Elon Musk’s “everything app,” X, has set the crypto community abuzz with speculation as it creates a dedicated account for its upcoming X payments feature.
Elon Musk’s ambitious “everything app,” X, has raised eyebrows in the crypto realm with the recent establishment of a dedicated account for its impending payments feature. The crypto community is rife with anticipation, speculating that X might introduce in-app payment services by mid-2024. However, the lingering question remains: will this feature extend its support beyond traditional fiat currencies?
While the dedicated account maintains a silent stance with no posts to date, it proudly boasts a gold badge, signifying its verification as an organisation. The prominent display of the X badge leaves no room for doubt about its association with Elon Musk’s multifaceted venture.
In a noteworthy development, crypto researcher Mason Versluis took to X to share the news with his 169,000 followers. Expressing optimism, he hopes for the inclusion of cryptocurrencies that share the “X” nomenclature, citing examples such as XRP (XRP), Stellar, and XDC (XDC).
Dogecoin X Payments Speculation
Elon Musk, known for his interest in the crypto space, has already integrated Dogecoin as a payment option for Tesla’s merchandise store. His occasional references to Dogecoin on social media have fueled speculation that if X introduces any digital assets, Dogecoin (DOGE) is likely to be among them.
The crypto community has been attuned to subtle hints dropped by Musk and X. In October 2023, X posted a meme featuring a dog answering a phone call, triggering speculation within the Dogecoin community about its potential significance.
Crypto Content Landscape on X: Shifting Focus?
Contrary to the crypto-friendly atmosphere that X initially embraced, crypto researcher Tokenicer on X, with a following of 36,200, believes that X has shifted its focus away from crypto-friendly content. In 2023, X introduced a revenue-sharing system for ads, allowing content creators to monetize their content within the app.
However, Tokenicer argues that payments for crypto content have seen a decline recently. He notes a substantial decrease, citing previous checks ranging from $40 to $70 a few months ago and a recent one for only $16. It’s important to consider that X’s payout system is based on the total impressions content creators accumulate, introducing variations between different periods.
X’s Evolution: A Glimpse into the Future
Since Elon Musk’s acquisition of Twitter in April 2022, speculations have been rampant about the platform’s transformation into an entirely new entity. Musk’s consistent commentary over the years has fueled expectations of potential cryptocurrency integration.
In July 2023, Musk himself hinted at X evolving into a platform that offers users the “ability to conduct your entire financial world.” Such statements add weight to the ongoing speculation about the imminent inclusion of cryptocurrency services on X.
As part of its evolution, X has made decisions that hint at a departure from certain crypto-friendly features. The discontinuation of a feature allowing premium users to use non-fungible token (NFT) images as profile pictures is one such example. This feature, introduced in January two years ago, targeted Twitter Blue subscribers and validated the use of NFTs at a time when other major platforms were yet to embrace such technology.
Recent developments suggest that the option to activate this feature via the iPhone version of the Twitter app is no longer available.
What Lies Ahead?
As the enigma of Elon Musk’s X continues to unravel, the crypto community eagerly awaits further developments. Will X emerge as a pioneer in integrating cryptocurrencies into mainstream platforms, or are these speculations mere echoes of the crypto zeitgeist? Share your thoughts and predictions in the comments below!