Elon Musk’s X and cryptocurrency rumors

For a few days now, rumors have been swirling that Elon Musk’s forthcoming X could possibly support buying and selling cryptocurrencies like Bitcoin and Dogecoin. In truth, it is still just a rumor, although being presented as actual news.

The new X from Elon Musk and potential Bitcoin and Dogecoin integration

Elon Musk came up with the initial concept for X, which is to create a single interface for managing all of one’s finances.

In actuality, X represents a definite expansion of Twitter’s services that go well beyond the social network, not just a rebranding of the company.

According to Musk, it will also need to incorporate bitcoin buying and selling services in order to serve as a one-stop shop for its users in terms of the financial sector.

There haven’t been any direct pronouncements regarding this, simply inferences based on what Musk hopes to accomplish. He might not be successful, but that is not a given.

However, Twitter’s new owner, now known as X, had previously expressed a desire to transform the social network app into something akin to WeChat, the Chinese messaging app that also incorporates payment and social networking functions.

Musk might want to take this a step further, integrating more than just payment systems on X, though.

Even the newly appointed CEO of the business, Linda Yaccarino, has declared that X will be the platform that can offer almost anything.

Elon Musk predicts the adoption of Bitcoin and Dogecoin within the next X years

So it makes perfect sense to assume that crypto services will likewise be included into it.

After all, this is what PayPal did almost three years ago when it made Bitcoin buying and selling features available in its app for some regions.

In light of all of this, it is conceivable to assert that Twitter’s new management wants to incorporate crypto services as well and that the switch to the X brand is meant to overtly indicate a break from the company’s previous identity as “just” the name of a social network.

Elon Musk has also always had a connection to Dogecoin in some way, even though he frequently merely made light of it, and he is actually highly interested in Bitcoin as well.

While his interest in other cryptocurrencies is unknown, there is no question that he is interested in Bitcoin and Dogecoin.

DOGE – Dogecoin

Therefore, it is not a coincidence that the price of DOGE has increased 13% during the last week.

It is important to remember that the current value of $0.079 is still far below the annual record of $0.096 achieved in February.

To put it another way, it had increased significantly at the start of the year, going from $0.068 at the end of 2022 to $0.096 on February 1.

It had been lateralizing in a range between $0.065 and $0.096 up until a little after mid-April, then in mid-June it dropped back to $0.060. Even though it was better than the 2022 low of $0.057 reached in September, this was still below where it was at the start of the year.

Dogecoin has shown itself to be a cryptocurrency that is mostly used for speculation, having virtually little usage outside of trading on cryptocurrency exchanges and having a continually unstable market value.

Contrarily, this might aid integration within X because speculation is a powerful motivator for people to enter the financial markets. In light of this, integrating services for buying and selling DOGE within X makes total sense.

BTC – Bitcoin

However, when it comes to Bitcoin, the topic is different.

Its market value has actually decreased recently, going from about $30,000 to slightly over $29,000.

Although it has substantially lower medium- and short-term volatility than Dogecoin, its medium- and long-term performance now appears to be stronger, especially in light of the 2021 speculative bubble crash.

Bitcoin is useful in its own right, serving as a risk-on hedge against the central banks’ excessively broad monetary policies.

This more than justifies the upcoming addition of BTC buying and selling services within X.

In actuality, more cryptocurrencies whose exchanges might be included within X include Dogecoin and Bitcoin.

Along with the major stablecoins, Ethereum and other cryptocurrencies with high interest, such as XRP, BNB, Solana, Cardano, and others, might also be present. In other words, it’s possible that Bitcoin and Dogecoin will gain traction first, but the new platform may eventually facilitate trading of all the major cryptocurrencies.