An executive at Elon Musk’s social media company
Musk has previously expressed his desire to make X an “everything app.” The payments social network’s chief information security officer, Christopher Stanley, recently wrote on the platform: “The end goal is if you ever have an incentive to withdraw money from our system then we have failed, you should never need it.” Money out because you should be able to do whatever you need on our platform.”
Not just tips. I can transfer money in X and store it in my X Wallet and send money to any X Payments user. First, think about Venmo. Then, as things develop, you can generate interest, purchase products, eventually use them to shop in stores (think Apple Pay), etc. The end goal is when you…
— Christopher Stanley (@cstanley) April 22, 2024
The speculation comes as the company’s money transfer licenses will now allow it to facilitate payments in US dollars and cryptocurrencies on the platform.
“First, think Venmo,” Stanley wrote. “Then as things evolve, you can generate interest, purchase products, eventually use it to shop in stores (think Apple Pay), etc.”
Last month, Musk hinted at the possibility of buying Tesla cars with his favorite memecoin cryptocurrency, Dogecoin, proclaiming “Dogecoin to the Moon.”
Following Musk’s acquisition of Twitter and its rebranding to It will be on our platform. Money or securities or whatever.”
Mark my words: 𝕏 will one day be the largest financial platform in the world.
“When I talk about payments, I actually mean a person’s entire financial life… If it’s money, it will be on our platform. Money or securities or whatever. So it’s not just like sending $20 to my… pic.twitter.com/ckksKEvU5b
— Teslaconomics (@Teslaconomics) April 27, 2024
Elon Musk’s cryptocurrency connections
Musk’s company PayPal has been a major player in the cryptocurrency’s recent growth. In late 2020, they began allowing users to buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
This move is seen as a factor in the rise in Bitcoin price in 2021, which reached almost $70,000. PayPal went a step further and launched its own dollar-pegged stablecoin cryptocurrency.
However, Musk was criticized for his alleged “part-time” involvement with his automaker Tesla, which led to investor unrest and a noticeable decline in car sales, especially in the US market. But despite Tesla’s troubles, Dogecoin’s market position as a top meme coin may remain unaffected, although broader market perceptions could ultimately influence its value.
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