Elon Musk, X, and Cryptocurrency: The Future Shaped by the Fusion of Social Media and Finance

The social media platform once known as Twitter was reborn as "X" in 2023 under the direction of Elon Musk. Behind this bold rebranding lies Musk’s ambitious vision to transform X from a simple social network into an "everything app"—a platform that integrates communication, commerce, and more into a single ecosystem. At the heart of this vision is cryptocurrency.

From major assets like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), to cutting-edge use cases such as micropayments and machine-level value transfers, crypto is at the forefront of the “finance × technology” revolution. What has captured the attention of investors and tech insiders alike is how one individual—Elon Musk—is working to merge this financial frontier with social media.

In this article, we’ll explore in depth the transformation of X and its relationship with crypto, Musk’s unique attachment to DOGE, the strategic blueprint behind X Payments, and what the future of social media may look like in the Web3.0 era.

Elon Musk began attracting significant attention in the cryptocurrency industry due to the impact of his statements and actions between 2020 and 2021. One of the most well-known incidents occurred in February 2021, when Tesla announced it had purchased $1.5 billion worth of Bitcoin and would begin accepting BTC as payment for some of its products. Following this announcement, the price of Bitcoin surged.

Later, however, Tesla suspended Bitcoin payments, citing environmental concerns related to mining. This decision caused the price to plummet, further underscoring how Musk’s statements have dramatically influenced cryptocurrency market trends. His posts and comments on X are far from casual remarks—they act as triggers that move the market.

Even Dogecoin (DOGE), which can be considered one of Musk's 'favorites,' is influenced by his every move.

Reservoir @DOGE pic.twitter.com/lcfR6OJ8wu

— Elon Musk (@elonmusk) March 20, 2025

Dogecoin (DOGE), a meme coin born as a joke, has repeatedly experienced price surges every time Elon Musk posts about it. Behind this phenomenon lies Musk's ideological affinity for the token—he has referred to DOGE as "the cryptocurrency for the people." His statements often fuel public expectations, driving up its value. In fact, it's not uncommon for Dogecoin's price to jump more than 10% just because Musk mentions the term "D.O.G.E."

Interestingly, the acronym "D.O.G.E" is also associated with a real U.S. government initiative. After the launch of the Trump administration, the "Department of Government Efficiency" was established to eliminate bureaucratic inefficiency, cut excessive regulations, and reduce wasteful spending. Known colloquially as "D.O.G.E.," this agency shares its name with the cryptocurrency.

Elon Musk serves as a senior advisor to the U.S. government and has been appointed as a special executive officer of D.O.G.E. The department has already initiated mass layoffs of federal employees and is actively reforming agencies such as the Department of Education and USAID. With an ambitious goal of cutting up to $2 trillion in annual waste, D.O.G.E claims to have already saved billions of dollars.

This bold and rapid restructuring effort—carried out under a department with a tongue-in-cheek name—offers a glimpse into Musk's charismatic leadership style, blending innovation with a no-nonsense approach to reform.

X is more than just a rebranding. Elon Musk's vision of an "Everything App" is a comprehensive platform that integrates messaging, voice and video calls, social networking, video streaming, payments, e-commerce, job listings, and more—delivering all these services within a single application. Modeled after China’s WeChat, the goal is to create a true “super app” that offers all the essential functions for daily life.

At the heart of this transformation is “X Money,” a payment feature expected to launch in full scale in 2025. The company has already obtained money transmitter licenses in several U.S. states and is planning to implement fiat-based transfer and payment capabilities. According to information announced on January 28, 2025, X has partnered with Visa to offer a digital wallet and peer-to-peer (P2P) payment service.

However, what truly stands out is the potential integration of cryptocurrencies in the future. Given Musk’s well-known affinity for Bitcoin and Dogecoin (DOGE), it is entirely plausible that X could embed a crypto wallet within the app. This would open the door to tipping with crypto, content monetization, P2P transfers, and even NFT trading—making the future of X a realistic intersection of social media and decentralized finance.

Dogecoin (DOGE) originated as a meme coin from the early 2000s' "Shiba Inu meme" and was initially more a product of internet culture than a speculative asset. However, its prominence was completely transformed by Elon Musk's enthusiastic endorsement.

In 2021, he tweeted on X (formerly Twitter) that "Dogecoin is the currency of the future." Furthermore, Tesla enabled the purchase of its merchandise using DOGE, introducing real-world use cases. This oscillation between humor and reality has captivated many fans, though it has also drawn criticism from institutional investors, who sometimes label it as "market manipulation."

In 2023, there was an incident when X's logo temporarily changed to a Shiba Inu icon, leading to another surge in DOGE's price. This, too, was part of Musk's strategy, drawing investors' attention by hinting at a connection between X and DOGE.

Looking ahead, if DOGE is officially integrated into X Money, there is even the possibility that this "joke coin" could evolve into a widely used means of payment in the real world.

Elon Musk rarely uses the term "Web3.0" explicitly, but his vision for X incorporates many elements that align closely with Web3 principles. One of the most notable aspects is the focus on content monetization and revenue distribution in a more transparent and equitable way.

For instance, X has introduced a creator monetization feature, allowing a portion of advertising revenue to be shared directly with users. When combined with instant cryptocurrency transfers and smart contracts, this model has the potential to form a user-driven ecosystem—distinct from the traditional, centralized platforms that dominate social media today.

Looking ahead, if features like NFT-based identity, tokenized interactions between followers, and secondary markets for digital content are integrated, X could evolve into a hybrid social network that bridges the gap between Web2.0 and Web3.0. Such a model would position X uniquely in the social media landscape, redefining how digital communities engage and transact online.

Elon Musk has led multiple cutting-edge technology companies, including Tesla, SpaceX, and Neuralink. His efforts to integrate cryptocurrencies into X represent more than just a technical feature—they are an ambitious attempt to fuse social media, finance, and blockchain technology into a new kind of digital infrastructure. It goes beyond the traditional framework of social networks, aiming to build what could be described as a next-generation social infrastructure.

Musk’s unparalleled influence—where a single comment can move markets—has drawn criticism, but it also highlights the immense attention he commands. If X officially adopts cryptocurrencies and normalizes their use for payments and transfers, social media could evolve from merely a space for information exchange into a central hub for economic activity.

Whether you're investing in the crypto market or keeping an eye on the future of technology, the developments surrounding X and Elon Musk deserve close scrutiny. The very definition of social media is being rewritten before our eyes.

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