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Elon Musk says NO to crypto on Twitter! Here's why!

Sat 22 Jun 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Regulation Crypto

Elon Musk, a fervent supporter of Dogecoin, is working on launching a payment service via Twitter. But, to everyone’s surprise, this service will not include crypto…for now. This news was revealed following the acquisition of its first money transfer license in the state of New Hampshire by Twitter Payments LLC! This suggests that Musk’s plans to integrate a payment system into the social media platform are well advanced.

Crypto Elon Musk Twitter Dogecoin

Twitter ventures into payments but forgets crypto!

The project, named “X Payments,” is expected to launch later this year. It will function similarly to services like Venmo but without the initially anticipated crypto feature. The documents related to money transfer licenses submitted to regulators in 11 states reveal that the system will be primarily based on fiat currency payments, although crypto functionality may be added later.

This decision might seem counterintuitive, especially given Musk’s proclaimed love for crypto. However, it perhaps reflects a more cautious and regulated approach to the digital payments sector, which remains under intense regulatory scrutiny. The crypto market is often associated with high volatility and regulatory risks, which could complicate the integration of such a feature into a mainstream payment service.

A strategic decision by Elon Musk?

The absence of cryptocurrencies in the initial payment plan for Twitter has elicited mixed reactions within the crypto community. Some see this as a step back for cryptocurrency adoption! While others consider it a strategic decision that might be revised in the future, as the regulatory landscape and cryptocurrency payment infrastructure stabilize.

Although Elon Musk’s announcement of Twitter’s payment service without crypto has disappointed some Dogecoin fans, it represents a significant advancement for the social media platform. With the introduction of “X Payments,” Twitter could become a major player in the digital payments field, even if, for now, it remains rooted in the traditional monetary system.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.