Peer to Peer Payments Coming for X?
It has been hinted at before that Twitter or X might be transitioned into a platform that could support peer to peer payments and it looks like this might become a reality soon.
Coming this year on X
At some point this year we can expect to see this plan become finalized and introduced in 2024. Will this help to drastically turn things around for a brighter future ahead for the platform?
Last year it was reported that X had reduced to being worth only about a third of what Elon Musk had paid for it. This comes after a large number of the staff had been let go as well.
Some advertisers had signaled that they were going to stop doing business with X, and the response from Musk went viral when he was asked about those who might want to stop spending with the platform.
It has been estimated that for those advertising opportunities lost it could allegedly be some tens of millions that aren't making their way to the platform any longer.
Musk is no stranger to the headlines and has been asked before if being so blunt online might hurt the business, but we continue to see the highly-criticized stories regardless of those concerns being expressed for worry about too much free speech.
As for the payment plan for X there aren't any specific details yet and it isn't clear when it might launch exactly.
What will that future peer to peer payment system and commerce opportunity unfold to look like?
This is not financial advice, posted for information purposes only.
Sources:
https://www.cnbc.com/2024/01/09/elon-musks-x-to-launch-peer-to-peer-payments-this-year-.html
https://fortune.com/2023/09/06/elon-musk-x-what-is-twitter-worth/
https://www.cnn.com/2023/04/12/tech/elon-musk-bbc-interview-twitter-intl-hnk/index.html
https://www.nytimes.com/2023/11/24/business/x-elon-musk-advertisers.html
Is he going end up pumping bitcoin and dogecoin again? 😎
In the shifting an social media app into a p2p that is the one most great that Mr. Elon propose. Payment is much better than seeing a trolls, and toxic post
Uhm, perhaps we should send to Elon a free copy of Freechain to give him some ideas about how to do that cheaper. Huh?
It almost seems like the worst of both worlds with a centralized control factor and a madman at the helm. That being said, pier to pier does eliminate some of the middlemen and a seemingly unstoppable force may push that more into early majority adoption for crypto.
Interesting to watch and I can definitely see him pumping his crypto bags to convert into his own financial platform.
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