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Elon Musk’s X Payments Feature Sparks Speculation Among Crypto Enthusiasts

Ruholamin Haqshanas
Last updated: | 2 min read

Elon Musk’s “everything app,” known as X, has recently created a dedicated account for its upcoming payments feature, igniting speculation within the crypto community about the possible integration of cryptocurrencies.

The anticipation is that the X app will introduce in-app payment services by mid-2024, although it remains uncertain if the feature will extend its support beyond traditional fiat currencies.

While the dedicated account has yet to make any posts, it boasts a gold badge, signifying its verification as an organization, and prominently displays the X badge, indicating its association with X.

In a post on X, crypto researcher Mason Versluis shared the news with his 169,000 followers, expressing his hope of witnessing the inclusion of cryptocurrencies starting with “X,” such as XRP (XRP), Stellar, and XDC (XDC), on the app.

Elon Musk Pushes Dogecoin Payments for Tesla Merch

It is worth noting that Elon Musk has already incorporated Dogecoin for payments on Tesla’s merchandise store and occasionally references it on social media.

This has led many to speculate that Dogecoin (DOGE) is the most likely cryptocurrency to be included on X if any digital assets are featured.

Over time, the crypto community has analyzed subtle hints from Musk and X, which suggest a potential interest in DOGE for upcoming projects.

Notably, in October 2023, X posted a meme featuring a dog answering a phone call, prompting the Dogecoin community to speculate on its meaning.

Crypto Content Sees a Drop in Revenue on X

Another crypto researcher, going by Tokenicer on X, has told his 36,200 followers that he believes X has shifted its focus away from crypto-friendly content.

In 2023, X introduced a revenue-sharing system for ads, enabling content creators to monetize their content within the app.

However, Tokenicer argues that the payments for crypto content have decreased recently, stating that he used to receive checks ranging from $40 to $70 a few months ago but recently received one for only $16.

Notably, X’s payout system is based on the total impressions content creators accumulate, so variations are expected between different periods.

Since Elon Musk’s acquisition of Twitter in April 2022, there have been numerous speculations about the platform’s evolution into a completely new entity and the potential integration of cryptocurrencies, given Musk’s consistent commentary throughout the years.

In July 2023, Musk himself expressed his belief that X will eventually offer users the “ability to conduct your entire financial world.”

As reported, X has also discontinued a feature that allowed premium users to use non-fungible token (NFT) images as their profile pictures.

The feature, introduced in January two years ago, was aimed at Twitter Blue subscribers, allowing them to display a verifiable NFT as their profile picture.

The initiative was seen as a pioneering step in the social media sphere, validating the use of NFTs at a time when other major platforms like Facebook and Instagram, owned by Meta, were yet to integrate such technology.

However, recent developments indicate that the option to activate this feature via the iPhone version of the Twitter app is no longer available.