Elon Musk’s intention to launch a financial services program has been no secret, but the question has largely been how Dogecoin fits into that dream. Musk was the main reason for Dogecoin’s legendary 33,000% rally in 2021 and called it his favorite cryptocurrency. Now that the billionaire has obtained money transfer licenses in more than 40 US states, his dream is coming true. After this, User X, who works from Teslaconomics, explained why X Money will be a game changer.
The next program is everything
X’s post focused on Elon Musk’s X Money and what the billionaire plans to do with it. X Money is expected to be a westernized version of WeChat, a Chinese app that allows users to communicate and transact all in one place.
According to Musk’s previous comments, he plans to allow X users to do everything related to finance without leaving the app. It even goes as far as not needing a traditional bank for transactions, the ability to receive payments in the app, pay bills, and more.
Another important thing that users emphasize is that X Money allows users to have really high savings. In addition, investment options, as well as collections that can access loans, money market accounts with the possibility of accessing treasury.
Perhaps the most interesting thing about this post is that it highlights that the X Money feature is already being tested domestically. Also, limited external beta testing is expected to be released soon, which means that this financial app is closer to reality than people think.
Can Dogecoin Still Make the Cut?
While the X Money feature is getting a lot of attention and Musk signed off on the Teslaconomics post, there is no mention of Dogecoin anywhere. Expectations that Dogecoin will become a payment method on X have been high since Musk acquired the crypto platform and added crypto tips options. However, the official Dogecoin payment method has not yet been announced.
However, there are still places where Musk has supported Dogecoin payments. One of these is the acceptance of Dogecoin as a payment method for Tesla goods. However, there is no official integration in the X app.
Featured image from Dall.E, chart from TradingView.com
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