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

By: blockbeats|2025/01/08 18:15:01

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.”

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