Elon Musk is reportedly gearing up to introduce a new Bitcoin BTC/USD and cryptocurrency feature called "X Money" on his rebranded platform, X, formerly Twitter.
What Happened: According to a leak reported by influencer Alex Finn and MacRumors contributing researcher Aaron Perris on Friday, "X Money" might launch without needing approval from all 50 states.
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X CEO Linda Yaccarino said earlier this week that payments, including ‘X Money,’ will be integrated into the platform in 2025. The idea behind it is to transform X into an “everything app” similar to Tencent Holdings Limited’s TCEHY WeChat.
X payments' support for cryptocurrency could potentially trigger a bitcoin price surge similar to PayPal Holdings Inc.’s PYPL 2021 crypto support, noted Forbes.
Bitcoin’s value currently hovers around the $100,000 mark. The apex cryptocurrency touched an all-time high of $108,268.45 on Dec. 17, 2024.
Why It Matters: The potential launch of ‘X Money’ comes amid a series of events that have kept Musk in the crypto spotlight.
Last month, Musk changed his name on X to “Kekius Maximus,” causing a similarly-named meme coin, Kekius Maximus (KEKIUS), to skyrocket over 600% in value. However, KEKIUS crashed by 90% when Musk reverted to his original avatar in January.
Musk’s influence in the crypto market also became evident when an adult-themed meme coin surged 175% after he referenced it in a post on X.
While Musk has not directly commented on Bitcoin recently, his support for Donald Trump in the upcoming U.S. presidential election has been linked to rising Bitcoin prices.
His role as an influential advisor to the President-elect has also fueled speculation about the creation of a U.S. Bitcoin strategic reserve.
Price Action: Bitcoin is currently priced at $98,247, reflecting a 0.17% increase over the past 24 hours. Its trading volume has risen by 2.45%, reaching $21.52 billion, according to data from Benzinga Pro.
Photo Courtesy: Shutterstock.com
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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