When Elon Musk famously strolled into Twitter headquarters carrying a kitchen sink, expectations soared that he would shake up not just social media, but also the world of cryptocurrency. Many in the crypto space anticipated that Musk, once an influential figure in digital currencies, would take even bolder steps. Yet, as the industry endures prolonged bear markets, Musk has distanced himself from crypto, openly expressing disinterest—until new developments rekindled public attention.
Elon Musk’s Complicated Crypto Journey
Following 2020, Musk became a central figure in the cryptocurrency conversation, relishing his role as a catalyst for speculation. Events ranging from China’s sweeping bans to concerns about Bitcoin’s environmental impact—leading to its removal from Tesla’s books—were all part of the saga. His cryptic tweets about digital coins frequently sparked the emergence of new tokens, some of which, like Shiba Coin and Baby Doge, are still around, while many others faded into obscurity.
Expectations for Crypto at X
Musk’s support for Dogecoin even extended to jokingly proposing it should “go to the Moon.” On February 3, a fan asked him about this mission, to which Musk replied, “DOGE on the Moon is inevitable.” This fueled hopes that, after his acquisition of Twitter, Musk would introduce crypto payments on the platform. However, as Twitter transformed into X and months passed, Musk showed little interest in integrating cryptocurrencies, much to the disappointment of enthusiasts.
Speculation recently reignited with claims that X, under Musk’s leadership, would soon offer direct crypto trading services. X’s product chief was quick to address these rumors circulating across social media platforms.
“Nikita Bier has said Smart Cashtags will be launched in a few weeks, enabling users to trade stocks and crypto directly from their timeline,” one widely shared post claimed.
However, Bier quickly denied any plans for trading services.
“That’s incorrect. X doesn’t process trades or act as a broker. We’re simply building financial data tools and connections,” Nikita Bier clarified.
X Money, a financial services initiative closely associated with Musk’s acquisition of the company, has been underway almost since day one. The process has involved a lengthy effort to secure permits in every U.S. state, underscoring the scale of regulatory challenges. As regulatory approvals in most states near completion, it’s important to note that X has not submitted any license applications specifically for crypto-related services—a crucial detail for those expecting a crypto revolution on the platform.
Rumors are swirling that “Smart Cashtags”—which display financial data with real-time prices—will launch within a month as part of a broader X Money rollout, integrating financial insights into the platform. From the outset, Musk spoke openly of his ambition to emulate WeChat’s “everything app” model, or even exceed it, by integrating advanced features. This vision could include leveraging Grok AI to deliver live market data and sharper crypto commentary. Still, users hoping for direct crypto trading on X will find those hopes dashed for now.
