Cryptocurrency NewsElon Musk Considers Revamping X into a Modern PayPal

Elon Musk Considers Revamping X into a Modern PayPal

Recent information suggests that Elon Musk is contemplating turning X, which was formerly Twitter, into a revamped version of PayPal.
In the past, major endorsements of Bitcoin, such as PayPal’s in late 2020, significantly impacted Bitcoin’s market value, pushing it close to $70,000.
Charles Gasparino, a Fox Business News reporter, says that Elon Musk is in active talks with top Wall Street figures about X’s direction. Insiders indicate Musk is inclined to unveil a new payment system that could be seen as a modernized PayPal. This system aims to offer lower transaction costs than credit cards while also monetizing user data.
This news has led market analysts to speculate on the potential impact on cryptocurrencies like Bitcoin and Dogecoin, the latter having seen a 4% price increase minutes after X’s rebranding in July. This fuels conjecture that upcoming developments could ignite a market rally.
However, a warning came from an individual claiming to be a Dogecoin graphic designer, cautioning against scam tokens falsely linked to X. Musk clarified that neither he nor X have plans to launch a cryptocurrency.
A study by crypto analytics firm Nansen reveals that PayPal’s newly released stablecoin hasn’t seen wide adoption. The study shows that a negligible percentage of users are actually keeping PYUSD in personal wallets, with about 90% of PYUSD residing in Paxos-controlled wallets.
Despite earlier rumors that a PayPal update from X could be a market game-changer, the current cryptocurrency environment is increasingly volatile due to regulatory uncertainties. Numerous initiatives have closed down, and Bitcoin prices have been in decline. Even PayPal’s entrance into the stablecoin arena has not significantly influenced the market. Both Bitcoin and Ethereum have seen restrained price fluctuations and sustained low trading volumes in recent weeks.


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