Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE,” said Brian D. Evans, CEO and founder of BDE Ventures, a Web3 venture studio and advisory firm.
In January, the Financial Times reported that Musk had asked for payment infrastructure to be built at the company, initially for fiat currencies but with the ability to add crypto later.
Crypto going mainstream?
Crypto has never broken through to the mainstream, despite flirting with that status amid the bull market that ended in 2021. Musk has many detractors, so enabling payments via crypto on X is not guaranteed to move the needle on crypto adoption. However, X (née Twitter) still has millions of users, so it could broaden use.
This dream, according to experts, probably has implications for cryptocurrencies, most specifically one of the billionaire's favorite playthings: dogecoin (DOGE).
Musk has long talked about creating a so-called everything app that incorporates not only social media and messaging but also the ability to buy things and send money. Crypto could easily factor into that, given Musk’s long history of dabbling in digital assets.
Elon Musk’s decision to rename Twitter as X and make it an “everything app” has a shot at broadening use of dogecoin (DOGE), bitcoin (BTC) and other cryptocurrencies.
“It would be an absolute game-changer to incorporate cryptocurrency payments as part of that ecosystem,” one expert said.
