News - New "Payments" profile of X causes speculation crypto-adoption

By Ted Maas

New "Payments" profile of X causes speculation crypto-adoption

X wants to become a recognized payment service provider, as Musk has previously indicated. Does this also mean the beginning of crypto payments on Twitter/X and thus mass adoption?

For a few days now, an official profile for payments (Payments - @XPayments) has been available on the social media platform X, once again fueling speculation about the integration of cryptocurrencies on the platform. Since its acquisition in October 2023, Elon Musk, CEO of X, has repeatedly stated that he wants to transform the platform into an "app for everything."

In August 2023, Musk's company received a license for this, which could pave the way for all payments, including crypto. According to Musk himself, he expects a payment feature by the middle of this year. Given Musk's history with the crypto sector, digital currencies could also be a possibility, although no official announcement of that has been made yet.

It is no secret that Musk is a fan of DOGE. The entrepreneur was also a longtime supporter of Bitcoin and even sold Teslas for Bitcoin. Lately, the world's richest man has been talking less and less about crypto, although this could also have to do with his allegations related to market manipulation.

This speculation about crypto-integration, also affects the markets. For example, memecoins DOGE and SHIB rose 20 percent shortly after the new profile was announced. However, both have since returned most of their gains.

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