Elon Musk and X (formerly Twitter) have launched a dedicated Payments profile, and the official handle is @XPayments. This is significant, and we are going to break down quite a few things, go back in history and unfold the initial plans that Musk has for the social media company.
Mario Nawfal gave some details. He said, “X has already secured several money-transmitter licenses, which will be required to operate payments in the US. Elon also teamed up with eToro to enable crypto and stock trading from the app.”
So Elon Musk and X have been working in securing money transmitter licenses from different states to be able to do payments. Additionally, eToro has been working with X since last year, pulling in different financial data such as stocks and crypto — and that is a big step in what Musk is trying to achieve.
Read: Elon Musk Wants To Transform X Into A Central Financial Hub By 2024
Elon Musk’s End Goal
So, what is Elon Musk trying to achieve overall? And what is the macro here?
He is trying to make X a “super app,” just like the western version of WeChat wherein you can do peer-to-peer payments, have a digital identity and much more.
Elon Musk is currently trying to build an incredible application that allows you to do a lot of big things. And of course, it is going to include crypto — we do not have all the details on this, but Musk has many times hinted and made certain comments that he wants to have Bitcoin as well as Dogecoin involved in this.
Read: Will Elon Musk Finally Add Crypto To X In 2024? – Details
Dogecoin (DOGE) Soars 14%
Because of this Payments profile launch, Dogecoin (DOGE) started pumping to as high as 14% from a 24-hour perspective, and up near 11% from a 7-day perspective at the time of writing.
PayPal And X Partnership?
PayPal’s new CEO, Alex Chriss, went on television and also tweeted that on January 25th, they will be making a huge announcement when it comes to PayPal and the new innovations they are going to release that will benefit its customers.
The crypto community is currently theorizing whether or not PayPal could do a partnership with X. The reason being is that if we go back in history, Elon Musk was one of the founders of PayPal — that’s where he made a lot of money and of course went and built SpaceX, Tesla and much more.
So, Musk knows a lot about payments and he knows everything about PayPal. And the community is considering prospects of a reunion, envisioning not only just a partnership but also the potential acquisition of PayPal by X. However, this is only speculation but I wanted to throw this in the mix because the timing is interesting and we know PayPal is heavily involved in crypto.
Read: PayPal Strengthens Crypto Services With USD Conversion Option
Final Thoughts
Most of the crypto community are guessing that Elon Musk is going to once again include crypto and blockchain, and we will have to wait and see with all the upcoming details. But nevertheless, his timing is interesting because we got the bull market coming back and I think it is smart that he is doing it at this point.
Basically, it will bring a lot of tension to crypto and to X as well. In addition, a lot of crypto investors are on Twitter, not to mention stock investors wherein X is one of the platforms people share financial data.