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- X (formerly Twitter) is on the brink of launching a peer-to-peer payment functionality, advancing toward its vision of making it an “everything app”.
- Although X plans to initially integrate fiat currencies, the platform’s development hints at the potential future integration of cryptocurrencies.
X CEO Linda Yaccarino has announced that X (former Twitter) is on the brink of launching a peer-to-peer payment functionality.
Speaking at the Cannes Lions International Festival of Creativity in France, X CEO Linda Yaccarino highlighted the great cognitive breakthroughs the social media company has made to enhance user utility since she took over. This aligns with Elon’s vision, who took over the social media platform in late 2022, of making X the ultimate “everything app”.
Since Elon’s takeover, it has been his lifelong dream to expand X’s capabilities far beyond social networking. Elon also wishes to enhance commerce opportunities on the platform by providing its users with an all-in-one dais. Under the leadership of Yaccarino, X has worked towards Elon’s vision describing the company’s vision and significant strides as “unprecedent.” X CEO stated:
We are actually redefining what users will come to rely on. The scope of our vision, and the pace of innovation at the company, is like nothing I can describe.
In mid-2023, X acquired multiple licenses to function as a payment facilitator across multiple U.S states which Linda mentioned as an important foundation for the upcoming payment system. This move is expected to significantly enhance user experiences on the platform.
“There’s so many new things to experience. Think about that: Once we launch payments — we’ll start in the US — the financial system that will emerge on that platform,” Yaccarino noted.
The “everything app” concept goes way beyond social media. Although the platform will start by supporting fiat currencies, the social media company’s system is being developed with future crypto payments in mind.
The revealing of X’s soon-to-come peer-to-peer functionality has sparked a wave of optimism among Doge enthusiasts implying a future integration of Dogecoin payments.
X to Inspire Dogecoin (DOGE) Rally
Backing this narrative, DOGE has gained traction, especially as a form of payment particularly by Tesla, owned by the X boss. Tesla gained popularity back in 2022 after the electric carmaker revealed it would be accepting Dogecoin as a form of payment. This revelation led to the token surging up by 9%. Elon Musk’s idolization of the token played a big role in the making of this decision.
Moreover, another company owned by Elon Musk, Space X also accepts Dogecoin as a form of payment.
If speculations of X adopting Dogecoin as its native payment method were to come true, Dogecoin with a current price of $0.1198 and a market cap of $17,344,316,194 could experience a surge potentially attaining a new all-time high.
A notable Dogecoin influencer following the revelation suggested that with Dogecoin becoming an X payment option, a massive user base of over one billion could potentially join the Dogecoin army.
If Dogecoin gets added as a payment option then that means ONE BILLION users could potentially use #Dogecoin as a currency! 💵
— 𝓣 𝓞 𝓟 𝓓 𝓞 𝓖 𝓔 (@TOPDOGE007) June 17, 2024
According to Musk’s advocacy for Dogecoin and his often admittance for holding DOGE, the X community expectations align with the anticipation that the meme coin might discover usefulness as a payment method on the platform.
In summary, neither X nor Elon Musk has made official communications concerning the integration of DOGE or any other cryptocurrency as the native currency of the brand However, due to the heightened support Elon Musk has given DOGE, chances might be greater than usual.
