Musk said that X payment "will not consider cryptocurrency for the time being", is Dogecoin's dream broken?

Author: DaFi Weaver, BlockTempo

In early January, the code of Musk's X platform payment function "X Money" was exposed, causing heated discussions in the community that X Payment may be launched first in states that have obtained licenses. Entrepreneur Alex Finn even predicted that X payment will support cryptocurrency in some form, further triggering speculation that Dogecoin, which Musk has long supported, may be the first choice.

Musk: Cryptocurrencies will not be used in X payments in the near future

However, there was sudden news in the market today that affected the possibility of X payment supporting cryptocurrency. Sources pointed out that Musk said when talking about X payment-related topics during the X Live (Stream) test:

"Cryptocurrencies will not be used in the X payment service in the near future because corresponding licenses are required, and will now focus on fiat currencies."

However, Dongzhu has verified the video and found that Musk was mainly explaining the game mechanics of Path of Exile 2 and said he wanted to be in the top 10 of the Hardcore list. No information about X payment has been found yet.

It is understood that so far, The remittance business will be operated in X.

Although the requirements for money transfer service provider licenses and the privileges granted by the license vary from state to state in the United States, these licenses generally allow companies to send, receive and transfer funds nationally and internationally for customers, and also allow foreign exchange exchanges, such as using The exchange of foreign currencies into U.S. dollars and the issuance of prepaid cards, both fiat and cryptocurrencies are included in this definition . However, if the source is true, it suggests that Musk has not prioritized cryptocurrency support.

Dogecoin drops 11%

Perhaps affected by this news and the decline in the market, Dogecoin plummeted. CoinGecko data shows that Dogecoin fell from yesterday's US$0.3968 to US$0.3473, with a cumulative decline of 12.47%. As of this writing, there is still no sign of stopping the decline and rebounding.

CEO previews launch of X Money this year

It is worth mentioning that X CEO Linda Yaccarino said in a tweet on January 1 that X will launch X Money in 2025.

"In 2024, X changes the world. Now, you are the media!

In 2025, X will connect with you like never before, with X TV, X Money, Grok and more coming soon. "