Bitcoin (BTC) 
$96,160 price has dropped over $5,000, currently hitting a daily low of $96,577. The decline has been particularly severe for altcoins. Following negative U.S. data impacting risk markets, the stock market saw a sharp downturn today. Meanwhile, Elon Musk made comments regarding cryptocurrencies.
The whimsical billionaire was more favorably inclined towards cryptocurrencies in 2021. However, the narrative around the environmental impact of mining changed mid-2021. Over time, Musk expressed disinterest in cryptocurrencies, which led to the withdrawal of certain features, including the addition of an NFT to his profile picture.
Upcoming Payment Services on X
As we previously announced, X (formerly Twitter) is set to launch payment services soon. These services will be available without licenses across all 50 states, although they will be restricted in states without licensing.
Despite earlier comments indicating the inclusion of cryptocurrencies, Musk stated during a recent Space broadcast:
“In the near future, X Payments will not support cryptocurrencies. We need licenses. I am focusing solely on fiat currencies. I am concentrating on launching X Payment services effectively.”
Musk’s reluctance to entirely dismiss the idea is a positive sign, as the absence of cryptocurrencies was anticipated. Our recent announcement confirmed this. However, with potential regulatory clarity and licensing frameworks under the Trump administration, Musk might consider integrating cryptocurrencies before the year ends. Why would he hesitate to pursue additional profits?
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
