Elon Musk Could Reportedly Turn X Into A 'New Fangled' Paypal — What Does This Mean For Dogecoin?

Elon Musk could turn X (formerly Twitter) into an updated PayPal, according to a scop by Charles Gasparino, a correspondent for Fox Business News.

What Happened:  Gasparino, a correspondent for Fox Business News, revealed that Musk has been in discussions with top Wall Street executives about the future of X (formerly known as Twitter).

SCOOP: @elonmusk continues to have conversations w top Wall Street executives on future of @X. Seems to be settling, they tell me, on a new fangled payment system, updated version of @PayPal. It will offer low transactions costs (as opposed to credit cards) & monetize user info

— Charles Gasparino (@CGasparino) August 24, 2023

The Fox journalist suggested that Musk is leaning towards transforming X into a new payment system similar to an updated version of PayPal. This system would offer lower transaction costs compared to credit cards and potentially monetize user information.

"Seems to be settling, they tell me, on a new fangled payment system, updated version of PayPal It will offer low transaction costs (as opposed to credit cards) & monetize user info," Gasparino tweeted.

This potential move by Musk comes as PayPal recently introduced its own stablecoin, PYUSD, in an effort to fill the gap left by Meta’s abandoned libra, now called diem.

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Why It Matters: Earlier, Musk denied rumors that X would launch its own cryptocurrency to compete with popular coins like Bitcoin BTC/USD, Ethereum ETH/USD, and XRP XRP/USD. Instead, Musk has once again professed his support for Dogecoin DOGE/USD.

In response to a post about X by Maye Musk, Elon tweeted that “X is a dog & Doge friendly place!” 

It remains uncertain as to whether Dogecoin will find a place on X, should it transition into a payment app.

Price Action: At the time of writing, DOGE was trading at $0.62, down 0.4% in the last 24 hours, according to Benzinga Pro.

Photo by Vitalii Stock on Shutterstock

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Editor’s note: This story has been corrected to reflect the correct Dogecoin price action.