have you spent an unhealthy amount of time scrolling through crypto Twitter well you’re not alone you’re not alone you’re not alone but what have I told you that Twitter now X could become an even bigger part of your daily crypto routine that’s because X could become a payments Powerhouse by the end of this video you’ll know how payments could change X forever and what it means for crypto so stick around to the end to find out which cryptos could benefit the most my name is Guy let’s dig in now before we dive into the world of X and Twitter you should know that I’m not your financial babysitter this isn’t advice Financial or legal just thoughts on tweets and the social upheaval got questions or comments drop them below and feel free to share to let others know hit like And subscribe to help this Channel Win and with that out of the way it’s time to let that sink in so X formally Twitter is a major social media platform and is one of the most important platforms for crypto for better or worse now Twitter was founded in 2006 by four co-founders one being former CEO Jack dorsy for those unfamiliar Jack is also the CEO of the blockchain company Square now called block and happens to be a Bitcoin Maxi too anyway Twitter was created at a time when the most popular social media platforms included Facebook Myspace and bio some of you younger viewers have probably never heard of those last two for those of you who have apologies for the existential crisis those mentions may have triggered now it’s quite normal for social platforms to die but the most used are immortalized in this case Facebook and Twitter the thing is though the number of Twitter users was fading at one point just 10% of Twitter’s users were generating 90% of tweets see it’s easy to forget that Twitter is more than just a home for posters and trolls it’s also a business and business was bad the lack of users meant that companies were reluctant to pay to run ads due to poor cost per click and conversion metrics pretty soon Twitter’s Revenue per employee crashed and shareholders grew impatient so Twitter did the only logical thing and increased its Workforce obviously what’s crazy is that this extra headcount wasn’t reflected in productivity to make things worse Twitter began having issues with accusations of misinformation particularly during the 2020 us election it wasn’t looking good bro in other words in November 2021 Twitter’s co-founder and CEO Jack dorsy stepped down for multiple reasons activist investors were concerned about Jack’s split focus on Twitter and square and the board was actively trying to force him out of the role in fact they’d already lined up parag agrawal to be Jack’s successor more than a year before his resignation notably Jack also said that he believed that founder Le projects have a single point of failure and that’s likely a nod to Satoshi stepping away from Bitcoin recall that Jack’s a Bitcoin Maxi now as Jack dorsy stepped down Elon Musk stepped up he began aggressively buying up Twitter shares and by April 2022 had become its largest shareholder around that time he also offered to buy Twitter for $44 billion and the board accepted Elon then tried to back out of the deal due to concerns about the number of Bot accounts But ultimately completed the purchase in October 2022 his first order of business cleaning house Elon fired almost 80% of Twitter’s Workforce including its top Executives he then rebranded Twitter to X aiming to make x a quote digital Town Square that promotes free speech and an everything app inspired by WeChat for those unfamiliar WeChat is a popular all-in-one social app in Asia that features messaging payments shopping entertainment and more besides hey because it’s not the first time that Elon has created an x.com he actually set up an x.com back in 1999 which was likewise intended to be an all-in-one digital payments platform notably the original x.com merged with its competitor confinity which developed PayPal when PayPal was bought by eBay the company rebranded to PayPal and Elon was ousted for disagreeing with the company’s Direction PayPal subsequently spun out from eBay 15 years later Elon reacquired the x.com domain for quote sentimental reasons make of that what you will so then what’s changed about Twitter since rebranding well Elon replaced the old Bluebird logo with an X replaced the Twitter URL with x.com and tried to Rebrand tweets to X’s although that last one never really took off thankfully I mean just imagine opening X to find that someone’s xed about there X anywh who elon’s changes go far beyond Cosmetics however X has implemented several features to give the platform New Life some of these features include the for you algorithm in the main feed paid features through X premium and grock an AI chatbot you know cuz every app needs an AI these days but the latest development is what’s got everyone talking and is the reason you’re all here that’s because X is about to have its own payment system called X money this would be the biggest step to taking Twitter towards what the original x.com was supposed to be all those years ago for context this isn’t a new development talks of X money began back in January last year when an official profile was created by X called payments that uses the ATX money handle so far it hasn’t posted anything but that hasn’t stopped it attracting well over 150,000 followers at the time of shooting around that same time Elon also discussed X money with Arc invests Kathy Wood in that conversation Elon said quote I would be surprised if it takes longer than the middle of 2024 to roll out payments so well we take it he’s surprised then now X money was officially confirmed on New Year’s Eve in a post by Linda Yaro whom Elon appointed as ex’s CEO in May 2023 although Elon remains heavily involved anyway on top of Linda’s announcement the code for X money was actually discovered and subsequently leaked to the general public notably this leaked code suggests that X money will be released sooner than people think since the code could be activated at any moment but what exactly is X money I hear you ask well X money will allow for peer-to-peer transactions directly on the platform similar to Major platforms like PayPal it’s quite possible that X money is intended to compete with PayPal given what we said earlier reportedly X money will also see the introduction of e-commerce onto X which will allow users to buy and sell products directly on the platform X money will also allow users to tip content creators on the platform too and this is where things get exciting that’s because elon’s vocal support for the crypto industry has raised speculation that crypto will provide the rails for X money to exist on and of course the crypto that Springs to mind for most people here is Dogecoin Elon is the self-professed Doge father after all now elon’s support for Dogecoin has caused the price of Doge to pump on multiple occasions at one point he even swapped Twitter’s Bluebird with the Doge image causing Doge to Rally by 38% in a day and this is why so many shitcoins have either Elon or Doge or indeed both in their names to be fair though this isn’t the only reason why Dogecoin is a top Contender take a second to consider that one of Elon musk’s many other companies includes Tesla which literally accepts Doge payments for merchandise and of course who could forget that Elon is now also part of a government Advisory Board called the department of government efficiency or Doge for short more on that later though now the reason why Dogecoin is so loved by Elon isn’t just because it’s the largest meme coin by market cap or because the meme is timelessly funny or even because the dog herself kabosu is or rather was cute as hell may she rest in peace no you you see Elon is also a firm believer in dogecoins fundamentals he says that Dogecoin is much better suited for transactions than Bitcoin is that’s because Dogecoin has a block time of roughly 1 minute compared to bitcoin’s block time of around 10 minutes Dogecoin also has much cheaper transaction fees and can process 33 transactions per second while Bitcoin can only handle seven Elon has also said that because Do’s Supply is slightly inflationary this quote encourages people to spend rather than to ha it as a store of value there is some logic to that any who to say that Elon thinks that Doge will go to the Moon is an understatement heck he literally tried to send it into space for context in May 2021 SpaceX announced a mission called Doge one to the Moon which would be paid for entirely in Dogecoin basically the plan was to use a rocket to send a satellite into space much rocket such crazy the thing is though while we all love us a bit of Doge it might not be the ideal solution for X month there are a few reasons for this but the main one has to do with scalability data suggests that X currently has more than 600 million users and 58% of them are under 35 years old which is arguably crypto’s biggest demographic put simply if millions of EX users begin using Dogecoin on a daily basis its limited TPS and block time would cause some serious problems as the network becomes more congested Dogecoin also has fewer developers than many major crypto projects so it’s unlikely it’ll be able to deploy much in the way of resources to alleviate any issues that may pop up in other words dogecoins chain could struggle and the price of the already volatile Doge would probably crash as a result so then this naturally raises the question of which cryptos could be more likely to play a role in X money well the first answer is perhaps the most obvious and that’s Bitcoin that’s simply because aside from being the biggest and most trusted cryptocurrency out there it’s also been adopted by a few of elon’s companies already specifically Tesla also earns a stack of 9,720 BTC making it the sixth largest publicly traded company to hold BTC on its balance sheet meanwhile SpaceX which is a private company owns 8,285 BTC at least at the time of shooting a bit of quick maths tells you that that’s a total of 18,5 BTC that is more BTC than Riot which is literally a Bitcoin mining company and people say maths is boring now obviously X would need to use a layer two on bitcoin to ensure it’s scalable enough come to think of it it’s possible that a Dogecoin based layer 2 could also be used for X payments other possible Alternatives include ethereum since this is the only other crypto outside of Bitcoin and Dogecoin that Elon has vocally supported that said though X would again most likely need to leverage a Layer Two for the sake of transaction fees and efficiency it’s anyone’s guess which layer two would be chosen for this considering that there’s a new one launched practically every minute I’m kidding sort of there are also more payment specific cryptos such as xrp or xlm that could play a role in X money and some would argue that this would probably make the most sense but if we’re being honest we reckon that if x money integrates any cryptocurrencies at all it will probably be stable coins specifically we reckon that usdt could become the weapon of choice here not only is it more uh stable than the likes of Doge BTC or many others but it also happens to be the biggest stable coin by market cap in fact usd’s market cap is 14 times the size of the second largest stable coin usdc Food For Thought primarily though we reckon that the biggest reason usdt will be considered is because of something we mentioned earlier the department of government efficiency or Doge specifically the person who came up with that name now you’d be forgiven for assuming that this was Elon Musk himself but you’d be wrong it was in fact Howard luik the soon Tobe former CEO of caner Fitzgerald Howard deliberately came up with the Department of government efficiency knowing that Elon would find the Doge acronym amusing he was right and when Elon pitched the idea to trump it was approved in an instant now if you watched our video on counter Fitzgerald you’ll know that Howard was selected by Trump to become his new secretary of Commerce and he also happens to be a very vocal supporter of tether counterfeits Jerald manages most of tether’s reserves and they recently acquired a 5% stake in the stable coin issuer to and you can learn more about caner and Howard in the video right over here the point is Howard’s relationship with Elon will likely influence the direction of X money and it’s not hard to see why Elon would consider usdt as the ideal candidate for a digital payment solution not only that but tether’s reserves are mostly held in US Government debt and Elon is literally now part of a US Government team orbe it an unofficial one this means that tether and elon’s new position could go hand in hand particularly if the department of government efficiency is to stick to its ambitious Target of reducing government spending by at least $1 trillion and so then this brings us to what this could all mean for crypto well honestly the answer is a bit of a mix bag let’s start with the obvious if x integrates crypto onto its platform this would bootstrap the mainstream adoption of cryptocurrencies not only for whichever crypto is actually used but also for the broader crypto Market that’s simply because for many X would serve as the Gateway into the ecosystem allowing many to explore cryptocurrencies for the first time this would massively boost Market sentiment causing all kinds of cryptos to Rally although let’s be honest the biggest beneficiary here will probably be Dogecoin even if Doge isn’t officially used on X the so-called Elon effect is simply too powerful for DG to resist it’s also possible that other social media platforms could begin to integrate crypto payment methods into their own business structures to keep up say did you know that Elon Musk is also thinking of buying Tik Tok as if the man doesn’t already own enough companies a clearly he’s not busy enough and as crypto becomes more adopted the amount of liquidity in the market would increase this higher trading volume would likely result in higher market caps for many cryptocurrencies making it easier for larger investors to get involved in the market obviously that would take crypto prices even higher on the other hand integrating crypto into X will undoubtedly throw up a few regulatory hurdles along the way even with the improving regulatory landscape in the United States it’s quite likely that this move would attract the attention of regulators like the SEC consider that X has only secured money transmitter licenses in 39 of the 50 US states so far then there’s the not so small matter of cost building an entire payment system is an expensive undertaking and there would need to be a dedicated team to actually run the thing the problem is Elon has shown he’s more in the business of firing than hiring then there’s the question of whether people would actually use x money instead of major platforms like Visa or PayPal heck PayPal already has its own crypto payment rail in the form of py USD it’s honestly unclear why someone would choose to park their funds with a social media platform rather than a well-established Financial firm come to think of it maybe X could use the pyu USD stablecoin on salana it’s also worth noting that as X makes fores into crypto this will bring it closer to competition from decentralized social media projects more commonly referred to as Doo AKA social 5 x is inherently much more centralized than many social F projects out there and this could actually be bullish for social F overall in fact it could send social F cryptos into overdrive given that the narrative has yet to take off in this bull cycle but well one step at a time time a folks the year is only just getting started and we’ve still got plenty of time before the Bears are back in town you can find out what we think will happen in 2025 by checking out the video right over here by the way so then folks what do you think about so-call X money will crypto see a wave of mainstream adoption or is this just a massive dose of hopium let us know your thoughts in the comments below and while you’re down there be sure to smash those like And subscribe buttons and turn on those notifications as well thank you for watching and I will see you in the next one [Music]
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