Twitter’s Crypto Payments Launching on the Horizon
Twitter is now making headlines in mainstream media after crypto communities speculated about adopting social media’s crypto payments option after launching an account related to payments. Speculation about cryptocurrencies that might be integrated with X’s (formerly Twitter) new payments feature is rife in the crypto community.
The speculations went viral after establishing a dedicated account by Elon Musk’s “everything app” X for this feature, despite no official confirmation of supporting cryptocurrencies beyond traditional fiat. Expected to launch by mid-2024, the X app’s payment service has garnered attention, especially with the verified and X-associated status of the newly created account. However, it remains inactive with no posts yet.
Crypto commentators are particularly curious about including cryptocurrencies in this payment feature. Mason Versluis, a crypto researcher with a significant following on X, expressed enthusiasm about the potential inclusion of cryptocurrencies starting with “X,” such as XRP, XLM, and XDC.
Elon Musk has a history of incorporating DOGE for Tesla’s merchandise payments. His social media mentions of it fuel speculation that DOGE might be a favored choice for X. The crypto community has noted Musk and X’s hints suggesting an interest in DOGE for future projects, including a meme posted by X in October 2023 that stirred discussions among Dogecoin enthusiasts.
Tokenizer, another crypto researcher, noted a shift in X’s focus away from crypto-friendly content. He pointed out a change in revenue-sharing for ads on X, affecting the earnings of content creators, including those in the crypto space. The variation in payments, he notes, could be due to fluctuating total impressions.
Since Musk acquired Twitter in April 2022, there has been ongoing speculation about the platform’s transformation and potential crypto integration, considering Musk’s history of commenting on cryptocurrencies. One of the world’s richest men, Elon Musk, bought Twitter a $44 billion deal and started cleaning the house by firing Twitter executives despite uncertainties about the platform’s future under his ownership.
In a 2023 report, Cointelegraph quoted Musk envisioning X as a comprehensive financial services platform. However, the specifics of how cryptocurrencies might play a role in this vision remain a subject of speculation and anticipation in the crypto community. Last December 21, Elon Musk said in an interview with ARK Invest’s Cathie Wood that he expects Twitter’s payment services to be fully launched by the middle of 2024, pending the approval of license applications.
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