Elon Musk's audacious reimagining of Twitter into a multifaceted service called X may alter the iconic social media platform into a hub for transactions, potentially involving cryptocurrencies, specifically Dogecoin, a digital currency favored by the billionaire.

 Musk's Vision for an 'Everything App'

The concept of an 'everything app,' incorporating social media, messaging, purchasing capabilities, and money transfers, has been a long-standing ambition for Musk.

Experts speculate that cryptocurrencies, in particular Dogecoin X, could play a significant role in this broad integration, given Musk’s history with digital currencies.

His electric vehicle company, Tesla, retains Bitcoin, and he’s frequently expressed his fondness for Dogecoin. Musk's appreciation for Dogecoin was made apparent when he tweeted, "Dogecoin might be my fav cryptocurrency. It’s pretty cool," in 2019.

In a more recent instance, Dogecoin X saw a significant but temporary surge after Twitter's logo was briefly replaced with the Dogecoin emblem during the app's rebranding phase.

"Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE," said Brian D. Evans, CEO and founder of BDE Ventures.

Will Dogecoin X Break Into Mainstream?

Although cryptocurrencies have approached mainstream acceptance, particularly during the bull market that concluded in 2021, they haven't quite broken through.

Musk's move to allow crypto payments via X might not universally push crypto adoption, but given the platform's vast user base, it could definitely widen its use.

Evans speculated, "I suspect that he’ll incorporate other crypto assets such as Bitcoin, Ethereum along with stablecoins like USDC, but DOGE is such a part of Elon’s online presence that he would almost have to include a DOGE function were he to launch a crypto payments system on Twitter."

X: Musk's Crypto-Enabling Legacy

Musk's plans for a platform dubbed X can be traced back to his tenure at PayPal. Interestingly, before PayPal merged with Confitinity, its name was X.com - a URL now owned by Musk and redirected to Twitter.

Quietly advancing its payment tools, Twitter has secured money transmitter licenses in Michigan, Missouri, and New Hampshire, paving the way for the company to receive and transfer funds.

"If done correctly, Twitter could become the go-to platform for payments in general, whether they involve normie fintech applications or blockchains like Ethereum and Solana," said Phillip Shoemaker, executive director of Identity.com.