X, the social media giant, formerly known as Twitter, is about to undergo a major upgrade.
According to its CEO, Elon Musk, X is planning to launch its own payment services by the middle of 2024.
However, things aren't as they seem to the average crypto enthusiast.
It has been the dream of most crypto enthusiasts to have Bitcoin or even Dogecoin included in whatever payment system Elon Musk launched on X.
However, this has not been the case.
From 2020 until 2021, Musk was active on Twitter and other social media platforms, sending cryptocurrencies rallying or crashing with mere tweets and memes.
However, there is a noticeable silence about the billionaire entrepreneur these days, on the issue of crypto.
Musk himself, confirmed that he spends "hardly any" time thinking about crypto or digital assets in a recent X space with Cathie Wood, the founder and CEO of ARK Invest.
Musk says that he sees money and crypto in general, as a "database for resource allocation", and that he has no problem with fiat currency as long as governments do not abuse their power to debase it.
Musk's comments are vastly different from his comments throughout the previous few years, which often sparked controversy and huge market movements. For example, in 2021, Tesla announced that it had bought $1.5 billion worth of Bitcoin, and that it would accept the cryptocurrency as a form of payment for its electric vehicles.
This was one of the catalysts of the previous bull run, that saw Bitcoin hit $65,000.
However, the market crashed terribly when Musk reversed course, citing that Tesla would no longer be accepting Bitcoin over "environmental concerns".
Dogecoin's rallies have mostly capitalized on tweets from Elon Musk. Sometime after Musk took control of Twitter and transformed it into X, the entrepreneur even changed the Twitter logo temporarily from the iconic "Larry the Bird" to the Dogecoin logo.
Musk announced the switch via a meme on his official Twitter account, before changing the logo again.
Because of this, it has come as a surprise that Dogecoin is not being included in the plans for Twitter's payment system, as first reported by the Financial Times.
Doge's exclusion doesn't have to be bad news though, because there are several reasons for a Dogecoin rally in 2024.
One good example is the incoming DOGE-1 rocket launch.
The Doge-1 Rocket is a SpaceX Falcon 9 rocket that will take Dogecoin (literally) to the moon between January to February 2024.
The DOGE-1 mission is the first-ever space mission funded entirely by dogecoin cryptocurrency and will carry a 40-kilogram cube satellite that will orbit the moon and broadcast a video feed.
Elon Musk first hinted about a payment system on Twitter, that "might" feature Dogecoin in a tweet from earlier this year.
Tesla, Musk's electric car company, already accepts Dogecoin payments at the time of writing. This suggests that Musk may still be open to adopting Dogecoin as a means of payment for several other companies he owns.
It is entirely possible that Musk is merely experimenting with fiat, and may be biding his time before implementing a payment system with a volatile form of money like cryptocurrencies (especially with Dogecoin, which is a highly volatile memecoin).
At the same time, the possibility of Dogecoin payments on X remains uncertain and speculative at this point.
Overall, it might depend on several factors, like Musk's personal preference, market demand, regulatory approval, and technical feasibility. However, until then, Dogecoin fans can only hope and wait for Musk's next move.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.