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Takeaways

  • Elon Musk's bold move to rebrand Twitter as X and transform it into an "everything app" holds great potential for expanding the utilization of cryptocurrencies like Dogecoin (DOGE) and Bitcoin (BTC).
  • “It would be an absolute game-changer to incorporate cryptocurrency payments as part of that ecosystem,” one expert said.

 

Elon Musk's audacious endeavor to transform Twitter into an innovative and expansive service, known as X, seems poised to metamorphose the iconic social media platform into a bustling hub for seamless payment transactions.

This dream, as per experts' analysis, likely holds significant implications for cryptocurrencies, particularly focusing on one of the billionaire's beloved assets: dogecoin (DOGE).

Musk has consistently envisioned the development of an all-encompassing app, often referred to as the "everything app," which not only integrates social media and messaging features but also facilitates seamless online shopping and money transfers. Considering Musk's extensive experience and involvement in the realm of digital assets, it's plausible that cryptocurrencies would naturally play a significant role in this ambitious endeavor.

His car company, Tesla, is invested in Bitcoin, and he has often expressed interest in DOGE. In 2019, he tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”  Earlier this year, Twitter replaced its logo with the dog symbol of Dogecoin for several days, which led to a significant but temporary surge in DOGE's value. Recently, after Twitter's X rebranding, the token experienced another jump in price on Monday.

“Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE,” said Brian D. Evans, CEO and founder of BDE Ventures, a Web3 venture studio and advisory firm.

In January, the Financial Times disclosed that Musk had requested the establishment of a payment infrastructure at the company, initially intended for fiat currencies, but with the potential to incorporate cryptocurrencies at a later stage.

Crypto going mainstream?

Crypto has continuously flirted with mainstream adoption, especially during the bull market that concluded in 2021. However, it has not fully penetrated the mainstream yet. While enabling crypto payments on X (formerly known as Twitter) is not a guaranteed solution to boost crypto adoption due to Elon Musk's detractors, it holds the potential to expand its usage given X's massive user base consisting of millions of users.

“I suspect that he’ll incorporate other crypto assets such as bitcoin, ethereum along with stablecoins like USDC, but DOGE is such a part of Elon’s online presence that he would almost have to include a DOGE function were he to launch a crypto payments system on Twitter,” Evans said.

Musk's visionary concept for a platform known as X traces back several years to his tenure at PayPal, which adopted its name following a merger with Confinity, a company co-founded by Peter Thiel and Max Levchin. Prior to the merger, this platform was known as X.com - a domain that Musk currently possesses and redirects to twitter.com.

Twitter has taken a proactive step in its development of a payments tool by obtaining money transmitter licenses in three U.S. states: Michigan, Missouri, and New Hampshire. These licenses enable the company to securely receive and transfer funds, paving the way for a seamless and efficient payment system.

“It’s clear that he’s keenly interested in turning the rebranded Twitter into something of a payments behemoth, and so it’s only natural that he would explore incorporating crypto in this functionality,” said Phillip Shoemaker, executive director of Identity.com, a non-profit organization providing decentralized identity verification. “If done correctly, Twitter could become the go-to platform for payments in general, whether they involve normie fintech applications or blockchains like Ethereum and Solana.”

Entering the crypto realm wouldn't be unfamiliar territory for the app, as it had previously collaborated with the payments startup Strike, led by Jack Mallers, back in September 2021. Together, they successfully launched a bitcoin (BTC) tipping feature during the tenure of former CEO Jack Dorsey.

“If we consider Musk’s vision for creating an everything app, it would be an absolute game-changer to incorporate cryptocurrency payments as part of that ecosystem,” said Raluca Cherciu, the co-founder and CEO of unpaired., an online community exploring how emerging technologies can foster real world connection. “This not only resonates with the hugely active crypto community on Twitter, but also echoes Musk’s well-known fascination with the cryptosphere.”