X launches dedicated Payments account, crypto community speculates

Elon Musk’s “everything app” X (formerly known as Twitter) has created a dedicated account for its upcoming payments feature, fueling the crypto community to further speculate over the possibility of whether cryptocurrencies will be implemented.

There is anticipation that the X app will introduce in-app payment services by mid-2024. However, there has been no confirmation whether the feature will support payments beyond traditional fiat currencies. 

@XPayments account on X, Jan. 21. Source: X

While no posts have been made on the account yet, it holds the gold badge, indicating it is a verified organization. Additionally, it carries the X badge, signifying it is associated with X.

However, several crypto commentators are pondering whether crypto will be supported  the payment feature.

In a post on X, crypto researcher Mason Versluis shared with his 169,000 followers his excitement about the possibility of seeing crypto that start with “X,” such as XRP (XRP), Stellar (XLM), and XDC (XDC), on the app.

Meanwhile, Musk has incorporated DOGE (DOGE) for payments on Tesla’s merchandise store, along with occasionally mentioning it on social media. Many speculate that it’s the most likely crypto to be included on X, if any were to be featured.

The crypto community has analyzed subtle hints from Musk and X over time, suggesting a potential interest in DOGE for upcoming projects. 

In October 2023, Cointelegraph reported that X posted a meme featuring a dog answering a phone call, prompting the Dogecoin community to decipher what it means.

Meanwhile, crypto researcher, Tokenicer, informed his 36,200 followers that he believes X has shifted its attention away from crypto-friendly content. Last year, X implemented a revenue-sharing system for ads, allowing content creators to monetize their content within the app.

“Feels like X has cut the payments for crypto content lately,” he claims.

He explains that he “was getting $40-70 cheques a few months ago & just got one for $16.”

Related: Elon Musk’s X moves closer to crypto payments with new state license

However, the payout system is based on the amount of total impressions content creators accumulate, so it is likely to vary between periods.

Since Musk acquired Twitter in April 2022, there has been many predictions about the pace at which it will evolve into a completely new platform and the potential integration of crypto, given his ongoing commentary on throughout the years.

In July 2023, Cointelegraph reported that Musk believes eventually X will be able to offer people the “ability to conduct your entire financial world.”

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