Nikita Bier, X's head of product, recently made a statement that has generated significant attention within the crypto community. "Crypto has had a rough year, perhaps it's time we introduce something new to address this," Bier wrote in a post that garnered over 677,000 views in a matter of hours. This statement comes just weeks before the launch of X Money, a fiat payments app from Elon Musk that will offer peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa. Although details about the product's underlying technology remain scarce, it is known that X Money will operate in over 40 US states through a licensed subsidiary.
The app's design shares similarities with areas where crypto has focused its efforts, such as instant payments and generating yield on dollar balances. Recently, X hired Benji Taylor, formerly of Aave, as part of its team. Bier has expressed admiration for Taylor's past work, describing one of his products as among the best-designed he has seen.
The question remains whether X will choose to compete with crypto or eventually integrate it into its payments stack. For the time being, Bier's statement contributes to the uncertainty surrounding the future of crypto and the potential role that external platforms like X may play in shaping it.