Why Elon Musk wants to bring cryptocurrency to X

Ever since Elon Musk bought Twitter and renamed it X, the 52-year-old has been at the center of the news for various business decisions.

From removing the verified feature to banning the term “cisgender” on the platform, he’s been an interesting owner of his social media platform.

Musk has previously expressed a desire to make X an “everything app,” but what does that mean? And where do cryptocurrencies fit into this plan?

Christopher Stanley, the chief information security officer of X Payments, recently posted on the platform, saying, “The end goal is if you ever have any incentive to take money out of our system, then we have failed, you shouldn’t ever need to take money out because you should be able to do anything you need on our platform.”

Stanley made the post after X obtained money transfer licenses in some US states, allowing its app to facilitate payments in US dollars and cryptocurrencies.

“Think Venmo at first,” Stanley wrote. “Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay), etc.”

There have been rumors since Musk took over the platform about whether or not he would attempt to incorporate cryptocurrencies into it, and it looks like the answer is yes.

Musk has provided multiple reasons for this.

If X wants to include the use of money on its platform, Musk wants it to include cryptocurrencies first, not just flat money like the US dollar.

In October, Mr. Musk said: It takes place on our platform.

Mr. Musk has also said that he wants to be able to buy Tesla cars with the cryptocurrency Dogecoin, and since you can buy Tesla cars with Bitcoin in the US, does it make sense for him to do that? It integrates with his other products to support cryptocurrencies.

Moreover, since Musk has hinted at cryptocurrency consolidation, he has contributed to the soaring prices of Dogecoin and other cryptocurrencies.