𝕏 Payments Is Coming
Hey everyone,
Earlier this month, 𝕏 dropped its biggest hint yet that its Payments product is on the horizon.
The news coincided with several optimistic statements by Elon that Payments will launch this year.
Let’s take a look at why 𝕏’s Payments platform has never been closer, and why that’s great news for Dogecoin.
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About a week ago a new account called XPayments went live.
The account’s emergence generated massive buzz in anticipation that 𝕏 could be nearing release of new financial services features.
It received a gold check and affiliation badge to confirm its official connection with the 𝕏 platform, and quickly racked up over 100k followers.
Dogecoin surged 15% on the news of the account’s release.
Tellingly, Doge was the only major cryptocurrency to have a significant price reaction to the unveiling of the XPayments account.
The market’s move strengthened the perception that 𝕏 will integrate Dogecoin at some point after its financial product launches.
It also suggested that Doge more than any other coin is the chosen cryptocurrency for the 𝕏 economy.
𝕏’s move into payments is one of the most exciting aspects of Elon’s ownership of the platform. The idea of turning Twitter into a hybrid social network/digital finance app was part of his justification for buying it in 2022.
Elon’s financial ambitions with 𝕏 are enormous. Last year, he said, “if done right, 𝕏 would serve people’s financial needs to such a degree that over time it would become, I don’t know, maybe half of the global financial system.”
Elon founded original X.com in 1999 with the goal of becoming an online bank that offered stock trading, loans, a debit card, and other financial services.
In 2000, X.com merged with Confinity to become PayPal. The merger led the company to narrow its focus to just digital payments.
In recent years, Elon has expressed his opinion that PayPal did not fulfill its true potential. In an interview with Ben Shapiro earlier this month, he said he hoped to turn 𝕏 into “what PayPal should’ve been”
Elon’s predictions are notoriously optimistic about when products will be released, a deliberate management strategy called timeline optimism used to push his teams toward heightened productivity.
Still, there are signs that 𝕏 Payments is approaching fast.
Last December in a Spaces with Cathie Wood, he said the key obstacle to releasing 𝕏 Payments was acquiring state-level money transmitter licenses, and predicted the licenses would be granted in a matter of months: “I would be surprised if it takes us longer than the middle of next year [2024] to roll out payments.”
When Payments launch, it’ll be interesting to see how crypto fits in.
Last January, Financial Times reported that Elon planned to roll out fiat payments first, and add crypto at a later date.
That report, however, is a year old, and much has changed since it was published.
Most notably, the mid-2023 rebrand from Twitter to 𝕏 cemented the connection between 𝕏 and Dogecoin.
One intriguing possibility is that 𝕏 could introduce Dogecoin tipping in conjunction with the roll-out of its Payments feature.
Doing so would create a major Internet marketing splash and attract new users to 𝕏 at the same moment it launches its financial platform.
𝕏 Payments will be a groundbreaking addition to social media, allowing money to move freely on the Internet like never before.
The Doge market’s positive reaction to the new 𝕏 Payments account is an encouraging sign that Dogecoin will become part of 𝕏’s financial platform.
The launch of Payments will be a key step toward realizing 𝕏Ɖ. Let’s see what happens next!
Will you use 𝕏 Payments? Do you think 𝕏 will add Dogecoin functionality with the Payments right away, or wait until after the initial launch?
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Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Always assume that the author of the article is actively trading and that the opinions expressed may be biased towards the author’s holdings. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
At the time of publication, Dogecoin is around $0.08 per coin.
