News has been circulating for a few days now that Elon Musk’s new X could also implement the buying and selling of cryptocurrencies such as Bitcoin or Dogecoin.
In reality, despite being passed off as real news, it is still only an unconfirmed rumor.
Summary
Elon Musk’s new X and the possible integration of Bitcoin and Dogecoin
It all starts with Elon Musk’s own idea of making X a kind of single interface to manage one’s finances in full.
In fact, X is not just the rebranding of Twitter, but a clear expansion of its services, which will go far beyond just the social network.
It is clear from Musk’s words that, in order for it to become a one-stop interface for its users in relation to the financial world, it will also have to integrate cryptocurrency buying and selling services.Â
However, there have been no explicit statements about this, only an inference from what Musk aspires to do. There is no guarantee that he will succeed.
Nonetheless, the new owner of Twitter, now X, had on several occasions in the past expressed a desire to turn the social network app into something similar to WeChat, i.e., the Chinese messaging app that also integrates payment and social networking features.
However, it is possible that Musk wants to go even further in this regard, integrating more than just payment systems on X.
Even the company’s new CEO, Linda Yaccarino, has stated that X will be the platform that can provide virtually anything.
Elon Musk: cryptocurrencies such as Bitcoin and Dogecoin within X
Therefore, it is more than logical to expect that crypto services will also be integrated within it.
After all, for instance this is what PayPal already did almost three years ago, which for some countries has already made available cryptocurrency buying and selling tools within its app.
In light of all this, it is possible to say that the desire of Twitter’s new management is to integrate crypto services as well, and that the rebranding to X serves precisely to blatantly mark a discontinuity with the past, when Twitter was “just” the brand of a social network.
Moreover, Elon Musk has always been close in some way to Dogecoin, although very often he has only joked about it, and he is indeed very interested in Bitcoin as well.Â
It is not known how interested he is in other crypto projects, but on Dogecoin and Bitcoin there is no doubt.
Dogecoin (DOGE)
It is therefore no coincidence that the price of DOGE has risen 13% in the past seven days.
However, it is worth noting that the current level of about $0.079 is still well below the annual record of $0.096 set in February.
In other words, it had risen really high at the beginning of the year, from $0.068 at the end of 2022 to $0.096 on 1 February.
Until a little over mid-April it had been lateralizing in a range between $0.065 and $0.096, but it then fell back to $0.060 in mid-June. This was a lower level than at the beginning of the year, although higher than the 2022 low touched in September at $0.057.
Dogecoin continues to prove to be a primarily speculative cryptocurrency, with very low usage outside of trading on the crypto markets, and with a consistently volatile market value.
However, this paradoxically could help integration within X, because speculation is a very strong driver that drives people into the financial markets. This is precisely why it would make perfect sense to integrate services for buying and selling DOGE within X.
Bitcoin (BTC)
By contrast, the conversation changes when it comes to Bitcoin.
Indeed, in recent days its market value has dropped, from around $30,000 to just over $29,000.
Its volatility over the medium/short term is significantly lower than that of Dogecoin, but its performance over the medium/long term for now seems greater, especially since the 2021 speculative bubble burst.
For its part, Bitcoin has utility, namely as a risk-on hedge against the overly expansive monetary policies of central banks.
This is more than enough reason to justify the eventual introduction of BTC buying and selling services within X.
Truth be told, it is not only Dogecoin and Bitcoin that are the cryptocurrencies whose exchanges could be integrated within X.
Certainly there could also be Ethereum, and other altcoins for which there is a lot of interest, starting with XRP, moving on to BNB, Solana, Cardano, and so on, as well as the major stablecoins, of course.
In other words, it is possible that Dogecoin and Bitcoin will lead the way, but later all major cryptocurrencies could be traded within the new platform.
