CRYPTOSTAKE
StakingMarketRegulationCryptostake ExplainsUncharted
The X Platform Rolls Out a New Payments Feature, Triggers Debates Across Social Media

The buzz builds up around X's payment feature

The recent launch of a dedicated account for X's upcoming payment feature has sparked widespread speculation within the crypto community. Set to debut in 2024, this feature represents a significant step for Elon Musk’s "everything app," formerly known as Twitter. While details about the payment system remain under wraps, the anticipation is high, especially regarding whether it will extend beyond traditional fiat currencies to embrace cryptocurrencies.

The newly created account, already verified and sporting the distinct X badge, has become a focal point for enthusiasts and analysts. Though it has yet to post any updates, its mere presence is fueling discussions and excitement about potential crypto integrations. Key players in the crypto world, like Mason Versluis, are vocal about their hopes to see cryptocurrencies starting with “X” - such as XRP, Stellar (XLM), and XDC - make their way onto the platform.

Mason Versluis:

“So X is building "X Payments"

 

It's only right they enable the X coins...$XRP $XLM $XDC $XYO etc...

 

I wanna see a MASSIVE crypto integration from X

 

Change the world Elon, set fire to the SEC + banks with this play”

Musk's influence and the Dogecoin connection

The speculation surrounding X's payment feature is further fueled by Elon Musk’s history with cryptocurrency, particularly Dogecoin (DOGE). Musk's previous decision to accept DOGE for payments on Tesla’s merchandise store, combined with his occasional social media mentions, suggests it might be a prime candidate for inclusion in X's payment system. The crypto community closely watches Musk's every move, interpreting subtle hints and statements for clues about potential crypto integrations.

In a notable instance from October 2023, X posted a meme featuring a dog on a phone call, which the Dogecoin community quickly dissected for hidden meanings. This penchant for cryptic messaging has become a hallmark of Musk's style, keeping the crypto world on its toes. 

Crypto researcher Tokenicer's observations about X's shift away from crypto-friendly content add another layer to the speculation, suggesting that while Musk's interest in crypto remains strong, the platform's strategies and focus may be evolving.

Tokenicer:

“Feels like X has cut the payments for crypto content lately,” 

“was getting $40-70 cheques a few months ago & just got one for $16.”

X's evolving crypto narrative and financial ambitions

Since Musk's acquisition of Twitter in April 2022, the platform, now X, has been at the center of numerous predictions about its transformation and potential embrace of cryptocurrency. Musk's commentary over the years has only intensified these speculations. In July 2023, reports surfaced of Musk's vision for X as a platform where users could manage their entire financial world, suggesting a broad scope that could include cryptocurrency transactions.

The platform's recent moves, including the implementation of a revenue-sharing system for ads in 2023, indicate a shift towards more diverse monetization strategies. This system, which allows content creators to earn based on the impressions their content garners, has already shown variable payouts, reflecting the dynamic nature of the platform's engagement.