“x” Vision for comprehensive financial services
X (formerly Twitter) announced on its blog on January 8, 2024 that it will introduce PtoP payments to the X platform.
Then, on January 21st, it was confirmed that a dedicated account for the X Payments function (@Xpayments) had been created, with a gold badge indicating that it is a verified organization.
🚨X PAYMENTS COMING SOON
Elon’s X Payments system launched its verified organizations account on the platform hours ago.
X has already secured several money-transmitter licenses, which will be required to operate payments in the US.
Elon also teamed up with eToro to enable… pic.twitter.com/5Mws7iJ9AD
— Mario Nawfal (@MarioNawfal) January 20, 2024
Last year, current CEO Linda Yaccarino posted an announcement on X that it would soon include video calling and money transfer features.
Elon Musk also mentioned in a post before the X acquisition that he wanted to make Twitter an “everything app.” After acquiring Twitter for $4.4 billion in October 2022, he posted that the platform, renamed X, could provide comprehensive financial services.
Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.
The Twitter name made sense when it was just 140 character messages going back and forth – like…
— Elon Musk (@elonmusk) July 25, 2023
In the US, we already partnered with eToro in April last year, allowing you to see real-time prices for stocks, crypto and other assets using $Cashtags (this feature is also available in Japan), as well as making it possible to invest through eToro. ing.
🎉Very excited to be launching a new $Cashtags partnership with @Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto & other assets as well as having the option to invest through eToro. @elonmusk https://t.co/Iv2q9iNxbf
— eToro (@eToro) April 13, 2023
Regarding the payment function on X, Mr. Musk denies issuing a new X-specific currency.
So, is there any possibility of implementing BTC, DOGE, or other crypto assets in the payment function of this “universal app” X?
X obtains 12 remittance licenses
Last year, “X” obtained payment licenses in 12 states in the United States. These states are Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming.
The license would allow it to offer a wider range of payment services, suggesting that “X” may indeed be moving forward with its plans.
Mr. Musk’s Bitcoin holdings and statements
In early 2021, Tesla invested $1.5 billion in Bitcoin and began accepting Bitcoin as payment for its products. Following this, SpaceX also added Bitcoin to its balance sheet.
connection:Tesla starts accepting payments using virtual currency Bitcoin
Since then, Musk himself has announced that he owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), making him appear to be a Bitcoin fan and an ally of the cryptocurrency world.
However, in 2022, Tesla sold 75% of its Bitcoin holdings and stopped using Bitcoin to pay for products. The decision was based on concerns about the Bitcoin network’s energy usage.
A series of Mr. Musk’s words and actions have had a major impact on the virtual currency market.
For a while after that, Mr. Musk did not talk much about Bitcoin, but on January 11th, he participated in the X space “ARK 21Shares Bitcoin ETF (ARKB) Approved | Cathie Wood Discusses” hosted by Cathie Wood. .
— Cathie Wood (@CathieDWood) January 10, 2024
In the discussion, Musk also pointed out that the situation has improved regarding Tesla’s concerns about the Bitcoin network’s energy usage in 2022. In fact, Tesla’s balance sheet for Q3 2023 shows that it currently holds $184 million in Bitcoin.
When asked by Cathie Wood whether Bitcoin would be used in the payment infrastructure for the all-purpose app I don’t think about it much.”
“I still own a large amount of Dogecoin, and SpacaeX still owns a large amount of Bitcoin,” he said.
Commit to Dogecoin
Mr. Musk has often made controversial comments about Dogecoin on Twitter. After the acquisition, he boosted Doge’s value by 30% when he changed Twitter’s logo to Dogecoin’s trademark icon, Kabosu the Shiba Inu. A related class action lawsuit is still pending.
Below are some highlights of recent developments with Musk and his affiliates, Dogecoin, from the end of last year to the beginning of this year.
DOGE meme at Direct to cell launch
On January 8, SpaceX’s recently launched mobile network satellite enabled “Direct To Cell” text messaging between two phones.
That memorable first message included the phrase “much wow” and a Shiba Inu emoji, a known anti-Dogecoin meme.
Texts between two phones sent through our Direct to Cell satellites in space pic.twitter.com/jd8b7uiZSq
— SpaceX (@SpaceX) January 11, 2024
The direct-to-sell success marks the latest milestone in the company’s efforts to provide a global mobile network using satellites in low Earth orbit.
Is Cybertruck possible with DOGE payment?
On December 1st of last year, a member of the Doge community posted on X that “DOGE” appeared more than 50 times in the source code of the Cybertruck payment page on Tesla’s website.
Look for yourself. pic.twitter.com/crPcCczNHZ
— MartyParty (@martypartymusic) November 30, 2023
This led to speculation that Tesla was preparing to make Dogecoin payments for the Cybertruck. However, neither Tesla nor Mr. Musk have officially approved this payment method.
Tesla already allows customers to purchase goods with Dogecoin, but enabling it for car purchases would mark a major change for the memecoin. Tesla previously allowed Bitcoin payments in its cars, but later removed this option citing environmental concerns.
DOGE payment introduced at Tesla Supercharger in Hollywood
Late last year, several local media outlets reported that Tesla’s supercharger station was progressing smoothly in Hollywood, Los Angeles, California.
.@elonmusk mentioned that Hollywood Supercharger, diner and drive-in theater is going to accept Dogecoin. Exciting times! https://t.co/u8kNSGymsy
— Dogememegirl 🐾 (@Dogememegirl) January 12, 2024
A Supercharger station is a location with fast chargers that can charge Tesla electric vehicles, and the Hollywood station will also have a restaurant and drive-in theater.
Mr. Musk previously stated in a post on X, “Of course, you can also pay with DOGE at the Supercharger in Hollywood.”
And, of course, you can pay in Ðoge
— Elon Musk (@elonmusk) February 19, 2022
The complex is expected to be completed by the end of the year.
Doge to the Moon
The lunar exploration mission “DOGE-1”, funded by Dogecoin, is scheduled to be launched by a SpaceX rocket by the end of January this year. The DOGE-1 mission aims to send a 40kg cubesat (a small artificial satellite) to the moon.
The satellite will be launched using a SpaceX Falcon 9 rocket and will collect data about the lunar surface and transmit it back to Earth. The projects are operated by Geometric Energy Corporation (GEC), which received key regulatory approvals from the National Telecommunications and Information Administration (NTIA) last year.
X.com’s ambition to become an “everything app”
Musk has long had ambitions to build a “super app” that includes comprehensive financial services and payments. In response to a tweet about his reasons for acquiring Twitter, Musk posted:
“Twitter is the catalyst for realizing the original X.com vision.”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Musk started a payments company called X.com in 1999, which merged with Confinity, which later became PayPal. He was forced out of the company before it changed its name to PayPal, but he bought the X.com domain back from PayPal in 2017.
In 2022, it created X Holding, and all of its acquisitions from Tesla, Spacex, and Twitter were brought under this umbrella.
It is still fresh in our minds that the sudden rise in virtual currencies in 2021 was triggered by the news of Paypal’s introduction of virtual currency payments.
This year, Bitcoin’s halving is approaching, and the U.S. presidential election, in which virtual currencies are said to be an issue, will be held.
Will the introduction of X’s PtoP payment be a déjà vu in 2021? We will continue to keep an eye on the trends of Mr. Musk and X in 2024.