• Elon Musk’s decision to rename Twitter X and turn it into an “everything” app could help increase the use of bitcoin (BTC), dogecoins (DOGE) and other cryptocurrencies.
  • One expert stated that the inclusion of cryptocurrency payments into this ecosystem would be a game changer.

Elon Musk’s bold attempt to refashion Twitter as a new, broader and more inclusive service called X is reportedly turning the iconic social media app into a payment platform.

Experts believe that this dream has implications for cryptocurrency, and in particular, dogecoin, one of the favorite toys of billionaires: DOGE.

Musk has talked for years about creating an “everything app” that would include not only messaging and social media, but also the capability to send money and buy items. Crypto could easily be a part of that, considering Musk’s history with digital assets.

Read more: Dogecoin Bumps by 10% on X-Payment Speculation; DOGE Futures traders Lose $10M

Tesla is his carmaker. Tesla holds bitcoin . He has often talked about DOGE. “Dogecoin may be my favorite cryptocurrency.” It’s cool,” , he tweeted 2019. The dogecoin dog symbol was used as Twitter’s logo for a few days earlier this year. This led to a DOGE rally. After Twitter’s X rebranding, the token jumped on Monday this week.

Elon has a strong affinity for DOGE. It’s almost like a running gag. But I wouldn’t surprise if he went ahead and enabled payments through DOGE,” said Brian D. Evans. He is the CEO and founder at BDE Ventures.

In January, The Financial Times reported Musk had requested that payment infrastructure be built for the company initially for fiat currency but with the option to add cryptocurrency later.

Crypto becoming mainstream?

Crypto never became mainstream despite the bull market which ended in 2021. Musk is not without his critics, so enabling crypto payments on X will not guarantee that crypto adoption will increase. X, formerly Twitter, has millions of users and could be used to expand the use.

Evans stated that “I suspect he will incorporate other crypto assets like bitcoin, ethereum, along with stablecoins such as USDC. But DOGE is so much a part Elon’s presence online that he almost had to include a Doge function were he launching a crypto payment system on Twitter.”

Musk’s vision of a platform named X dates back to his days at PayPal. The company was renamed Confitinity after it merged with Peter Thiel’s and Max Levchin’s Confitinity. Prior to the merger, it was X.com. Musk now owns. This URL redirects to Twitter.com.

Twitter has already secured money transmitter licenses in three U.S. States – Michigan Missouri and New Hampshire as it works quietly on its payments tool.

It’s obvious that he is keenly interested in turning Twitter into a payments behemoth. So it’s only normal that he would consider incorporating crypto to this functionality,” said Phillip Shoemaker. He’s the executive director of Identity.com a non profit organization that provides decentralized identity verification. If done right, Twitter could be the platform of choice for all payments, including those involving normie fintech apps or blockchains such as Ethereum and Solana.

The app’s move into crypto is not new. In September 2021, had partnered with Jack Mallers and his payments startup Strike to launch a bitcoin tipping feature.

Raluca Cherciu is the CEO and co-founder of unpaired, an online community that explores how emerging technologies can foster connection in real life. This not only resonates strongly with the active crypto community that is on Twitter but also with Musk’s fascination with cryptography.

Check out: Is it finally time to “X-it” Twitter for Threads?

UPDATE: Clarifies the person quoted in the eighth paragraph.

Nick Baker is the editor.