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Elon Musk’s ‘X Payments’ app – Is it a threat to crypto exchanges?

Elon Musk is bolting a bank onto X, his social media platform, and it could completely upend the world of crypto trading. The full “X Money” app is expected to arrive in 2025, and with hundreds of millions of users and Musk’s own obsession with digital coins, giants like Coinbase and Binance have a serious fight on their hands.

How much this changes the game depends entirely on how deep the crypto integration goes, but analysts are watching to see if X rewrites the rules for how people buy, trade, and use digital money.

Musk’s endgame is to turn X into an “everything app,” a one-stop shop for talking, shopping, and paying, much like China’s WeChat. A payment system that just works is the key to that whole plan. X is already collecting the necessary money transmitter licenses across the U.S., showing it’s serious about handling people’s cash.

The first version will stick to regular dollars, but everyone expects crypto to follow. Given Musk’s history and the app’s user base, it’s a no-brainer. Whispers suggest Bitcoin could be part of the system by late 2025, but the company is keeping official plans locked down.

X’s killer feature isn’t new tech—it’s people. The platform boasts an audience of 600 to 650 million monthly users, a number that completely eclipses what crypto-native exchanges have. This built-in crowd gives X Payments a shortcut to growth, letting it onboard new users for pennies on the dollar compared to the marketing budgets of its rivals.

More than just a big number though, X is a community where conversations happen. Adding payments isn’t like launching a separate app. Instead, it’s about weaving money directly into the social timeline. Imagine tipping, paying a friend, or buying something with crypto without ever leaving the conversation. This blend of social life and finance is something a purely transactional platform will struggle to copy.

While X hasn’t named any official cryptocurrencies for its “X Money” system, the rumor mill has a clear favorite – Dogecoin. Elon Musk’s long-running and very public love affair with the memecoin makes it the most obvious choice.

Source: DOGE/USD, TradingView

The usual suspects, Bitcoin (BTC) and Ethereum (ETH), are also likely in the running, especially since you can already use them for tipping on X. There are also persistent stories, one supposedly from a “verified” sit-down between Musk and Ripple’s CEO, that make XRP a dark horse. Its reputation for fast, cheap transactions would fit perfectly with a global platform like X.

A major unknown is whether X Payments will hold your crypto for you or let you control it yourself. If X holds the private keys in a custodial wallet, it’s simpler for new users but goes against the crypto ideal of total control. A non-custodial wallet, where you hold your own keys, would appeal to crypto purists who live by the “not your keys, not your coins” mantra.

Musk himself has voiced support for self-custody. Realistically, though, getting millions of everyday people on board might require a more user-friendly, centralized system at first. A hybrid approach that offers both options seems like a smart bet.

Despite all the hype, some analysts think exchanges like Coinbase have nothing to worry about. They argue X is being built for payments, not for professional traders. It’s unlikely to have the advanced tools, like margin trading, that serious investors demand.

On top of that, X has a trust problem. After a history of data breaches and chaos around content moderation, many people might think twice before handing over their financial information and assets.

The real immediate winners could be online creators. X Payments will give them tools to get tips, sell subscriptions, and run online stores directly on the platform, putting X in direct competition with services like Patreon.

And then there’s the “Musk Effect.” A single post from Elon Musk can send a cryptocurrency like Dogecoin soaring. The mere possibility that he will build it into X has already created a speculative frenzy. That kind of influence is a powerful, and totally unpredictable, force.

Jumping into finance means X has to navigate a maze of regulations. In the U.S. alone, it’s a mess of state-by-state laws and federal rules. Adding crypto to the mix will guarantee even more attention from watchdogs.

For users, the convenience of an everything app has a dark side. Combining your social and financial data in one place creates a goldmine for surveillance and a huge target for hackers. The platform’s centralized control also brings risks of censorship and being de-platformed from your own money.

In the end, X Payments is a massive bet. It has the user base to rock the financial world, but it also carries huge trust issues and has regulators breathing down its neck. The “everything app” is on its way, and it’s a direct challenge to how we use both social media and money.

Source

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Ethereum, Ripple

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