The social media platform X, formerly known as Twitter, has obtained a license required for crypto payments and trading in the US.
The Rhode Island Currency Transmitter License was approved to X on 28 August, according to data displayed on NMLS. This license is required to provide virtual asset related services on behalf of users.
It will enable the social media platform to store, transfer and exchange digital assets for its massive user base.
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Not too long ago, Elon Musk took to the stage and announced his plan to transform Twitter into an all-encompassing app – a concept I've heard elsewhere too 😉. He's set his sights on devouring a substantial chunk of the existing financial system once Twitter evolves into this ambitious everything app.
Elon is renowned for his audacious proclamations and his knack for delivering captivating speeches that secure him the attention he so desires. I once dedicated an entire blog post to him, dubbing him an "attention vampire," and my perspective remains unaltered. The man undeniably craves attention, recognizing that merely holding the title of the world's wealthiest individual, based on official numbers, falls short of his aspirations.
Yet, to his credit, he's known to follow through on his plans. This was evident with Tesla, where a slew of user-requested software updates were promptly implemented. And now, the world's wealthiest individual, as per the official figures, is actively pursuing his vision of transforming Twitter into the all-encompassing app he envisions.
As indicated by the quotes from the introduction, Elon has obtained the necessary license for X, formerly known as Twitter, to facilitate cryptocurrency payments and trading within the US. Elon is indeed involved in the cryptocurrency realm, albeit he maintains a low profile, especially during bear markets. However, the disparity between him and us lies in his ability to leverage crypto at opportune moments.
He pumped DOGE and propelled it to astronomical all-time highs in 2021, adopted BTC as payment for Tesla vehicles when it made strategic sense, and shut the door on such payment options when BTC seemed to be peaking. He might also have a few other positive surprises in store for us.
In my personal assessment, if Elon successfully transforms Twitter into an app that combines social interaction with the capability to transfer funds, including cryptocurrencies, globally, there's a strong likelihood that DOGE will be integrated into Twitter's crypto plans. It's unlikely to be positioned as a store of value within Twitter, but my intuition suggests it could serve a purpose in transfers or a similar capacity.
We've already had the ability to tip content creators with Bitcoin using the Lightning Network, and Twitter's relationship with crypto isn't likely to conclude here, especially now that Elon has obtained the necessary license for crypto payments and trading in the US. Elon's intelligence is undeniable, and he's often ahead of his time in his thinking.
Cryptocurrency is not a passing trend; it would be foolish to assume that we'll remain stagnant in terms of mass adoption and price range due to inflation, recession, or any other factors. Cryptocurrency has consistently experienced exponential growth, and we should anticipate that trend to continue. But there's even more promising news on the Twitter front.
Video & audio calls coming to X:
Works on iOS, Android, Mac & PC
No phone number needed
X is the effective global address book
That set of factors is unique.
This excerpt is taken from an official tweet by Elon Musk, revealing forthcoming valuable enhancements to Twitter's functionality. You see, Zuckerberg attempted to outmaneuver Twitter with Meta's Threads, an endeavor to lure away some of Twitter's users, but it failed. Now, Elon is propelling Twitter into the realm of everything apps, preempting Facebook by incorporating payment and cash and crypto transfers within the app.
It's safe to say that one of the most significant bull markets in the world of crypto is upon us, and the signs are clear. The recent victorious case against the SEC by Grayscale is not merely another instance of a crypto bull trap, despite some influencers attempting to mislead their followers. A Bitcoin spot ETF will likely gain approval in the US quite soon (mark my words), and many non-tech-savvy individuals from the baby boomer generation will likely enter the Bitcoin market via BlackRock, VanEck, and other intermediaries.
Pay attention to the finer details and connect the dots – you'll appreciate it down the line.
Thanks for your attention,
Adrian
The news about X (Formerly Twitter) seems interesting. I agree with you that cryptocurrencies are not a passing trend. In Italy still talking about HIVE is something strange. Talking about blockchain-based social networks is not fashionable, but I believe that sooner or later both gaming and social networks will all be based on blockchain. Thanks for sharing information