The world’s richest man, Elon Musk, has confirmed when public access to X Money will be available. This has raised speculation about what to expect from this feature, especially regarding potential crypto integration.
Elon Musk Reveals When Public Access For X Money To Rollout Next Month
In an X post, Elon Musk revealed that early public access for X Money will launch next month. This marks a huge progress as the world’s richest man moves to transform the social media platform into the ‘Everything App.’ Crypto traders are currently predicting that the X Money launch won’t happen till the end of April.
On Polymarket, there is currently only a 15% chance that the X Money will launch by April 10. Meanwhile, there is a 73% chance that it will launch by April 30. As to what to expect, market commentator Mario Nawfal stated that the move expands Elon Musk’s X into payments, banking, and crypto, with the aim of an all-in-one ‘Everything App.’
He further noted that early access will let users test peer-to-peer (P2P) transfers, merchant payments, high-yield accounts, and crypto integration. The full rollout is expected later this year. Crypto pundit Satoshi Club noted that part of the X Money payment features will include a debit card, both physical and virtual.
Furthermore, users will enjoy high yield on their balances, with early testers reportedly getting up to 6% APY on cash. There will also be 3% cashback on purchases while deposits are FDIC-insured through Cross River Bank. Users will be able to make instant P2P payments using Visa Direct.
Satoshi Club added that the most interesting part is Smart Cashtags. Users will be able to click Bitcoin, Ethereum, XRP, Dogecoin, and other cashtags directly in posts and buy or sell assets without leaving the social media platform.
The Dogecoin Angle
The Dogecoin price jumped about 7% amid Elon Musk’s announcement that early public access for X Money will launch next month. Crypto Pundit Wise noted that DOGE was the first crypto to react to news about the X Money, noting that this has happened many times before. The pundit added that Musk makes an announcement, and then DOGE pumps first, prompting the market to speculate about integration.
In line with this, Wise questioned whether X Money will finally provide real utility for DOGE on X or if this is just another hype-driven trade. Elon Musk has yet to confirm the extent of crypto integration on the platform or whether it will enable payments in Dogecoin and other crypto assets.
Dogecoin payments remain a possibility, especially considering the world’s richest man’s affinity for the foremost meme coin. He had also praised Bitcoin last year as being resistant to inflation, especially considering that it cannot be printed out of thin air like fiat.
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
