NewsletterElon Musk Could Turn ‘X’ Into An Updated Paypal: Report
Per a recent Forbes report, wall street insiders hint at transformative changes for X, owned by billionaire Tesla mogul Elon Musk. Discussions with leading Wall Street figures suggest that X might be on the verge of revolutionizing its platform, integrating an updated payment system reminiscent of PayPal’s early days.
The Wall Street Whisper
Musk, no stranger to inducing fluctuations in cryptocurrency values, is reportedly in dialogue with top Wall Street magnates regarding X’s potential evolution. Charles Gasparino, a correspondent for Fox Business News, recently shared that the prevailing consensus is pointing towards an innovative payment system. This would boast reduced transaction fees compared to conventional credit cards and seek to capitalize on user data.
SCOOP: @elonmusk continues to have conversations w top Wall Street executives on future of @X. Seems to be settling, they tell me, on a new fangled payment system, updated version of @PayPal. It will offer low transactions costs (as opposed to credit cards) & monetize user info
— Charles Gasparino (@CGasparino) August 24, 2023
Drawing Parallels with PayPal’s Trajectory
Elon Musk’s previous endeavor, PayPal, which came into existence following the merger of X.com with Confinity in 2000, has shown its allegiance to the cryptocurrency wave. With the introduction of its U.S. dollar-pegged stablecoin PYUSD earlier this month, it aims to fill the void left by Meta’s abandoned libra-turned-diem stablecoin.
In 2020, when PayPal extended its support to Bitcoin and other cryptocurrencies, it inadvertently initiated a surge in Bitcoin’s value, taking it close to $70,000. Gavin Michael, CEO of Bakkt, opined that such moves by established financial giants lend legitimacy to the evolving world of cryptocurrencies, per Forbes. Michael further elaborated on the growing preference for stablecoin transactions, emphasizing the transformative potential of blockchain technology for traditional financial services.
In a world where financial apps continually seek to expand their horizons, Elon’s X might be the next big thing to watch out for. Only time will tell if these Wall Street whispers come to fruition.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s Strategy Hints It Will Keep Buying Bitcoin, Citing 2022 Bear Market Playbook
- Bitcoin Lows Could Mark Start Of On-Chain TradFi Migration, Says CryptoQuant CEO Ki Young Ju
- Tom Lee’s BitMine Announces 2026 ETH Staking Plans Amid $4B Treasury Loss
- XRP Lawyer John Deaton Says Bitcoin Could Still Rally To $110K Before Year End
- ‘Rich Dad Poor Dad’ Author Dumps Millions in Bitcoin But Says He’s Still Bullish
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
- Will Solana Price Crash Under $100 as Crypto Market Signals Further Downside?
- Ethereum price Drops Below $2,700 as US Jobs Data Hits Rate-Cut Hopes
- Dogecoin Price Forecast: Will DOGE Hold Above $0.15 or Fall Lower?
- Pi Coin Price Eyes a 105% Surge as Bullish Patterns Align With Bullish Fundamentals
