By Hassan Mehmood (Saudi Arabia)
Social media platform X has introduced payment options for account holders. On this front, the local crypto community is speculating about the impact of the new feature on the price movement. The platform has noted that it will allow users to make new dedicated payment accounts that have a payment feature.
Introduction of Crypto Option on X
The platform has noted that the new feature may go live by the second quarter of 2024. Various cryptocurrency enthusiasts on the platform are speculating about which cryptocurrencies are going to be added as payment options on the social media platform.
Thus far, the platform has not confirmed whether the payment option is going to add more options in addition to the fiat currency transactions. The platform has launched a new page titled Xpayments.
X Platform Launches Xpayments Account
Xpayments is a new account created by the app administrators. The page has not posted any new updates thus far. However, the page has a gold badge meaning that it is verified. Furthermore, the platform also uses the X logo as the profile picture to indicate its association with the app administrators.
Also read:Additionally, the account also has an X badge that further confirms that this account is operated by the application administrators.
Mason Versluis, a cryptocurrency researcher recently posted on X that investors may look forward to the introduction of a token that begins with X on the application. He has nominated various cryptocurrencies such as XRP, XLM, XYO, XDC, etc. Elon Musk, the CTO of the platform, has added Dogecoin as a payment option for EV manufacturing firm Tesla at the merchandise store.
Nevertheless, there cryptocurrency community has been speculating about different cryptocurrencies to be added as payment options at the forum with an emphasis on DOGE-themed coins and other meme-currencies.
X Introduces New Changes
At one end, various cryptocurrency investors have participated in the quiz to find out the next big announcement regarding the Xpayment. On the other side, crypto market analyst Tokenicer has noted that the platform has been shifting its attention away from crypto-based content.
Last year, the platform enabled a revenue-sharing system for advertisers that allowed content posters to monetize their contributions within the application. The analyst has noted that it seemed that the platform has been cutting down on crypto content payments lately.
He stated that just a few months ago, his content payments were around $40-$70 and now it has dropped to $16 only. Since Tesla CEO purchased X formerly Twitter in April 2022 there have been speculations about its transition into a completely different forum. The executive told Cointelegraph on July, 2023 that the platform will allow users to manage their entire financial portfolio through the application.
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