Elon Musk Renames Twitter to X.com, Sparking Speculation in Crypto Community

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  • Post last modified:July 25, 2023

Elon Musk, the CEO of Twitter, recently changed the name of the social media platform to x.com, the domain name he purchased back in 2017 for over $20 million. While Musk did not explain the reasoning behind the potential rebranding, it has already stirred up speculation and discussion within the cryptocurrency and fintech sectors.

X.com has great significance – it was originally launched by Elon Musk back in 1999 as an online financial services company and one of the first online banks. It later merged with Confinity and became the payments giant PayPal. Given this history, Musk has hinted x.com could once again become “an everything app” with possible payment capabilities.

Potential Crypto and Fintech Integrations

For many cryptocurrency enthusiasts and investors, the rebrand to x.com signals that Twitter may more deeply integrate cryptocurrency and blockchain technology under Elon Musk’s leadership. Here are some potential options being discussed:

  • Native crypto wallets within Twitter to send, receive, and store tokens and NFTs
  • Ability to tip other users in crypto assets like Bitcoin and Ethereum
  • Payments in crypto for premium features, subscriptions, commerce
  • Launch of Twitter’s own cryptocurrency token or NFT collection
  • Tools and incentives for developers to build decentralized apps on Twitter
  • Decentralized finance (DeFi) applications through smart contracts
  • Integration with Web3 single sign-on platforms

“This seems like more than just a rebrand. X.com hints at major fintech ambitions and could make Twitter a big player in mainstream crypto adoption,” said Robert Greenfield, cryptocurrency investor and podcast host.

Will Crypto Prices React or Is Hype Premature?

However, some urge caution against reading too much into the x.com name change without direct confirmation from Musk on crypto integration plans. The crypto community has a reputation for speculating on Elon Musk’s tweets and actions, which can rapidly impact prices.

In the past, Musk’s statements about Dogecoin have led to dramatic price fluctuations. Whether x.com ends up incorporating crypto or not, the rebrand itself is unlikely to have much short-term impact on broader crypto prices and adoption.

But it does signal Musk’s continued interest in exploring synergies between social media, fintech, and cryptocurrency – sectors he aims to transform. For now, the crypto world will be closely analyzing each hint and tweet from Musk for clues about x.com’s future crypto capabilities under his ownership.

Elon Musk Twitter Timeline

January 2022 – Musk starts acquiring shares of Twitter stock.

April 2022 – Musk acquires 9.2% stake in Twitter to become the platform’s largest shareholder.

April 14 – Twitter accepts Musk’s offer to acquire the company for $44 billion at $54.20 per share.

May 2022 – Musk secures $7.1 billion in equity financing from investors for the Twitter deal.

May 13 – Musk puts the Twitter deal on hold to confirm details about spam/fake accounts.

July 8 – Musk terminates the Twitter acquisition agreement.

July 12 – Twitter sues Musk to complete the merger agreement.

October 4 – Musk proposes to proceed with his original $44 billion offer, ending the legal dispute.

October 27 – Musk takes over Twitter as CEO and closes the acquisition deal.

October 28 – Musk fires top Twitter executives including CEO Parag Agrawal.

November 1 – Musk suggests changes like charging for verification badge and longer tweets.

November 7 – Mass resignations at Twitter as Musk’s restructuring continues.

November 16 – Twitter begins laying off around 50% of its workforce.

November 29 – Musk relaunches Twitter verification with paid $8 monthly subscription.

December 2022 – Musk teases potential rebranding of Twitter to ‘X.com’