Elon Musk’s transformative “everything app,” X (formerly Twitter), has recently revealed a dedicated account, fueling speculation within the crypto community regarding the potential integration of cryptocurrency payments.
Potential Beyond Traditional Fiat Currencies
This move comes ahead of the anticipated introduction of in-app payment services by mid-2024, raising questions about the scope of these payments beyond traditional fiat currencies.
Dedicated XPayments Account
The newly created XPayments account on X, discovered on January 21, has ignited discussions across the crypto space.
Gold Badge of Credibility
Although no posts have been made on the account, its verified status with a gold badge and association with X through the X badge suggests its credibility.
Crypto Enthusiast Excitement
Crypto researcher Mason Versluis, with a substantial following of 169,000 on X, shared his enthusiasm about the potential inclusion of cryptocurrencies starting with “X” on the app.
Awaiting Which Cryptocurrencies Will Be Supported
Notable mentions include XRP, Stellar, and XDC. The community eagerly awaits confirmation on which cryptocurrencies will be supported.
Dogecoin’s Potential Presence
Elon Musk’s penchant for Dogecoin is well-known, as evidenced by its acceptance of payments on Tesla’s merchandise store. Speculation arises about the likelihood of Dogecoin being featured on X, given Musk’s history with the cryptocurrency.
Deciphering Cryptic Messages
The crypto community has been diligently analyzing subtle hints from both Musk and X, particularly regarding their interest in Dogecoin.
Message or Meme?
A meme featuring a dog answering a phone call, posted by X in October 2023, prompted the Dogecoin community to decipher its potential significance.
Less Crypto-Friendly Content?
Contrary to the excitement surrounding crypto integration, crypto researcher Tokenicer suggests that X might be shifting its focus away from crypto-friendly content.
Recent Revenue-Sharing on X
In 2023, X implemented a revenue-sharing system for ads, allowing content creators to monetize their content within the app.
Lower Payments for Crypto Content
Tokenicer claims a reduction in payments for crypto content, raising concerns within the crypto creator community.
Payout System Dynamics
Tokenicer’s observations highlight fluctuations in payout amounts for content creators.
Drop in Earnings
He notes a significant decrease in earnings, emphasizing that he received a fraction of what he was earning a few months ago.
Difficulty Predicting Creator Earnings
The payout system, based on total impressions, adds complexity to predicting consistent earnings for creators. An issue that is shared across the platform.
Musk’s Twitter Acquisition
Since Elon Musk acquired Twitter in April 2022, industry experts have speculated on the platform’s evolution into an entirely new entity.
Musk Fuels the Crypto Predicts
Musk’s consistent commentary over the years has fueled predictions about potential crypto integration and the role X could play in reshaping the financial landscape.
Vision for X
In a notable statement in July 2023, Musk expressed his belief that X would eventually offer users the “ability to conduct your entire financial world.”
X’s Role in the Future
This ambitious vision has further fueled speculation about the depth of crypto integration and X’s role in shaping future financial interactions.
Anticipation Builds in the Meantime
As X gears up for its dedicated payments feature launch, the crypto community is abuzz with speculation and anticipation. The creation of the XPayments account and Musk’s history with cryptocurrencies, particularly Dogecoin, add layers of excitement and uncertainty.
X Continues Its Evolution
The evolving landscape of X, from revenue-sharing systems to potential crypto-friendly features, keeps the community engaged in decoding the future trajectory of this influential platform.
We’ll Soon See
Only time will reveal the extent of X’s foray into cryptocurrency payments and its impact on the broader financial ecosystem.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
