Dogecoin Up 11% as X Eyes NY, CA Licenses: Will It Be X's Main Currency?

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Elon Musk has announced that X, previously known as Twitter, is close to receiving money transmitter licenses from New York and California. This step is vital for transforming the social media platform into an "everything app," including the facilitation of payment services. The licenses, expected within a month from California and a few months from New York, are key to Musk's vision of integrating various experiences, including financial transactions, into one platform.

Musk's influence extends to the cryptocurrency realm, particularly with Dogecoin. Following the announcement of a dedicated payments account by X, Dogecoin's price surged by 9%, demonstrating Musk's significant impact on the crypto market. This increase in Dogecoin's value highlights the market's response to potential cryptocurrency integration in X's payment services.

While X has obtained licenses in several states and plans to introduce peer-to-peer payments, the incorporation of cryptocurrencies, especially Dogecoin, has sparked widespread speculation. Musk, known as the 'Dogefather' due to his advocacy for Dogecoin since 2019, has fueled these discussions. Despite rumors of Dogecoin becoming a primary currency for X's payment system, Musk recently clarified that no such integration is currently planned.

In addition to payment services, PYMNTS Intelligence research indicates consumer interest in online banking services from large tech firms. X's foray into financial services, potentially including cryptocurrencies like Dogecoin, aligns with this trend. However, earning consumer trust remains a challenge, with primary banks currently leading in data protection trust over digital platforms.

Dogecoin's market dynamics continue to fluctuate, with recent decreases in value. Still, the overall trend shows a keen market interest in how cryptocurrencies, particularly Dogecoin, will be integrated into platforms like X under Musk's ambitious vision.