X’s previous head of product, Nikita Bier, recently replied to an X user who alleged that Bier was shadow banning a cryptocurrency-focussed. Bier said that cryptocurrency trading on X may soon be a thing of reality. Such a feature has long been teased from X employees, including owner Elon Musk. Bier had put a post earlier this year stating that the cryptocurrency market was struggling and asked if the social media platform should launch something to make things better. A trading option was likely what Bier was talking about. Let’s discuss if such a development could trigger another bull run for the cryptocurrency market.
Will Cryptocurrency Trading On X Trigger Another Bull Run?
X has hundreds of millions of active users. If the social media platform begins to offer cryptocurrency trading, it could potentially lead to a massive adoption surge for the sector. Musk himself has said that he wants to make X an “everything app.” The platform’s plans to include cryptocurrency trading aligns with Musk’s initiative to make X more than just a social media platform.
X is also working on expanding access to its payments platform. Many are hopeful that the payments feature will also include cryptocurrencies, although there is no official word on this matter just yet. There is a high possibility that cryptocurrencies will be a part of the payment feature, given that Musk has enabled crypto payments for many of his other business ventures, such as Tesla and SpaceX merchandise. Musk is particularly a fan of Dogecoin (DOGE), an asset he has endorsed on several occasions.
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Have both cryptocurrency payments and trading on X could potentially lead to a massive influx of crypto users. Such a move could trigger a bullish outbreak for the sector.