A new financial system: Musk’s “X Money” ambitions
Following Twitter's official name change to X, Musk is taking his vision of a super app to the next level. X CEO Linda Yaccarino revealed yesterday (1/1) that X Money will be launched this year - a payment system that can integrate social media, business transactions, and may even support crypto assets. Musk has publicly stated for many years that he wants to create a "universal application" similar to China's WeChat, connecting communities, payments, and entertainment through X Money. Currently, X has obtained payment licenses from multiple states and will further challenge large cash flow platforms such as PayPal in the future.
Picture source: X Linda Yaccarino revealed yesterday that X Money will be launched this year
The outside world is also curious about Musk’s stance on crypto assets. He once allowed Tesla to accept Bitcoin, but also paused due to environmental concerns; and Dogecoin has been a topic of his long-term passion. Whether he will let X Money support Bitcoin or Dogecoin ($DOGE) has become a hot topic in the market. The recent political climate in the United States, with Trump returning to the White House, has also been changing its attitude towards cryptocurrency, which may give Musk more opportunities to integrate crypto payment functions into X Money.
Convenient payment + social interaction, one package?
Although the specific details of X Money have not yet been made public, the fact that it has obtained a multi-state cash flow license means that it is not far from its official launch. Musk’s plan may allow users to do more things on X: such as transferring money to friends, shopping and checkout, Bitcoin transactions, and may even be combined with the newly launched X TV, AI chat robot Grok and other functions to form a huge digital ecosystem. Because X’s 1 billion user base can provide ideal soil for large-scale cash flow applications, even if only 40% are currently active users, the scale is still staggering.
If this deep integration of community and finance succeeds in attracting more merchants and developers, X is expected to occupy a leading position among global financial community platforms. After all, a convenient and secure payment option is very attractive at a time when demand for micropayments, the creator economy, NFTs or tokenized transactions is increasing. But to realize this dream, X must obtain additional state or international financial licenses, as well as face traditional financial and compliance challenges.
The crypto community is looking forward to paying attention: Will Bitcoin and Dogecoin be included?
The crypto community is particularly interested in whether X Money can directly use Bitcoin or Dogecoin. Musk himself has given positive comments to Bitcoin, but has also suspended support for Bitcoin due to concerns about carbon emissions. At the same time, he is very enthusiastic about Dogecoin. Coupled with the fact that some miners are now using more green energy, the impact of Bitcoin on the environment is expected to be reduced, which makes the market speculate whether Musk will reconsider accepting Bitcoin and Dogecoin as X Money transaction options. Other voices suggest that, as Coinbase CEO Brian Armstrong said, consider using stablecoins such as $USDC, which are suitable for daily payments due to their stability.
No matter what token it ultimately adopts, Musk is redefining the role of X with bigger ideas. If X Money progresses smoothly, it will completely change people's imagination of social applications: it will be upgraded from a simple interactive platform for posting to a super ecosystem including shopping, payment, audio-visual entertainment and AI assistants. Many observers believe that once X Money gains sufficient user recognition, a new integration model will emerge in the entire financial-social-blockchain market. Whether Musk can create another miracle depends on whether he can put his vision into concrete form this year. action.
Further reading
Is X Payment expected to launch this year? "This Coin" promises: If Musk agrees, we will do it!
"X Money debuts this year!" Musk wants to turn X into a universal application, will it completely change life? 』This article was first published in "CryptoCity"
