- Elon Musk recently rebranded Twitter and will change how many things will work on the platform. Simultaneously, the billionaire says Twitter will rebrand to X.com and stop being only a social media platform.
- Elon Musk plans to integrate payments and banking services into the platform. With that in mind, the crypto community hopes cryptocurrencies will stand a chance in the payment platform.
- Already, Dogecoin looks like the best bet due to its close relationship with Elon Musk. But other tokens stand a chance of getting into Twitter payments.
On the 24th of July, Twitter made an important announcement concerning its rebranding. Apparently, the social media platform didn’t want to be a social media-only platform. They want to expand their horizons into other industries. However, the major highlight for the crypto community is the payment and banking services. Elon Musk, a fan of the crypto industry, could integrate crypto payments. Nevertheless, due to the new development, many cryptocurrencies are set to make bullish waves.
Cryptocurrencies That Will Benefit From Twitter Payment Integration
- At the time of writing, Twitter’s payment system doesn’t have any cryptocurrency as part of its plan. However, the crypto community hopes Elon Musk’s relationship with the industry earns them a place. But for now, some cryptocurrencies are set to benefit from the current development.
- Dogecoin is perhaps the best positioned to get into payment services. But before then, the meme coin already benefits from its close links with Elon Musk. Musk, on his own side, is only amplifying the situation. When Twitter announced its rebrand to X.com, users noticed Elon Musk had changed his Twitter location to XÐ. This featured the Dogecoin symbol (Ð). It has sent the meme coin in a bullish trend and hasn’t stopped.
- Experts argue that top cryptocurrencies like Bitcoin and Ethereum will also benefit from Twitter’s payment services. Another major category is stablecoins.
- XRP is also in a good position to feature on Twitter payment systems. Despite its legal issues, it could still serve as a good alternative. Although it has no links with Twitter or Elon Musk, it already sees bullish trends from recent events.
- Other cryptocurrencies benefiting from the recent discussions of Twitter payment systems are meme coins. Even when Twitter announced its rebrand, several meme coins with X in their names appeared. One of them even increased to a whopping 1,200% that day.
Twitter Payment Could be a Threat To Ethereum and Bitcoin
Some experts think the Twitter payment systems might be bad for Ethereum and Bitcoin. eToro market analyst Josh Gilbert says Twitter Payments would potentially become a competitor to Ethereum and Bitcoin.
However, Brian D. Evans, CEO and founder of BDE Ventures, disagrees. Evans says he predicts that Elon Musk will add top cryptocurrencies like Bitcoin, Ethereum, stablecoins, and Dogecoin.
Conclusion
Since Elon Musk rebranded Twitter to X.com, it has become a topic of discussion, especially for the crypto industry. Many tokens are already bullish, and others will benefit from their upcoming payment systems. Some of them include Dogecoin, meme coins and stablecoins.
Featured image from Pixabay
