Nikita Bier, X's head of product, recently sparked curiosity with a statement that may have revealed what X is planning to launch. In a post that garnered over 677,000 views in a matter of hours, Bier wrote, '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, offering peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa and available in over 40 US states. Although details about the product are limited, it is described as a fiat-based system with no confirmed crypto functionality.
However, X has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with areas where crypto has focused, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also raised questions about the potential integration of crypto into X Money. Whether X will compete with crypto or eventually incorporate it remains to be seen, leaving the crypto community waiting for its next catalyst, which may come from within the industry or from external platforms like X.