An executive from Elon Musk's social media venture X has unveiled the platform's ambitious plan regarding payments, suggesting that it could significantly affect the price of Bitcoin and the broader cryptocurrency market.
Musk has already expressed his vision for X to evolve it into an "everything app."
The company recently obtained money-transmitter licences, enabling it to facilitate both US dollar and cryptocurrency transactions on its platform.
The social network's payments chief information security officer, Christopher Stanley, recently wrote on X, "Not just tipping. I can pull money into X and store it in my X Wallet and send money to any X Payments user. Think Venmo at first. Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay), etc."
He added, "The end goal is if you ever have any incentive to take money out of our system, then we have failed, you shouldn’t ever need to take money out because you should be able to do anything you need on our platform."
Elon Musk hinted at the prospect of using Dogecoin, his favoured memecoin cryptocurrency, for purchasing Tesla vehicles, declaring "Dogecoin to the moon," last month.
Following Musk's acquisition of Twitter and its subsequent rebranding to X, there has been widespread speculation regarding potential support for various cryptocurrencies on the platform, including Bitcoin, Dogecoin, Ethereum, and XRP, akin to PayPal's move in late 2020.
Musk's October remark further fuelled speculation, as he asserted, "If it involves money, it'll be on our platform. Money, securities, or whatever."
PayPal, one of whose co-founder was Musk, played a significant role in the recent cryptocurrency boom.
In late 2020, they started letting users purchase and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The step was considered one of the reasons behind Bitcoin's price spike in 2021, nearly hitting $70,000.
PayPal took it a step further by introducing its own stablecoin cryptocurrency, pegged to the US dollar.
In another post on X, Teslaconomics wrote, "Mark my words, 𝕏 will become the largest financial platform in the world one day."
Image source: Unsplash
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