Cryptocurrency News: Elon Musk Allegedly Planning a Move with Dogecoin – Will Dogecoin Payments be Available on X? The Truth Revealed
There have been rumors circulating about Elon Musk, one of the wealthiest individuals globally, having a plan involving Dogecoin. But how much truth is there to these claims?
Elon Musk, the influential figure behind the social media platform X, is reportedly working on transforming the platform into a comprehensive application. A crucial aspect of this grand vision includes incorporating a payment network into the primary social networking service.
While specific details about this project are scarce, documents filed with state regulators offer some insight into the company’s future direction. These previously undisclosed documents outline plans for a payment feature similar to Venmo. This feature will allow users to deposit money into their X accounts, make payments to other users or businesses, and even buy goods and services from physical stores.
Musk has emphasized the need for X to diversify its revenue streams beyond advertising, which has traditionally made up over 90% of its sales. He has also hinted at the platform’s potential to become a leading financial institution. The documents indicate that X does not plan to impose significant fees for payment services. Instead, the company views offering payment services as a way to enhance its business by promoting greater user engagement within the app.
Financial data shared with regulators also highlights the challenges the company has faced since Musk took over in late 2022. X reported a revenue of $1.48 billion in the first half of 2023, marking a 40% decrease compared to the same period in 2022 before Musk’s acquisition. The company also posted a $456 million loss in the first quarter of 2023.
Musk’s interest in cryptocurrencies is well-documented. His automotive company Tesla previously held around $1.5 billion in Bitcoin on its balance sheet and briefly allowed customers to purchase Teslas using Bitcoin. However, this option was suspended, and Tesla has since sold a significant portion of its Bitcoin holdings.
Despite Musk’s support for Dogecoin, X users looking to transfer their Dogecoin assets to their X wallet may have to wait. The company informed regulators in Maine earlier this year that there are currently no plans to enable the sending and receiving of virtual currencies.
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