Elon Musk’s X to Launch Crypto, Stock Trading Within Weeks
Elon Musk’s social media platform, X, is poised to introduce stock and cryptocurrency trading features within weeks. This strategic move aligns with the company’s broader ambition to enhance its financial services. The head of product, Nikita Bier, detailed these new capabilities, which will include a unique tool named “Smart Cashtags.”
Features of X’s New Trading Capabilities
The “Smart Cashtags” feature will enable users to engage with ticker symbols directly in their posts. This functionality allows for seamless execution of trades directly from the app, streamlining the trading experience.
Introduction of X Money
Concurrently, X is preparing to roll out its in-house payments system, X Money, which is currently undergoing internal testing. According to Musk, this feature will be released to a select group of users in the next month or two. The goal is to make X a comprehensive platform where messaging, posting, transferring funds, and investing can all occur within a single app.
X’s Vision: The “Everything App”
Musk envisions X as an “everything app,” allowing users to manage their daily digital activities without leaving the platform. This ambitious initiative includes the integration of banking services directly into the app.
Musk’s Historical Connection to Cryptocurrency
Elon Musk’s relationship with cryptocurrency has been notable and multifaceted. His electric vehicle company, Tesla, holds approximately 11,509 bitcoins, a significant reduction from an initial investment of 42,300 in early 2021. Additionally, SpaceX possesses around 8,285 bitcoins, further demonstrating Musk’s involvement in the crypto space.
- Tesla: 11,509 BTC
- Original investment: 42,300 BTC
- SpaceX: 8,285 BTC
Musk has also been a prominent supporter of the meme-inspired cryptocurrency, Dogecoin. In 2022, he announced that SpaceX would accept DOGE for certain merchandise, following a similar decision by Tesla. Recently, Musk even suggested that he might send DOGE “on the moon.”
With the imminent launch of trading features on X, Elon Musk aims to transform the way users interact with financial markets, all while staying immersed in their social media experiences.
