Elon Musk has been nurturing an idea to turn his social platform into “the everything App,” and it appears that Bitcoin and other cryptos have a role in that.
Current reports indicate that X (formerly Twitter) applied for a funds processing license and was approved. One thing is sure, Elon Musk wants to bring crypto to the X community, and this approval will pave the way for that.
What Elon Musk X License Allows
Ideally, the license allows X to process transaction processing just like other processors do. This could come in handy to save X content creators lots of pain when receiving their payments. A numer of processors/ handlers like ApplePay have been known to slash off a sizable chuck of funds as fees from such payments. With direct payments from X to creators’ wallets, this is avoided.
For sometime now, Elon Musk has been hinting about the possibility of integrating crypto payments on X. That could be Bitcoin (BTC) as well as his favorite memecoin, the Dogecoin (DOGE).
Crypto and Bitcoin X is excited
Needless to say, the crypto and Bitcoin community on the social platform is excited by this new possibility. It’s a further confirmation that, indeed, Bitcoin and the crypto industry has succeeded in penetrating the deepest corners of the world, especially the online world, to score huge points in mass adoption.
As a matter of fact, a lot more people now know about Bitcoin and crypto than a year ago – largely thanks to the social network. The license allows X to store, transfer, and exchange cryptocurrencies on behalf of its customers. Being a social media network, it’s clear that X will be doing much more than regular crypto exchanges do for their customers.
What’s Next?
It’s yet to be know exactly when Elon Musk and his platform will commence the integration of X with crypto payments. A lot of people have actually advocated for X to start facilitating crypto trading and exchanging. However, the X team seems to be taking their time with each development to ensure smooth delivery.
It is remembered that a few months ago, Elon Musk changed the X logo to the Dogecoin memecoin logo for a few days. This act alone sent the price of the coin soaring by over 20%. As such, good tidings can be expected in the crypto space if X takes the leap to expose hundreds of millions of its users to Bitcoin and other crypto payments.
