Musk Says X Payment "Not Considering Cryptocurrency" for Now, Dogecoin Dream Shattered?

By: blockbeats|2025/01/08 18:15:01
0
Share
copy
Original Article Title: "Rumor: Musk X Payment 'Not Considering Cryptocurrency' Dogecoin Plunges, What Is the Truth?"
Original Article Author: DaFi Weaver, BlockTempo

At the beginning of January, the source code for Musk's X platform payment feature, 'X Money,' was exposed, sparking community discussion that X Payment may be launched first in states with licenses. Entrepreneur Alex Finn even predicted that X Payment would somehow support cryptocurrency, further fueling speculation that Musk's long-supported Dogecoin could be the preferred choice.

Musk: Cryptocurrency Will Not Be Used in X Payment in the Near Term

However, today the market was suddenly hit by news that undermined the possibility of X Payment supporting cryptocurrency. Sources pointed out that during a stream test of X, Musk mentioned the topic of X Payment and said:

"Cryptocurrency will not be used in X Payment in the near term because it requires the appropriate licenses, and for now, the focus will be on fiat currency."

Musk Says X Payment

However, BlockTempo verified the video and found that Musk was mainly explaining the game mechanics of Exile Pathway 2 and expressed a desire to rank in the Hardcore Leaderboard TOP10. No information related to X Payment was found in the explanation.

It is known that X has so far obtained Money Transmitter Licenses in 39 states in the United States. These registrations are associated with a company called "X Payments LLC" (formerly "Twitter Payments LLC"), which will operate the remittance business of X.

Although the requirements for Money Transmitter Licenses vary from state to state, these licenses generally allow companies to send, receive, and transfer funds for customers nationally and internationally. They also allow for foreign exchange, such as exchanging foreign currency for dollars, and issuing prepaid cards, this definition includes both fiat currency and cryptocurrency. However, if the sources are accurate, it indicates that Musk has not prioritized support for cryptocurrency.

Dogecoin Plunges 11%

Possibly influenced by this news combined with the overall market decline, Dogecoin suffered a severe drop. CoinGecko data shows that Dogecoin plummeted from yesterday's $0.3968 to $0.3473, a cumulative drop of 12.47%, with no sign of recovery as of the deadline.

CEO Teases Launch of X Money This Year

Of note, X CEO Linda Yaccarino indicated in a January 1st tweet that X will be launching X Money in 2025.

“In 2024, X changed the world. Now, you are the media!

In 2025, X will connect with you in unprecedented ways, with X TV, X Money, Grok, and more on the horizon.”

Original Article Link

You may also like

Crypto Market Update: BTC Holds $76K as Fear Index Signals Opportunity — What Is Futures Trading & Spot Trading Explained

Bitcoin (BTC) is holding above $76,000, supported by strong institutional buyingThe Fear & Greed Index at 33 indicates continued market caution despite price strengthCrypto ETPs saw $1.4B in inflows, marking three consecutive weeks of capital growthEthereum (ETH) is consolidating around $2,300, with resistance near $2,360Understanding what is futures trading vs what is spot trading is key in volatile marketsTraders are increasingly combining spot accumulation with futures trading strategies

DeFi is trapped in the most dangerous prisoner's dilemma in history

This incident has returned to the classic dilemma of cryptography: pragmatic security vs completely decentralized security.

Exclusive Interview with Jeff Hoffman: How Web3 and AI are Reshaping the Trillion-Dollar Social Travel Market

The most valuable platforms will not only be aggregators of suppliers, but they will also have relational networks around payments, loyalty, and communities.

After the KelpDAO hack, AAVE's situation is worse than you think

October 10 is the CEX-driven collapse, an epic failure in DeFi risk mitigation.

Atkins Marks One-Year Anniversary at SEC: Crypto Regulation Shifts from ‘Enforcement Heavy’ to ‘Rulemaking Mode’

Before the bill is passed, the SEC's cryptocurrency regulatory framework remains in a transition state of "administrative guidance + enforcement actions."

Under Political Pressure, Is the Federal Reserve Still Independent?

Powell believes that political pressure is not a threat, and what truly determines the Fed's independence is the Fed itself.

Popular coins

Latest Crypto News

Read more