According to Charles Gasparino, a correspondent for Fox Business News, Elon Musk is reportedly considering turning X (formerly Twitter) into a new payment system similar to an updated version of PayPal.
This move would aim to offer lower transaction costs compared to credit cards and potentially monetize user information. Gasparino suggests that Musk has been in discussions with top Wall Street executives about the future of X and seems to be leaning towards this new payment system.
This development comes as PayPal recently introduced its own stablecoin, PYUSD, following the abandoned libra project, now called diem, by Meta. However, Musk has denied rumors of X launching its own cryptocurrency to compete with popular coins like Bitcoin, Ethereum, and XRP. Instead, Musk has reiterated his support for Dogecoin. When Maye Musk mentioned X in a post, Elon Musk responded by tweeting that “X is a dog & Doge-friendly place!”
It remains uncertain whether Dogecoin would have a place on X if it transitions into a payment app. Overall, Musk’s potential transformation of X into an updated PayPal-like payment system raises questions about the future dynamics of the crypto market, particularly for cryptocurrencies like Dogecoin.
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