Elon Musk, the visionary entrepreneur and owner of Tesla, Space, and Twitter, has recently announced his plans to transform Twitter into “X,” an “everything app” that will offer various functions and features, such as job hunting, dating, and content creation.
Anticipatedly, Elon Musk will introduce a significant change on the platform by integrating cryptocurrencies for global payments. As per economist and investor Raoul Pal, Musk’s preferred crypto for this purpose is Dogecoin, a popular meme-inspired coin.
In a recent Tweet, Pal shares his insights into the possible objectives of Musk’s “X” app. He speculated that Musk’s acquisition of Twitter may be driven by its advanced artificial intelligence capabilities and commitment to promoting free speech.
Two things Ive said when Elon bought "X":
Elon bought it for the AI, and the free speech angle is to give it an unbiased model. He needs the AI to train the Optimus robot.
He will use crypto to be able to make global payments for creators etc. My guess is he uses Doge. 1/
— Raoul Pal (@RaoulGMI) July 24, 2023
This combination would provide an ideal platform for Musk to develop an impartial model. Furthermore, Pal suggested that Musk requires the AI technology to train his Optimus robot project.
Pal believes that Musk holds a significant interest in cryptocurrencies, particularly Dogecoin. Over time, Musk has been actively endorsing and supporting it. Pal predicts that Dogecoin could be utilized by Musk to enable global payments for creators and other platform users.
Additionally, there are indications that Musk might integrate various payment methods and brokerage services into the application, essentially creating a comprehensive hub for financial discussions and transactions.
DOGE Price Reacts To Musk’s Moves
Elon Musk’s recent announcement to rebrand Twitter as “X” has already had a positive impact on the price of Dogecoin. Following the news, the value of this meme coin surged by 5%.
It’s worth noting that Musk’s actions have previously demonstrated their influence on the value of Dogecoin, which is currently trading at $0.07—experiencing a remarkable increase of 9.5% over the last seven days.
In January of this year, an article in The Financial Times revealed that Twitter had expressed interest in acquiring a license to incorporate cryptocurrency payments on its platform, which boosted the price of Dogecoin by 7%. However, the integration did not materialize at that time.
Last October, Elon Musk completed the acquisition of Twitter for $44 billion, resulting in a surge in Dogecoin. Furthermore, Musk indicated his plans to utilize Dogecoin for micropayments, payments on Twitter Blue, and as rewards for content creators on the platform before acquiring Twitter.
Related Reading | North Korea Targets Crypto Firms Via US IT Provider
Now, as the “X” app is taking shape, the crypto community is eagerly waiting to see whether Dogecoin will indeed become part of Musk’s vision and innovation.