Tesla CEO and X owner Elon Musk has sparked fresh excitement in the crypto market, subtly confirming plans to integrate digital payments into his “everything app,” X (formerly Twitter). This revelation has sent cryptocurrencies, including bitcoin and dogecoin, surging in anticipation of wider adoption.
Bitcoin Eyes $100,000 Milestone
Bitcoin has rebounded, nearing the $100,000 psychological threshold, driven by optimism surrounding Musk’s plans and broader market trends. Since Donald Trump’s election, speculation about a pro-crypto administration has further fueled bullish sentiment.
The potential for bitcoin integration into X has reignited memories of PayPal’s 2020 move to support cryptocurrencies, which catalysed the 2021 bitcoin boom.
Musk Confirms X Payment Plans
Musk recently shared a screenshot of X’s interface featuring a dollar ($) button, prompting speculation about in-app payments. App researcher Nima Owji theorised the feature would enable peer-to-peer money transfers. Musk’s confirmation of this claim caused a ripple effect across the crypto market.
X has been quietly acquiring money-transmitting licences across the U.S., laying the groundwork for a WeChat-style ecosystem. Analysts predict this could include support for cryptocurrencies like bitcoin, ethereum, and XRP.
Dogecoin Doubles on Musk’s Support
Dogecoin, long favoured by Musk, saw its price double in the last month amid speculation it could play a central role in X’s payment system. The rise was further buoyed by Musk’s creation of the Doge Department of Government Efficiency (Doge), a playful nod to the shiba inu meme linked to the cryptocurrency.
Musk has even suggested the Doge could streamline U.S. government spending, adding to the coin’s growing appeal. Tesla’s acceptance of dogecoin as payment has already cemented Musk’s association with the meme-based cryptocurrency.
X’s Crypto Integration Could Reshape Markets
Musk’s vision for X as an all-encompassing platform has generated significant buzz in both tech and financial circles. If bitcoin, dogecoin, and other cryptocurrencies are integrated into X Payments, it could trigger a new wave of adoption akin to PayPal’s influence three years ago.
As the crypto market braces for potential announcements, Musk’s every move continues to drive price swings and fuel speculation about the future of digital currencies. Whether this game-changer will push bitcoin past $100,000 remains to be seen.
Leave a Reply