In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, suggested that the launch of something new could be the solution to crypto's tumultuous year. This statement comes just weeks before Elon Musk's X Money is set to go live, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa. Although details about the product are still scarce, it is confirmed to be fiat-based, with no explicit crypto functionality.
However, the company has not ruled out the possibility of incorporating blockchain technology in the future. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential overlap between X's product and crypto.
As the launch of X Money approaches, the question remains whether it will compete with crypto or eventually integrate with it, potentially using blockchain infrastructure without direct user exposure. For now, the crypto community waits with bated breath for its next catalyst, unsure whether it will emerge from within the industry or from external platforms like X.