Rumors of Musk's X payments 'not considering cryptocurrencies' lead to Dogecoin plummet, what's the truth?

Market sources indicate that Musk stated in an X live stream that cryptocurrencies will not be introduced in X payments in the near future, as the corresponding licenses are needed, and focus will now be on fiat currencies. This news triggered market turmoil, with DOGE prices plummeting over 12%. (Background: X payments are coming! Code leak reveals launch of 'X Money', with Dogecoin surging in the short term) (Background: Musk previewed: Twitter payments 'X Pay' to launch in 2024! Licensed by 12 states in the U.S.) In early January, code for Musk's X platform payment feature 'X Money' was leaked, sparking heated discussions in the community about whether X payments would be launched first in states that receive licenses. Entrepreneur Alex Finn even predicted that X payments would support cryptocurrencies in some form, further fueling speculation that Dogecoin, which Musk has long supported, might be the top choice. Musk: Cryptocurrencies will not be used in X payments in the near future. However, today a sudden piece of news hit the market, undermining the possibility of X payments supporting cryptocurrencies. Sources stated that during an X live stream (Stream) test, Musk discussed X payment-related topics and said: Cryptocurrencies will not be used in X payment services in the near future, as the corresponding licenses are needed, and focus will now be on fiat currency. [news] Elon Musk stated on X Stream that they will not consider cryptocurrencies for payments in the near future, citing the need for licenses and a focus on improving fiat currency options. — Franklin (@taletrader) January 7, 2025 However, Dongqu confirmed that in the video, Musk mostly explained the gameplay mechanics of Diablo 2 and mentioned wanting to rank in the Hardcore Top 10, with no information found regarding X payments. Testing X Streaming https://t.co/f8LmyeSUHR — Elon Musk (@elonmusk) January 7, 2025 It is understood that X has obtained money transmitter licenses in 39 states in the U.S. to date, and these registrations are related to a company called 'X Payments LLC' (formerly 'Twitter Payments LLC'), which will operate remittance services on X. Although the requirements for money transmitter licenses and the privileges granted vary from state to state, these licenses generally allow companies to send, receive, and transfer funds for customers nationally and internationally, as well as conduct foreign exchange transactions, such as exchanging foreign currency for U.S. dollars, and issuing prepaid cards, which includes both fiat and cryptocurrencies. However, if the source is true, it indicates that Musk has not prioritized support for cryptocurrencies. Dogecoin's 11% drop may be influenced by this news combined with the overall market decline, leading to a sharp drop for Dogecoin. CoinGecko data shows that Dogecoin plummeted from $0.3968 yesterday to $0.3473, with a total decline of up to 12.47%, and there are still no signs of a rebound before the deadline. CEO predicts the launch of X Money this year. It is worth mentioning that X CEO Linda Yaccarino stated in a tweet on January 1 that X will launch X Money in 2025. In 2024, X changed the world. Now, you are the media! In 2025, X will connect you in ways never thought possible. X TV, X Money, Grok and more are coming soon. In 2024, X changed the world. Now, YOU are the media! 2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more. Buckle up. Happy New Year! — Linda Yaccarino (@lindayaX) December 31, 2024 Related Reports Musk becomes the new godfather of PEPE, X changes name + avatar igniting the Pepe frog and Kekius Maximus meme coin surge, no longer loving Dogecoin? Musk changes X name back to Elon Musk, Kekius Maximus, and PEPE-related meme coins plummet. Musk's 'Boring Company' accepts Dogecoin payments, DOGE surges 12% to a three-and-a-half-year high. "Rumors of Musk's X payments 'not considering cryptocurrencies' lead to Dogecoin plummet, what's the truth?" This article was first published by Dongqu BlockTempo (Dongqu Trends - the most influential blockchain news media).