- Elon Musk’s daring decision to rebrand Twitter as X and broaden its functions may potentially escalate the use of cryptocurrencies such as dogecoin (DOGE) and bitcoin (BTC).
- Experts suggest that the integration of cryptocurrencies into this new ecosystem could be a game-changer, echoing Musk’s well-known fascination with the cryptosphere.
Elon Musk, known for his unconventional ideas, has taken another audacious step by transforming the globally popular Twitter into an all-inclusive service, X. This significant metamorphosis could potentially propel cryptocurrencies into new heights of utilization and acceptance, most notably Musk’s favored pet-project, dogecoin (DOGE).
Elon Musk says he will execute the plan he has had for 22 years to make X the most valuable financial institution in the world.pic.twitter.com/syso1tOEXj
— The Spectator Index (@spectatorindex) July 30, 2023
Musk’s Love for Cryptocurrencies: A Hint for the Future?
For years, Musk has toyed with the concept of an ‘everything app’ that amalgamates not only social media and messaging functionalities but also financial transactions and purchases. Given Musk’s extensive history with digital assets, the integration of cryptocurrencies into this vision seems plausible.
Tesla, Musk’s car manufacturing company, has been known to hold bitcoin. Moreover, Musk has often expressed his fondness for DOGE, going as far as temporarily replacing Twitter’s logo with the dogecoin mascot, sparking a significant, though fleeting, surge in DOGE value. This fondness could imply a potential incorporation of DOGE payments in the revamped X.
Brian D. Evans, CEO and founder of BDE Ventures, opines,
“Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE.”
Earlier this year, it was reported that Musk was pushing for the development of a payment infrastructure within his company that could facilitate transactions in both fiat and crypto currencies. This move could be a precursor to the integration of cryptos into the new X platform.
However, cryptocurrencies have yet to fully permeate mainstream financial transactions despite their escalating popularity. While the introduction of crypto payments on X might not necessarily trigger mass adoption due to Musk’s share of detractors, X’s extensive user base could potentially broaden the reach of cryptocurrencies.
Phillip Shoemaker, executive director of Identity.com, shared his insights, stating,
“It’s clear that he’s keenly interested in turning the rebranded Twitter into something of a payments behemoth, and so it’s only natural that he would explore incorporating crypto in this functionality.”
Echoing the sentiment, Raluca Cherciu, President of the Board at PairedWorld Foundation, added,
“If we consider Musk’s vision for creating an everything app, it would be an absolute game-changer to incorporate cryptocurrency payments as part of that ecosystem.”
The vision for X certainly aligns with Musk’s long-standing fascination with cryptocurrencies, leaving the world eager to witness the possible transformation of X into a leading payment platform.