X Money — Crypto on the Horizon?

The big question on everyone's mind is whether X Money will include cryptocurrency. Musk's Tesla is using cryptocurrency.

X is reportedly preparing to launch a payments service called X Money, setting its sights on the “everything app” dream. The move comes as the platform continues to expand beyond social media, venturing into entertainment, e-commerce, and now fintech.

According to the announcement, X Money will be integrated into the main app, offering users a convenient way to send and receive payments, potentially including cryptocurrency. The move is hardly surprising, given Musk’s interest in crypto and Tesla’s recent purchase of Bitcoins.

However, the path to becoming a payments service isn’t without obstacles. Despite X Payments LLC obtaining money transmitter licenses in 33 U.S. states, New York remains a holdout. Without regulatory approval there, X Money could face operational limitations.

Moreover, user adoption and competition from established payment services like PayPal and Venmo pose additional challenges. Despite Musk’s loyal fanbase, attracting users en masse and convincing them to switch payment platforms will be an uphill battle.

Despite the challenges, X Money has the potential to revolutionize the creator economy and pave the way for new avenues of monetization. NFT collector and financial commentator Alex Finn believes the service will crown “X millionaires.”

With Trump’s administration showing support for cryptocurrency and innovation, and his close relations with Musk, the stage is set for X Money to make a grand entrance. The service could integrate peer-to-peer payments, enabling tipping for posts and live streams, and further enhancing the platform’s entertainment value.