Nikita Bier, X's head of product, has made a thought-provoking statement that may be related to the company's upcoming launch. In a post that garnered over 677,000 views in a matter of hours, Bier said, "Crypto has had a rough year. Maybe we should launch something to fix it." This comes as Elon Musk's X Money is set to launch in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa. Although the details of X Money are still unclear, it is described as a fiat-based product with no confirmed crypto functionality.
However, the company has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with areas where crypto has been focused, such as instant payments and yield on dollar balances. Recently, X hired Benji Taylor, Aave's former Chief Product Officer, which has sparked speculation about the company's plans.
While it is unclear whether X will compete with crypto or integrate it into its payments stack, Bier's statement has added to the ambiguity. For now, the crypto industry waits with bated breath to see what X has in store, and whether it will be a catalyst for change from within or from outside the industry.