Elon Musk’s Twitter successor X is to receive payment service: Will crypto payments with Bitcoin and Dogecoin soon be possible?

taketonews

X owner Elon Musk has been planning to introduce a payment platform on the short message service for a long time. Now the entrepreneur could have come closer to this goal. But what about the use of cryptocurrencies?

• X Payments profile appeared
• Establishing X as an “app for everything”
• Crypto payments possible?

X account from payment service appeared

Change is coming to the short message service X: towards the end of last month, attentive users of the Twitter successor Elon Musk a profile with the name @XPayments. No posts have been written about the verified account belonging to the website operator, and he only follows one other user: the official X account on the platform. Apparently this is a signal for an imminent launch of the social network’s already announced payment platform. And the news has already made the rounds among users of the service. Several thousand users already follow the X subsidiary’s profile.

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Peer-to-peer payments planned for 2024

Since Tesla CEO Elon Musk completed the takeover of the social network, then called Twitter, in October 2022, the entrepreneur has repeatedly talked about introducing a payment service on the platform. In a blog post published in early January, X’s aspirations in this area became clearer. The aim is to introduce peer-to-peer payments over the course of 2024, which will not only improve the user experience but also open up new trading opportunities. The development of a payment platform is only part of the Twitter successor’s transformation strategy. After all, Musk has already expressed the plan several times to introduce an X app that would combine several functions. “X isn’t just another app – it’s becoming the app for everything, seamlessly combining experiences into one interface for everyone,” the blog post says.

There is a lot of catching up to do after PayPal’s exit

Musk already pursued a similar concept with the financial services company X.com, founded in 1999, which later merged with Confinity and is now known as PayPal. As Walter Isaacson wrote in his biography of Musk, the service was intended to serve as a central platform for everything finance-related. This should not only allow users to manage their accounts and credit cards, but also to make transactions and gain access to loans and investment products. What didn’t work out with PayPal, Musk now seems to want to make up for with X.

Hope for crypto payments

Even if The X owner has often spoken positively about the crypto veteran Bitcoin in the past. In February 2021, Musk’s electric car maker Tesla purchased about $1.5 billion worth of cryptocurrency tokens, according to a filing with the U.S. Securities and Exchange Commission at the time. However, due to environmental concerns – after all, mining Bitcoins uses a large amount of electricity – the company shortly afterwards divested itself of a large part of the stake. At the end of 2023, Tesla still held $184 million in digital assets, according to its full-year balance sheet.

Dogecoin in Musk’s focus

However, Dogecoin received significantly more of Musk’s attention. The fun currency, which was originally created as a parody of Bitcoin, has the Doge meme as its logo, which shows a dog of the Japanese Shiba Inu breed – and Musk is quite fond of it. The entrepreneur repeatedly posted memes about Dogecoin, which sometimes caused the price of the cryptocurrency to rise sharply.

In Tesla’s online shop, some products, especially merchandise items, can also be paid for with Dogecoin – but not with Bitcoin. Fans of the dog coin are already looking forward to Dogecoin support on X Payments.

Also Ripple & Co. in the program?

Some crypto supporters, however, suspect that X will offer a much broader range of cryptocurrencies. Investor Mason Versluis suspected that X would appropriately support those coins whose trading codes start with an X, i.e. Ripple (XRP), Stellar (XLM), XDC and XYO.

“I want to see MASSIVE crypto integration from X,” said the crypto fan on his X profile. “Change the world Elon, set the SEC and the banks on fire with this game”.

Is X turning its back on cryptocurrencies?

However, other X users believe that the short message service could deviate from its crypto-friendly stance in the future. “I have the feeling that X has recently stopped paying for crypto content,” explained the crypto analyst with the pseudonym Tokenicer with regard to the distribution of advertising revenue. This allows users to monetize their content within the app, but a few months ago he received significantly higher payouts for his content. “I’m grateful to get paid a dime for my work, but I feel like crypto-related content in general is more ‘hidden’ than it has been in recent months,” he added.

Whether he is right or whether X will soon open its doors to Dogecoin & Co. remains to be seen. According to information from “The Crypto Times”, X Payments should see the light of day in the middle of the year.

Editorial team finanzen.net

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