08/31 update below. This post was originally published on August 30
Elon Musk, the Tesla TSLA billionaire who took Twitter private last year and rebranded it X as part of a plan to make it into an "everything app," could be plotting a major "PayPal update," according to a leak last week.
Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster
The bitcoin price has rocketed this year, helped by Wall Street readying a $15.5 trillion bazooka that's fast approaching, while major cryptocurrencies, including ethereum, XRP XRP and dogecoin, have also bounced back.
Now, X has been granted a currency transmitter license by Rhode Island's regulators, widely celebrated as a step toward the social network that Musk is hell-bent on trying to turn into a China "WeChat-style" all-singing, all-dancing super app being able to custody, transfer and exchange bitcoin and other cryptocurrencies.
It's at the start of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
MORE FROM FORBESLeak Reveals Elon Musk, X And Wall Street Could Be About To Cause Bitcoin And Crypto Price Chaos With 'PayPal Update'By Billy Bambrough
"The news of Elon Musk's X (formerly Twitter), obtaining a license to facilitate U.S. crypto payments amplifies the ongoing transformation of the crypto landscape. Endorsements from prominent figures like Musk lend credibility to the sector and hold implications for international markets," Caroline Bowler, the chief executive of Melbourne-based bitcoin and crypto exchange BTC BTC Markets, said in emailed comments.
"Could this mean that X will soon allow people to send and receive cryptocurrency over the platform," Ed Krassenstein, a political activist and influencer, asked via X alongside many other X users who gushed over the news and predicted a crypto price boom as a result.
However, the license is merely another state money transmitter license X has received after Michigan, Missouri and New Hampshire, which were approved on July 5. The Rhode Island license means X now has seven state money transmitter licenses in the country.
08/31 update: Musk has responded on X to a dogecoin fan account who quoted an X developer who denied the platform is "looking to launch X coins for creators."
"Coins will likely not be something we‘re doing," the developer said. "We’re focused more on making real money work if we can rather then some substitute currency."
Musk called the quote, "correct," and was subsequently flooded with replies asking whether "doge counts as real money?" The price of dogecoin jumped following the interaction, adding to gains of 5% over the seven days. For comparison the bitcoin price has climbed just 3% since this time last week.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
MORE FROM FORBESCrypto Now Braced For A $15.5 Trillion September Wall Street Earthquake After Shock Bitcoin, Ethereum, XRP And Crypto Price CrashBy Billy Bambrough
Last week, a leak suggested Musk could turn X (Twitter) into an "updated version of PayPal PYPL , with Musk holding "conversations [with] top Wall Street executives on [the] future of X," Fox Business Network correspondent Charles Gasparino, posted to X.
Musk has been scrambling to find fresh revenue streams for X. Last month, media reports denied by Musk suggested X could add a trading platform built inside the app.
In July, Musk briefly added the dogecoin Ð symbol to his X account amid a flurry of interactions with dogecoin fan accounts—with bitcoin and crypto market watchers predicting Musk's plans for X could be an "absolute game-changer."
Author: Jennifer Hicks
Last Updated: 1702205281
Views: 878
Rating: 4.1 / 5 (80 voted)
Reviews: 91% of readers found this page helpful
Name: Jennifer Hicks
Birthday: 1968-05-09
Address: 07499 Calvin Point Apt. 889, Morganmouth, FL 38606
Phone: +4008724288364636
Job: Air Marshal
Hobby: Juggling, Gardening, Scuba Diving, Traveling, Backpacking, Lock Picking, Telescope Building
Introduction: My name is Jennifer Hicks, I am a valuable, dedicated, unguarded, Adventurous, variegated, intrepid, dear person who loves writing and wants to share my knowledge and understanding with you.