There are Cryptocurrency Move Claims from Elon Musk! Will Dogecoin Payments Come on X? Here is the Truth of the Claims

#ElonMusk , the name behind the social media platform X, is working to turn the platform into an all-encompassing application. A key part of this ambitious plan involves integrating a payment network into the primary social networking service.

Although details of this project are difficult to obtain, a series of documents filed with state regulators offer a new perspective on the company's direction. These heretofore undisclosed documents reveal plans for a Venmo-like payment feature. Thanks to this feature, users will be able to deposit money to their X accounts, make payments to other users or businesses, and even purchase goods and services from physical stores.

Musk has frequently said that X needs to diversify its revenue streams beyond advertising, which has historically accounted for more than 90% of its sales. He also suggested that X has the potential to become the world's largest financial institution. The documents show that X did not intend to charge significant fees for payment services. Instead, the company told regulators that it viewed the provision of payment services as a strategy to improve its business by encouraging “increased participation and interaction” in the app.

Financial details shared with regulators also shed light on the business difficulties the company has experienced since Musk took control in late 2022. It reveals that The company reported a loss of $456 million in the first quarter of 2023.

Musk's interest in cryptocurrencies is well known. Automotive company Tesla once held approximately $1.5 billion in Bitcoin on its balance sheet and briefly allowed customers to buy Teslas using #Bitcoin . However, this option was quickly suspended and the company has since sold a significant portion of its Bitcoin holdings.
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