Elon Musk, the CEO of Tesla and owner of the X platform (formerly Twitter) revealed that X has reached an all-time high of 3.3 billion in organic traffic surpassing the previous record of 834.2 million set in January 2022. This surge coincides with Musk’s ongoing transformation of X into a more comprehensive “everything app.” The news sparked immediate reactions from the cryptocurrency community urging Musk to leverage X’s massive user base for crypto integration.
The cryptocurrency community saw this traffic surge as a prime opportunity for X to integrate crypto payments. Many users, including the official Kraken exchange handle, called on Musk who is a known DOGE supporter to consider this move.
In the past, Musk’s posts have significantly impacted Dogecoin’s price and pushing it to an all-time high of $0.7376 in May 2021. However, as of the press, DOGE trades at $0.1815 which is a significant drop from its peak.
Integrating cryptocurrencies on X could offer several advantages. With billions of users, X provides an unparalleled platform to expose cryptocurrencies to a mainstream audience. This could accelerate crypto adoption and demystify the technology for the general public. Additionally, X’s endorsement of crypto could legitimize the industry, attracting more investment and innovation.
The success of crypto integration on other platforms like Shopify, Overstock and Microsoft suggests its potential benefits. These companies have allowed users to transact with digital assets expanding payment options. Similarly, crypto integration on gaming platforms like Steam has offered gamers more flexibility. Retail stores in certain regions have also embraced crypto payments.
While crypto integration offers exciting possibilities, it also carries potential downsides. Short-term market volatility and increased regulatory scrutiny are notable concerns. Despite these challenges, the crypto community views X’s potential entry into the crypto space as a positive development that could ignite further development and competition.
