment system.
The platform’s potential to support cryptocurrencies like bitcoin, ethereum, XRP, and dogecoin has sparked excitement and speculation within the crypto community, as the implementation of such a feature could significantly impact the prices of these digital assets.
TLDR
- X, the social media platform formerly known as Twitter, is working towards becoming an “everything app” with an integrated payment system that could potentially support cryptocurrencies.
- X’s payments chief information security officer, Christopher Stanley, revealed that the platform’s “end goal” is to eliminate the need for users to take money out of the X ecosystem.
- Elon Musk has teased the possibility of buying Tesla cars with dogecoin and has previously expressed interest in turning X into an “updated version” of PayPal.
- X has acquired money-transmitter licenses in 25 U.S. states, fueling speculation about the potential integration of cryptocurrencies like bitcoin, ethereum, XRP, and dogecoin.
- Musk stated that X’s payment features will cover almost all areas of finance, but did not explicitly mention cryptocurrency integration, although the app already includes some crypto features like Bitcoin and Ethereum tipping.
Christopher Stanley, X’s payments chief information security officer, recently revealed the company’s ambitious “end goal” of creating an all-encompassing ecosystem where users never need to take money out of the platform.
Stanley envisions X evolving into a Venmo-like service, eventually allowing users to gain interest, buy products, and even make purchases in stores using the platform’s payment system.
Not just tipping. I can pull money into X and store it in my X Wallet and send money to any X Payments user. Think Venmo at first. Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay), etc. The end goal is if you…
— Christopher Stanley (@cstanley) April 22, 2024
The speculation surrounding X’s potential crypto integration has been further fueled by Elon Musk’s recent tease about the possibility of buying Tesla cars with his favorite meme-based cryptocurrency, dogecoin.
Musk, who has been a vocal supporter of cryptocurrencies, particularly dogecoin, has previously expressed interest in turning X into an “updated version” of PayPal, the company he co-founded and helped shape into a global payment giant.
X’s acquisition of money-transmitter licenses in 25 U.S. states has only added to the anticipation of a possible crypto payments bombshell.
The crypto community is eagerly watching to see if X will follow in the footsteps of PayPal, which rolled out support for bitcoin, ethereum, litecoin, and bitcoin cash in late 2020, a move that helped kick off the 2021 bitcoin price bull run.
In an all-hands virtual meeting in October 2023, Musk outlined his plans to grow X’s financial services arm, stating, “If it involves money. It’ll be on our platform.
Money or securities or whatever.” This statement has led prominent voices in the bitcoin and crypto space to suggest that X’s payment system could spur a “critical mass” of crypto adoption.
While Musk has not explicitly confirmed the integration of cryptocurrencies into X’s payment system, the app already includes some crypto features, such as Bitcoin and Ethereum tipping and NFT profile picture support.
Musk’s ongoing commentary on cryptocurrencies throughout the years has led many to believe that it’s only a matter of time before X embraces digital assets more fully.
The launch of a dedicated payments account on X has further intensified the speculation, with crypto researchers like Mason Versluis expressing excitement about the possibility of seeing cryptocurrencies that start with “X,” such as XRP, Stellar, and XDC, on the app.
Meanwhile, others believe that dogecoin, which Musk has incorporated for payments on Tesla’s merchandise store, is the most likely candidate for inclusion on X if any crypto were to be featured.
As X continues to evolve into an “everything app,” with Musk’s ambitions to surpass China’s WeChat, the potential integration of cryptocurrencies into its payment system could be a game-changer for the crypto market.
The increased visibility and accessibility of digital assets on a platform with a massive user base could lead to a surge in adoption and, consequently, a significant impact on the prices of bitcoin, ethereum, XRP, and dogecoin.
