Rumors suggest that Elon Musk’s new digital payment system X Money will add Bitcoin (BTC) to its services. That speculation follows profits of a massive $600 million in the fourth quarter of 2024 by Tesla, the electric car company led by Musk. However, Tesla’s Bitcoin investments played a big part in this success. Now, there is talk that Bitcoin will very soon be incorporated into X Money and possibly even Dogecoin (DOGE).
And even before their name was said, the excitement began by a partnership news from X’s CEO, Linda Yaccarino, with Visa. The deal will let X Money users move pounds between normal bank accounts and digital wallets, much as ways like Zelle and Venmo work. X Money’s partnership is considered a major step towards becoming an ‘everything app’ where users will be able to do everything from sending money to things beyond.
People are really talking about possible inclusion of Bitcoin, however. Part of the company’s profits came from its Bitcoin holdings, which Tesla counted as part of its $600 million revenues for the first quarter of 2021. According to Bitcoin Treasuries, Tesla is actually the 6th largest public company holder of Bitcoin. The connection between Tesla and Bitcoin has given many people the idea that they will soon join the system, if X Money will add Bitcoin to its system.
In addition, speculations are also made that Dogecoin, the meme supported cryptocurrency by Musk also makes its entry to X Money. Musk has always been a fan of the Dogecoin, and referred to it as the “people’s crypto,” and previous rumours of the Dogecoin being added to the X Money has sent the price of the coin flying. Integrating Dogecoin may be what redeems it and recruits new users.
When X Money goes live in 2025, users will stand a chance to trade on such cryptocurrencies as Bitcoin and Dogecoin, among others. It would be a big move in bringing digital currencies closer to common usage and have a significant effect on the crypto market.
The rumors of Bitcoin on X Money are already causing the price of Bitcoin to surge by 2.19% in the past 24 hours to almost $105,000. However, Dogecoin did not experience the same level of growth and instead lost 0.49%, but its trading volume rose.
In the meantime, it’s clear that the tie Elon Musk has with Bitcoin and Dogecoin will also throw X Money into the spotlight when it comes to digital payments and crypto, particularly in the future.
Also read: Fed Chair Jerome Powell Gives U.S. Banks the Green Light to Offer Crypto Services
