Elon Musk’s recent announcement of his plans to overhaul Twitter and transform it into a new platform called X has sent ripples of excitement throughout the cryptocurrency community. Musk envisions X to be much more than a social media app, but rather a multifunctional platform that combines communication, social media, messaging, and even payments.
Experts believe that Musk’s ambitious plan to integrate payment functionality into Twitter could have significant implications for cryptocurrencies, particularly for dogecoin (DOGE), a digital asset that Musk has been known to support and promote. Musk has expressed his fondness for DOGE in the past, referring to it as his favorite cryptocurrency and even causing a temporary DOGE rally by replacing Twitter’s logo with the dogecoin symbol.
Brian D. Evans, CEO and founder of BDE Ventures, speculates that Musk may actually enable payments via DOGE on the X platform, given Musk’s affinity for the cryptocurrency. While some remain skeptical about the mainstream adoption of cryptocurrencies, the millions of users on Twitter could potentially broaden the use of crypto if payments are seamlessly integrated.
Musk’s vision for X dates back to his time at PayPal, where he initially launched X.com, a URL he still owns and redirects to Twitter. Twitter has already obtained money transmitter licenses in three U.S. states, indicating their efforts to develop a payments tool. The integration of cryptocurrency payments into the platform would align with Musk’s goal of transforming Twitter into a comprehensive payments behemoth.
Phillip Shoemaker, executive director of Identity.com, believes that if done correctly, Twitter could become the go-to platform for payments, encompassing both traditional fintech applications and blockchain-based cryptocurrencies like Ethereum and Solana. This sentiment is shared by Raluca Cherciu, CEO of unpaired., who sees the incorporation of cryptocurrency payments as a game-changer that resonates with the active crypto community on Twitter and Musk’s fascination with the cryptosphere.
Twitter has already dipped its toes into the crypto space by partnering with payments startup Strike to launch a bitcoin tipping feature in 2021, under the leadership of former CEO Jack Dorsey. This previous collaboration demonstrates Twitter’s willingness to explore cryptocurrency integration and provides a glimpse of what is to come with the X platform.
Elon Musk’s proposed overhaul of Twitter and his vision for the X platform could have far-reaching effects on the cryptocurrency market. By incorporating payment functionality and potentially enabling DOGE transactions, Musk aims to transform Twitter into a comprehensive payments platform. While the full extent of the implications remains to be seen, it is clear that Musk’s interest in cryptocurrencies and his desire to revolutionize social media could reshape the landscape of digital assets and their integration with mainstream platforms like Twitter.