- The Dogecoin community was hoping for Elon Musk’s X to integrate Dogecoin and other cryptocurrencies into their payment services.
- But Elon Musk denied such news and said he won’t integrate cryptocurrencies.
The crypto industry is going to every nook and cranny of the world, seeking more adoption. Apparently, the Dogecoin community is doing this the most, but Elon Musk smashed their hopes. How did this happen?
Dogecoin Community Hopes for Dogecoin Integration with Twitter
- Ever since Elon Musk took over Twitter, one of the biggest expectations is around the crypto industry. Apparently, in one way or the other, Elon Musk is a prominent figure in the crypto industry. He has done things that were of great benefit to this industry. This only increased after taking over the leadership of Twitter. Moreover, Elon Musk said he had big plans for the platform.
- Elon Musk rebranded Twitter to X (the Everything app). Apparently, Musk has plans to make this platform a place where people can do multiple things at the same time. One of the things the Tesla billionaire planned to do was integrate payment services on the rebranded X. Now, they recently acquired licenses to operate as a payment platform. This was when the Dogecoin community started rumors of Elon Musk integrating the meme coin into their payment platform. Apparently, this wouldn’t be the first time Elon Musk is doing something like this. There was a time when he made the platform’s logo, Dogecoin’s.
Dogecoin Community Not Happy After Elon Musk’s Statements
- Elon Musk fell out with the Dogecoin community after revealing no Dogecoin on the platform’s payment services. Apparently, Dogecoin isn’t the only cryptocurrency, as he mentions the absence of anything related to the crypto industry. This was too much for the Dogecoin community.
- Elon Musk made this known while commenting on one of the posts on the X platform. Apparently, the post said the platform’s primary goal is integrating real-world financial functionality instead of having a cryptocurrency substitute. Elon Musk didn’t waste much time responding to the post, saying it was “Correct.” So, the Dogecoin community might have to put their hopes on somewhere else.
- X recently registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to obtain Money Service Business licenses. Furthermore, this move from the “everything app” will help them obtain money transmitter licenses in three states: Michigan, New Hampshire, and Missouri. This means that the X payment services goals will still have limitations in the United States. Nevertheless, it also means there might be no hope for the Dogecoin community and the whole crypto industry in X. Elon Musk isn’t looking towards the industry in his future plans.
Conclusion
Elon Musk recently set the record straight regarding some rumors emanating from his X platform. Apparently, a rumor fueled by the Dogecoin community says Elon will integrate DOGE into their upcoming payment services. However, the billionaire discarded the rumors. According to him, X will concentrate on fiat for their payment products and services.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company
