X Payments
As we all know, many of the movements in the crypto ecosystem are speculative, positions of investors who imagine the future and speculate about the value of an asset, about possible news, updates, functionalities, adoption and an endless number of aspects that can make a cryptoasset increase in value over time, whether in the short, medium or long term.
A few days ago X has created an account to make payments within this social network, many claim that this important update will be completed in X by mid 2024, so the market has reacted and presents an opportunity to speculate on this important social network and its possible cohesion with cryptos.
Image edited in Canva
Elon Musk, we could say, is a man who for some time has influenced several market movements, many upwards, but others were not very well received by the community because some statements and sales of his cryptoassets have negatively affected the price of Bitcoin, however, the tycoon remains one of the most influential people in the crypto ecosystem, due not only to his large holdings in cryptocurrencies, but also his work in favour of the adoption of blockchain technology and cryptocurrencies, so the speculation that X can support cryptocurrencies is high, so that only the creation of an account for payments, without saying anything else makes a crypto can rise almost 10% of its value in just one day.
Recall that Elon Musk has mentioned that X would not only be a social network, it would also be a provider of financial products, linking both the financial and social aspect of X, so that a payment account, makes speculation about the future not only of a single social network, but also in a new technological trend applied to large companies.
X and Bitcoin
Many have speculated about the use of the main cryptocurrency in X's payment services, taking into account that Tesla still holds Bitcoin, despite the fact that in mid-2022 this car company sold Bitcoin to obtain cash liquidity, however, we must also take into the equation the company SpaceX, who also owns Bitcoin in its investment portfolio, although in 2023 the aerospace company reported the sale of Bitcoin for 370 million dollars.
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Elon Musk has been tight-lipped about his BTC positions in Tesla and especially SpaceX, which may be a strategy to not move the market and accumulate more Bitcoin, or he tries to fish for slightly lower prices and then make an announcement in favour of the price.
Bitcoin seems to be the great addition for payments in X, although the legal aspects that allow this type of movement must be studied in more depth, which can surely be done this year, as Elon has been working to have the legal framework that allows him to use Crypto in X payment services.
Although many already take it for granted that Bitcoin will be incorporated as a payment option in X, however, this speculation reaches other currencies.
Dogecoin:
It is the currency with the highest impact coinciding with the creation of the payment account by the social network X, which only took less than 8 hours to make an upward movement of up to 14%, however, the price tends to retreat because there is no breadth of information only speculation.
Screenshot in TradingView
Dogecoin is one of the crypto in which Elon has shown interest, even changing the logo of the social network, by the image of Doge, so it is understandable that this coin had a fairly positive effect on speculation about the methods of payment of X, in addition, Elon have mentioned that still maintains this crypto, so it can have a significant boost to any announcement of the famed tycoon.
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Cryptocurrencies For X
Some claim that the creation of this account affects cryptocurrencies starting with "X", however, it is possible that in the medium term speculation on this issue will increase, the currencies that can perhaps be integrated are those with solutions when making payments quickly, perhaps XRP could have a space within the payment options for X, due to its technology and that it is a blockchain that important banks have trusted, I think it is not unreasonable to look at XRP as another payment option.
Conclusions
Possibly, we are witnessing the beginning of the evolution of X in relation to the adoption of cryptocurrencies, an evolution that has begun with victories in the legal area so that X can have this financial service, which may be one of the many good news that are coming in 2024 for the crypto ecosystem, aligning with the year of the Bitcoin Halving and surely a new bullish cycle determined by both the Halving and this type of news accompanied by the approval of the Bitcoin ETF.
Cryptoassets to consider are those with viable technological solutions, such as fast and effective payment methods, decentralisation, as well as serving to build new platforms, including new tokens.
Article on Launch of the X Payment Account
Article on Advance Licensing for X-Payments
Thank you for your reading, until next time
Posted Using InLeo Alpha
another influential news has dropped creating a market FOMO. I guess everyone will be all eyes on dogecoin since it has a favorable price to enter.
These are interesting moves, but they will liquidate those who want to make a quick buck, the moment Bitcoin is accepted in large companies, it will open the doors to other projects.