The world’s richest man, Elon Musk, once again discussed his plans to turn X (formerly Twitter) into a complete financial platform, with him setting a timeline of the end of 2024 to accomplish that goal. This has led many in the crypto community, specifically the DOGE community, to speculate about what this move could mean for the foremost meme coin, Dogecoin.
Will Dogecoin Be Implemented In X’s Financial Structure? So far, Musk hasn’t stated if there is any plan to incorporate cryptocurrencies into X’s payment service and, most especially, Dogecoin. However, with the X owner’s fondness and alleged investment in the token’s ecosystem, there is the possibility that this could happen once the platform’s payment service launches at the end of next year.
Moreso, Musk’s plans to make X a financial hub coincides with plans he had discussed with his brother concerning Dogecoin, as revealed in his autobiography. Musk’s brother had mentioned the possibility of creating a blockchain-based social media platform that would integrate a payment system that allows people to make payments using DOGE.
Musk seemed to buy into the idea as he got back to his brother with the idea of creating “a blockchain social system that does both payments and short messages like Twitter.” The decentralized nature of a token like DOGE might also be appealing to Musk, considering that he has always been an advocate of free speech, and this could also translate to creating a free market with the help of such crypto tokens.
A Central Financial Hub Without Cryptocurrencies Is Incomplete Musk also seems hell-bent on making the X platform the go-to financial platform for everyone, as during the latest all-hands call with employees on October 26, he mentioned that he wants X to be at the center of everyone’s financial life as the platform will embody everything that involves money.
Total crypto market cap currently at $1.2 trillion. Chart: TradingView.com Going by such a statement, integrating a token like DOGE seems to be a matter of when and not if, considering that cryptocurrencies are largely considered the future of money. However, it also remains to be seen if the meme coin will be the only one integrated into the platform if the adoption of cryptocurrencies on the platform eventually happens.
Meanwhile, the possible adoption of DOGE as the go-to crypto token on the X platform is strengthened by the fact that Musk once mentioned that the platform doesn’t plan on ever creating its token. As such, it doesn’t seem farfetched that the meme coin will be Musk’s first choice once talks about cryptocurrencies on X begin to materialize.
Elon just said pretty soon your entire financial life will be on the X platform.
Now…
Imagine #Dogecoin being the preferred crypto of choice on this platform – the utilities will be endless. https://t.co/uVsY4qTfSk
— SlumDOGE Millionaire (@ProTheDoge) October 27, 2023
The DOGE community seems to be already hyped about the possibility of this happening, as a particular X user noted that the “utilities will be endless” if Dogecoin becomes the preferred “crypto of choice on this platform.”
Featured image from iStock
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.