Musk rebuilds Twitter: Opportunities for crypto?

With X-App, Elon Musk wants to create an "app for everything." By "everything," Musk also has a payment system planned. Are we finally going to see crypto-integration on Twitter, uh X, then.

Elon Musk is putting his money where his mouth is: Twitter will become X. The short messaging service as it is now known may soon be a thing of the past. The new vision: an app for everything, the Everything app. Are cryptocurrencies part of the plan? Musk's favorite coin, Doge, has risen significantly in value since the first changes on Twitter. An adjustment in Musk's profile caused the crypto sector to rebound

Giving Twitter a new look

Yesterday, July 24, it became clear to Twitter users that Musk was serious. A new name and a new logo. Adjustments in terms of user interface or functionality are still to come. But the blue bird, Twitter's famous mascot, has already given way to a big X. This can also be seen in Musk's profile picture. On the night of July 25, an X will be projected on the headquarters in San Francisco, Calif. "Changes were inevitable," Musk explained. He also secured the Web address X.com. It redirects visitors to Twitter's site. At the legal level, Twitter Inc. has morphed into X-corp.

Will Doge become the new Twitter currency?

Dogecoin has risen since its rebranding. A small change in Musk's profile description may have fueled this trend. Where there should actually be a location description, there is an "XD." While the X self-explanatory stands for the new environment, the D uses Dogecoin's logo. Knowing Musk, he may also be concerned with using the "xD meme. Musk is known to be a fan of the memecoin featuring the famous Shiba Inu. In March, he briefly replaced the Twitter symbol with the Doge dog. This was also followed by a jump in the Doge price.

With Twitter's realignment and the prospect of making it an all-app, hopes of crypto integration are flaring up again. After all, this would give the estimated 240 million daily Twitter users access to cryptocurrencies. Being able to influence the price of cryptocurrency with his media impact previously earned him a lawsuit for market manipulation.

X-App, a new payment network?

An integration of a payment system into the X-App is not unlikely. After all, Musk stated to merge a multitude of online services. Social media, short messages, videos, photos, payment services and more. All of this will be unified on the X app's user interface. Twitter/X will remain the centerpiece of this.

Chinese manufacturer Tencent's WeChat app is a model for Musk's vision. Users can already link their ID card to the application, access phone and social media services, order food or book a doctor's appointment. All with just one account. There is also a payment feature. However, not for cryptocurrencies. WeChat is considered controversial. Data protectors are sounding the alarm and worrying about the security of the Chinese app.

Should X-App get a crypto payment feature, more widespread cryptocurrencies such as Bitcoin or Ether could also be considered. It would also be possible to offer multiple coins or a proprietary token (X-Coin?).

Another clue: Twitter Payment LCC, a subsidiary of the company, has applied for money transmitter licenses in three U.S. states. The states of Michigan, New Hampshire and Missouri approved the company's applications. In doing so, they granted permission to offer money transfer services and payment instruments.

Twitter should be wary

The restructuring may not go entirely smoothly. Critics fear that the name change will do great damage to the company's image and brand. Today Musk spoke out and explained why he thinks the move makes sense. "The name Twitter made sense when it was just 140-character messages sent back and forth - like birds chirping - but now you can post almost anything, including several hours of video." He continued, "In the coming months, we will add expanded communications and the ability to manage your entire financial world. The name Twitter makes no sense in this context, so we have to say goodbye to that bird." For the Twitter community, this means goodbye to the iconic blue bird.