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New X Payment Account Spurs Speculation in Crypto Community

X (formerly known as Twitter) has recently established a dedicated account signaling the imminent integration of a payment feature, sparking curiosity within the cryptocurrency community regarding the potential inclusion of digital assets. There is widespread speculation that X’s upcoming application update, expected by mid-2024, will introduce in-app payment services. However, the details about whether this feature will support transactions beyond conventional fiat currencies remain unconfirmed.

While the newly created account has yet to share any posts, its verification status, indicated by the gold badge, confirms its legitimacy as an official organizational account. Furthermore, the presence of the distinctive X badge suggests a direct association with the X platform.

Mason Versluis, a prominent crypto researcher, conveyed his excitement to his substantial following of 169,000 on X. He pondered the possibility of witnessing various cryptos beginning with the letter “X” featured on the app, citing examples such as XDC and XRP.

Meanwhile, Tokenicer, another crypto researcher, told his followers that he thinks X has moved its focus away from content related to cryptocurrencies. X introduced a revenue-sharing system for ads in 2023, enabling content producers to make money from their work on the app. According to him, the platform has reduced payments for content related to cryptocurrency. The payment structure, however, is subject to change between periods as it is determined by the total impressions that content providers receive.

Following Elon Musk’s April 2022 acquisition of Twitter, many have speculated that the platform will become something completely different. Based on Musk’s frequent remarks, there has been continuous conjecture that cryptocurrency will be incorporated. Musk stated in July 2023 that he thought X would one day allow customers to handle all of their financial transactions. The billionaire has already incorporated Dogecoin as a payment option for Tesla products, occasionally referencing it on his social-media platforms.

Moreover, last year, X posted an odd meme depicting a dog taking a phone call, prompting Dogecoin users and investors to presume its possible implications. This has fueled speculation within the community, with many considering the altcoin as the most probable candidate for inclusion on the X platform.

Following the account creation, several altcoins surged, with Dogecoin experiencing a double-digit price increase. However, this was followed by a small decline, which kept the coin’s value stable at $0.0785. Siacoin and Chiliz saw a 16.7% and 12% surge, respectively.

Crypto industry players such as Riot Blockchain Inc. (NASDAQ: RIOT) will be waiting to see what X and its executives eventually communicate about the ways in which the new payment account will serve the users of the platform.

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