Ever since Elon Musk bought Twitter and rebranded it as “X,” the 52-year-old has been at the center of the news cycle and making various business decisions.
From removing verified features to banning the term “cisgender” on the platform, he's been an interesting owner of the social media platform.
Musk has previously said he wants X to be an “everything app,” but what does that mean? And where do cryptocurrencies fit into this plan?
Christopher Stanley, Chief Information Security Officer at X Payments, recently wrote on the platform: “The end goal is that if you have an incentive to take money out of our system, we've failed. You should never have to take money out,” because on our platform Because you should be able to do whatever you need to do. ”
Stanley made the post after Company X obtained money transfer licenses in some US states, allowing its app to facilitate payments in US dollars and cryptocurrencies.
“Think Venmo first,” Stanley wrote. “Then, as things evolve, you can capture interest, purchase products, and ultimately use it to make in-store purchases (think Apple Pay).”
Since Musk took over the platform, there has been speculation that he would try to integrate cryptocurrencies into the platform, and the answer appears to be yes.
Musk gave several reasons for this.
First, if X wants to incorporate the use of money into its platform, Musk wants this to include cryptocurrencies, not just flat money like the US dollar.
“If there's money involved, it's going to be on our platform. Money, securities, whatever,” Musk said in October.
Musk also said he wants X to be an “updated version” of PayPal, which already supports cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin in 2020. Start supporting caching.
Tesla's CEO recently made it possible to purchase Tesla cars with the cryptocurrency Dogecoin. You can buy a Tesla with Bitcoin in the US, so it makes sense that he would incorporate other products to support cryptocurrencies.
Additionally, since Musk hinted at cryptocurrency consolidation, he has contributed to the soaring price of Dogecoin along with other cryptocurrencies.
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