X launches dedicated payments account, crypto community speculates

Elon Musk’s “everything app” X (formerly Twitter) has created a dedicated account for its upcoming payments feature, fueling crypto community speculation about whether cryptocurrencies will be implemented.

There is anticipation that the X app will introduce in-app payment services by mid-2024. However, it’s unconfirmed whether the feature will support payments beyond traditional fiat currencies.

While no posts have been made on the account yet, it holds the gold badge, indicating it is a verified organization. Additionally, it carries the X badge, suggesting it is associated with X.

In a post on X, crypto researcher Mason Versluis shared with his 169,000 followers his excitement about the possibility of seeing crypto that starts with “X” on the app, such as XRP XRPUSD, Stellar XLMUSD and XDC (XDC).

Meanwhile, Musk has incorporated Dogecoin DOGEUSD for payments on Tesla’s merchandise store, along with occasionally mentioning it on social media. Many speculate that it’s the most likely crypto to be included on X if any were to be featured.

The crypto community has analyzed subtle hints from Musk and X over time, suggesting a potential interest in DOGE for upcoming projects. 

In October 2023, Cointelegraph reported that X posted a meme featuring a dog answering a phone call, prompting the Dogecoin community to decipher its meaning.

Meanwhile, crypto researcher Tokenicer informed his 36,200 followers that he believes X has shifted its attention away from crypto-friendly content. In 2023, X implemented a revenue-sharing system for ads, allowing content creators to monetize their content within the app.

“Feels like X has cut the payments for crypto content lately,” he claims.

He explains that he “was getting $40-70 cheques a few months ago & just got one for $16.”

However, the payout system is based on total impressions content creators accumulate, so it is likely to vary between periods.

Since Musk acquired Twitter in April 2022, there have been many predictions about the pace at which it will evolve into a completely new platform and the potential integration of crypto, given his ongoing commentary throughout the years.

In July 2023, Cointelegraph reported that Musk believes that X will eventually be able to offer people the “ability to conduct your entire financial world.”