Elon Musk's 'X' Fuels Crypto Speculation with New Payments Feature Account
Summary:
Elon Musk's platform, X (previously Twitter), has launched a dedicated account for its anticipated payment feature, prompting speculation about potential cryptocurrency incorporation. The account '@XPayments,' although currently inactive, is a verified entity associated with X. Crypto analysts share insights and predications regarding X's approach towards crypto-based content and potential in-app payments system. The anticipated launch of this feature, potentially supporting crypto such as XRP, Stellar, XDC, and DOGE, could drastically alter user financial interaction within the platform.
Elon Musk's innovative all-in-one platform X, previously known as Twitter, has set up an individual account for its future payments feature. This new move has sparked ongoing speculation in the crypto world regarding whether cryptocurrencies will be incorporated. Currently, there's a great deal of excitement about the potential launch of in-app payment services on X by mid-2024. Yet, it remains unconfirmed if these services will extend past conventional fiat currencies.
With no content posted yet, the account '@XPayments,' established on January 21, holds the golden badge, denoting it as a verified entity. In addition, the account carries the X badge, indicating its affiliation with the X platform.
Crypto enthusiasts have been speculated heavily about the possible integration of crypto into the payment services. Among them, crypto analyst Mason Versluis communicated his anticipation to his 169,000 followers about the prospect of seeing cryptos beginning with 'X', such as XRP, Stellar and XDC, making their way onto the app.
In the meantime, another crypto analyst, Tokenicer, with 36,200 followers, shared his perception that X has shifted its focus away from promoting crypto-friendly content. The previous year, X introduced an advertisement revenue-sharing scheme, enabling content creators to generate revenue from their content on the app. Tokenicer expressed his belief that payouts for crypto-related content on X have been reduced recently since he was earning $40-70 checks a few months ago and just received one amounting to $16.
However, the payment mechanism depends on the total impressions garnered by content creators and thus, payouts may vary significantly across different periods.
On another note, Musk included DOGE as a payment option for Tesla's merchandise store and has repeatedly mentioned it on social media. This has led many to speculate that DOGE might be the likeliest cryptocurrency to be featured on X.
Since Musk's acquisition of Twitter in April 2022, there has ample speculation about the speed of transformation into a completely novel platform and the potential integration of cryptocurrencies, bearing in mind Musk's longstanding commentary on crypto.
In July 2023, Cointelegraph reported Musk's prophecy that X would eventually offer users the capabilities to handle their entire financial worlds within the platform.
Published At
1/21/2024 5:20:57 AM
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