X (Formerly Twitter) Eyes Cryptocurrency for P2P Payment Services

In a groundbreaking announcement, Elon Musk's X (formerly Twitter) sets the stage for a 2024 launch of its P2P payment service.

The tech world buzzes with the possibility of cryptocurrency integration, following Musk's history of supporting digital currencies.

Dive into the details of this innovative shift and its potential impact on the future of digital transactions.

Elon Musk's Vision for X: Launching P2P Payment Services in 2024

In a blog post published on January 9, 2024, Elon Musk's X (formerly Twitter) detailed its new year initiatives, revealing preparations to launch a Peer-to-Peer (P2P) payment service.

Musk has long envisioned transforming X into a super app with comprehensive features.

The recent post emphasized the launch of P2P payment to enhance user convenience and create new opportunities for commercial transactions.

P2P refers to a communication method that allows direct data exchange between devices like smartphones and computers without a server.Cryptocurrencies such as Bitcoin are already utilizing P2P transactions.

While the post did not specify whether X's P2P payment service would use fiat or cryptocurrencies, Musk's historical support for cryptocurrencies has stirred excitement in the crypto industry about the potential introduction of a crypto-based P2P payment service in X.

Cryptocurrency Integration: Will X Utilize Existing Digital Currencies?

Given Elon Musk's statement in August last year that "X will never issue cryptocurrencies or tokens," it is anticipated that the P2P payment service will employ existing cryptocurrencies, if it were to support them.

Moreover, reports from October last year highlighted X's acquisition of a "currency transmission license" in Rhode Island, USA, with subsequent licenses obtained in other states.

Musk's engagement in cryptocurrency payment initiatives through Tesla and SpaceX fuels speculation that X might soon offer cryptocurrency-related services.