'X Amount' Disclosure Exposes Elon Musk's Revolutionary Strategy as Bitcoin Approaches $100,000 Market Value
Elon Musk, the wealthy Tesla tycoon who inadvertently stirred up crypto market turmoil this week, has had a peripheral presence in the crypto realm in recent years.
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The soaring Bitcoin value to $100,000 per Bitcoin last year ignited unparalleled fascination in Bitcoin and crypto among Wall Street heavyweights and the prospective U.S. President Donald Trump—with Musk declaring a "financial crisis."
Now, as China works to manage a predicament that some suspect could inflate the Bitcoin price, a leak has revealed that Elon Musk's X might be on the verge of releasing a disruptive Bitcoin and crypto innovation.
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"A new X code has just been shipped, hinting that X Payments will be launched without the sanction of all 50 states," said Alex Finn, an influencer on the platform. "Therefore, X Payments could debut today."
Since Musk obtained Twitter and renamed it X, he has been acquiring money transmitter licences in various states as part of a strategy to expand X into a "all-in-one" app similar to China's WeChat.
"It appears that X has plans to introduce X Money in the U.S. before securing approval in all 50 states," added MacRumors researcher Aaron Perris, posting a screenshot of the code, although the company itself hasn't verified its authenticity.
Earlier this week, Linda Yaccarino, CEO of X, confirmed that payments would be introduced to the social media platform in 2025 in the form of X Money, among other features, urging people to "strap in."
X Money's emergence has fueled speculation that the platform might incorporate or endorse Bitcoin, crypto, or dollar-pegged stablecoins that leverage crypto technology to expedite and diminish transaction costs, with Musk's space company SpaceX reportedly linked to Tether's dominant USDT stablecoin.
"X payments will somehow involve cryptocurrency," Finn forecasted on X's live broadcast. "Crypto is likely to make up a substantial portion of X's payment rails."
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If Bitcoin and crypto integrate with X, some forecasters speculate it could set off a Bitcoin price surge like PayPal's Bitcoin and crypto support that ignited the 2021 Bitcoin price bull run.
Though Musk has been relatively quiet on Bitcoin and crypto in recent times, his support for Trump in the lead-up to the November U.S. presidential election contributed to the Bitcoin price climb as investors wagered on a pro-Bitcoin and crypto Trump administration.
Moreover, Musk championed against excessive U.S. spending, leading to the formation of the Doge Department Of Government Efficiency, a venture that Musk believes could trim $2 trillion from U.S. spending.
The Doge department is a reference to the shiba inu doge meme, which is also associated with the dogecoin cryptocurrency, which Musk named as his "favorite" cryptocurrency and which Tesla accepts as payment. However, Tesla continues to maintain around 10,000 Bitcoin worth approximately $1 billion on its balance sheet.
- Elon Musk's company, X, is reportedly close to releasing a disruptive Bitcoin and crypto innovation, potentially influencing the Bitcoin price.
- Musk's social media platform X, which he renamed from Twitter, is rumored to be introducing X Money, which could potentially involve Bitcoin, crypto, or stablecoins.
- If Bitcoin and crypto integrate with X, there might be a significant Bitcoin price surge, similar to the one following PayPal's Bitcoin and crypto support.
