The Latest Developments in Elon Musk’s Vision for X Money
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Elon Musk’s Ambitious Plan for an All-Encompassing App
Elon Musk has once again placed his “everything app” vision for X in the limelight by announcing that a native payments system, X Money, is nearing its launch. This announcement has reignited curiosity around whether cryptocurrencies like Dogecoin, Bitcoin, or other digital currencies will be integrated into this new feature.
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Technical Milestones and X Money Launch
On November 13, Musk revealed a significant technological advancement for the platform: “X has just deployed a new communications infrastructure with encrypted messaging, audio/video calls, and file transfer capabilities. X Money will be available shortly. Join us if you’re interested in creating innovative products. X aims to be the all-encompassing app.”
Potential Integration of Dogecoin with X Money
This milestone marks a multi-year endeavor to transform X’s backend into a super-app framework. Previously, Musk characterized the new XChat system as “constructed on Rust with Bitcoin-style encryption, featuring an entirely new architecture,” linking the communication stack to the cryptographic model made famous by Bitcoin, albeit without an announced blockchain component.
Regarding payments, X Money has moved beyond mere concept. Currently in limited beta, the service facilitates peer-to-peer transfers, digital wallets, and connections to banks or debit cards, with transactions processed through Visa Direct. X has acquired numerous U.S. money-transmitter licenses, although key regions like New York remain pending, causing delays in a full nationwide rollout.
Fiat Focus and Crypto Possibilities
Official descriptions of X Money indicate it will launch as a fiat-based service, akin to Venmo or Cash App, supported by Visa and concentrating on conventional payment systems. Neither Musk nor X has publicly confirmed plans to incorporate cryptocurrency in the initial release.
However, the buzz around Musk and cryptocurrency has grown alongside the development of X Money. On October 14, Musk commented on monetary debasement, asserting, “Bitcoin is based on energy: you can issue counterfeit fiat currency, and every government throughout history has done so, but you cannot counterfeit energy.”
This statement was widely interpreted as renewed support for Bitcoin’s “hard money” qualities after a period of relative silence and aligns with Musk’s broader narrative that fiat currencies are inherently unstable.
The Dogecoin Factor
Earlier this month, Musk brought Dogecoin back into the spotlight. On November 3, a community member shared DogeDesigner’s slogan “No Highs, No Lows, Only DOGE” with a screenshot of Musk’s 2021 pledge that “SpaceX is going to put a literal Dogecoin on the literal moon.” Musk responded with the words: “It’s time.”
This brief update was sufficient to incite a surge in DOGE-related trading. A DOGE-1 memecoin related to the lunar mission experienced a 300–350% jump in the days following Musk’s post, while Dogecoin derivatives trading volumes saw massive increases on some platforms, despite more muted spot price movements.
The Ongoing Mystery of Crypto Integration
The recurring pattern continues. Dogecoin has long been a high-risk gamble tied to Musk’s product announcements and memes. Double-digit intraday shifts in DOGE occurred frequently following Musk’s earlier statements like “One word: Doge” or his “people’s crypto” comments.
Yet, there remains no definitive connection between Dogecoin and X Money in official communications. X’s payment documentation and external reports describe a product launching as a fiat wallet and P2P system. The crypto component—whether BTC, Dogecoin, or stablecoins—remains speculative rather than confirmed.
Musk has, if anything, narrowed the scope in one respect. In response to speculation about an “X token,” he has repeatedly stated that none of his companies will create a native coin, asserting in late 2023 that “none of my companies will ever create a crypto token.” This implies any future crypto support within X Money would rely on existing currencies rather than a proprietary token.
Conclusion
In summary, Musk’s recent updates present a clear yet incomplete picture. On one end is a swiftly evolving infrastructure: encrypted messaging in Rust, a Visa-supported wallet, and money-transmitter licenses across much of the U.S. On the other end is a growing chorus of ideological and cultural signals: Bitcoin as a power-backed antidote to “fake fiat,” and Dogecoin as the meme-driven transactional asset most closely associated with Musk’s public persona.
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