X’s Dedicated Payments Account Fuels Crypto Speculation

January 24, 2024

By Anjali Kochhar

Elon Musk’s multi-functional app, X (previously Twitter), is making waves with its announcement of a dedicated account for an upcoming payments feature set to launch in 2024. This move has sparked speculation within the crypto community about the potential inclusion of cryptocurrencies in the platform’s payment services.

The dedicated account, adorned with a gold badge indicating verification and an X badge linking it to the platform, has caught the attention of crypto enthusiasts. While no posts have surfaced on the account yet, there’s heightened anticipation that X’s app will introduce in-app payment services by mid-2024. However, the big question remains unanswered – will the feature extend its support beyond traditional fiat currencies to include cryptocurrencies?

Crypto researcher Mason Versluis, with a following of 169,000, expressed excitement on X about the prospect of crypto, starting with “X,” finding its place on the app. Coins like XRP ($0.53), Stellar (XLM, $0.114), and XDC (XDC) were mentioned as potential candidates.

Elon Musk’s engagement with cryptocurrencies is not new, as Dogecoin (DOGE, $0.08) has already been integrated for payments on Tesla’s merchandise store. Musk’s occasional mentions of Dogecoin on social media have led many to speculate that it could be the most likely crypto to be featured on X.

Examining subtle hints from Musk and X over time, the crypto community has picked up on potential interest in Dogecoin. In October 2023, an X post featuring a meme with a dog answering a phone call spurred the Dogecoin community to decode its meaning.

On the flip side, crypto researcher Tokenicer, followed by 36,200, believes that X has shifted its focus away from crypto-friendly content. He noted a change in payment trends, claiming a reduction from previous earnings of $40-70 to a recent payout of $16. The payout system, tied to total impressions, is subject to fluctuations over time.

Since Elon Musk’s acquisition of Twitter in April 2022, there have been ongoing predictions about the platform’s transformation into an entirely new entity, potentially integrating cryptocurrencies. Musk’s statements over the years suggest that he envisions X offering the “ability to conduct your entire financial world.”

As X evolves under Musk’s guidance, the crypto community remains on the edge of their seats, eagerly awaiting details on whether the upcoming payments feature will indeed embrace cryptocurrencies, particularly Dogecoin. Only time will tell how X’s journey into the realm of finance and crypto integration unfolds.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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