Renowned economist and investor Raoul Pal has taken to Twitter to share what he believes Elon Musk wants to ultimately achieve on Twitter and what changes he is likely to implement now that the social media platform is being rebranded as the "X" app.
Among these changes, Pal believes, is the integration of Dogecoin.
"Elon Musk will use crypto" – DOGE
This week, tech tycoon Elon Musk, chief of Tesla, Space and Twitter, began to move toward fulfilling the plan he has voiced several times previously – to turn Twitter into "X," "The Everything App," as Musk referred to it. He might add jobhunting and dating app functions to "X" as well, according to his earlier tweets.
He has already changed the logo on the website from the legendary blue bird to an "X" and has done the same on the Twitter headquarters building.
Raoul Pal tweeted that he believes Elon Musk bought Twitter with several goals in mind. The first one is the use of artificial intelligence and "the free speech angle is to give in an unbiased model," according to Pal. He also believes that Musk needs the AI to train the Optimus robot.
The second thing Raoul Pal mentioned was that he expects Musk is going to use cryptocurrencies to enable global payments for content creators. Pal has made a guess that Dogecoin will be integrated for that.
Two things Ive said when Elon bought "X":— Raoul Pal (@RaoulGMI) July 24, 2023
Elon bought it for the AI, and the free speech angle is to give it an unbiased model. He needs the AI to train the Optimus robot.
He will use crypto to be able to make global payments for creators etc. My guess is he uses Doge. 1/
The economist also reckons that Musk is going to integrate other sorts of payments and brokerage soon as well in order to let users – businessmen, investors, etc. – have all their financial discussions on this app and make payments there immediately, too.
Musk's "X" moving closer to adopting crypto payments
As reported by U.Today earlier, Twitter Payments LLC, which is a vital part of the potential "X coin" system, has recently been granted licenses from several U.S. states to conduct crypto transactions.
In January this year, The Financial Times reported that Twitter was going to add cryptocurrency payments and was seeking a license for it. That report made the price of Dogecoin soar by 7%. However, the hopes of the crypto community of DOGE taking the honorable place of the crypto used on Twitter did not come true back then.
The DOGE price also soared in late October last year, when Elon Musk finalized the $44 billion Twitter acquisition.
Even prior to purchasing Twitter for 9.2% of its shares last summer, Musk voiced several times the idea of integrating Dogecoin on this app for micropayments, payments for Twitter Blue and rewards for content makers.
Now, the crypto community has all eyes on the further actions of Elon Musk to see whether DOGE is actually going to be adopted by the "X" app.
At the time of this writing, Dogecoin is seeing a 3.82% rise within the last 24 hours, and it is up 11.21% over the past week, trading at the $0.07685, according to CoinMarketCap.