- Elon Musk’s rebranding of Twitter to ‘X’, anticipated to become a multifunctional super app, triggers new speculative interest in cryptocurrencies, particularly Dogecoin.
- Experts predict Musk’s plans for ‘X’ could be a game-changing move for crypto payments, potentially impacting the price of Bitcoin, Ethereum, XRP, and Dogecoin.
In a series of actions characterized as subtly strategic, Elon Musk has revitalized interest in the cryptocurrency market. His recent decision to transform Twitter into ‘X’, a multifaceted super app, has sparked hopes of his potential move to incorporate Dogecoin, inciting a surge in its price.
The Dogecoin Catalyst
Among several interactions with Dogecoin enthusiasts, Musk discretely added the Dogecoin Ð symbol to his X account, an act keenly observed by crypto market followers. This move has led to predictions that Musk’s ‘X’ might be a pivotal turning point in the crypto ecosystem.
Raluca Cherciu, co-founder and CEO of Unpaired, an online community exploring emerging technologies, believes this could be a groundbreaking development. According to her, incorporating cryptocurrency payments into such an all-encompassing application aligns with the highly active crypto community on Twitter and resonates with Musk’s evident fascination with the crypto world.
A Cryptosphere Revolution?
Musk’s conversion of Twitter to X has puzzled several platform users and business analysts, who question the logic behind discarding a globally recognized brand for a single-letter name. However, this development could have significant implications for the crypto industry, both immediately – in terms of market movement – and in the long term, as Musk plans to establish payment networks that might rival existing ones like Bitcoin or Ethereum.
Simon Peters, a market analyst at eToro, cautioned investors not to get distracted by short-term happenings and instead keep their eyes on the more extensive, broader trends.
Musk’s ownership of X.com, which now redirects to Twitter.com, dates back to his online bank startup in 1999. The site was later merged with Peter Thiel and Max Levchin’s Confitinity and rebranded to PayPal.
A Broader Platform for Crypto Assets
Crypto enthusiasts and investors are keeping close tabs on Musk’s moves, speculating that he could extend X as a wider platform for Bitcoin, Ethereum, and other cryptocurrencies, including stablecoins and XRP. Brian Evans, the chief executive of blockchain investor BDE Ventures, expects Dogecoin, given its close association with Musk’s online persona, to be a crucial feature if a crypto payment system is initiated on Twitter.