"Dogecoin Payments On X Hard To Roll Out": Coinbase Executive

Also Read: Buy Gold? Veteran Trader Calls To Buy Gold As Bitcoin Remains Under Pressure

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Speaking about the potential chances for the memecoin with the rebranding opportunity, popular crypto influencer Scott Melker mentioned Musk’s background as payments company PayPal’s cofounder. He wondered if X is all about payments as the everything app is all going to be about finances.

Coinbase Research Head David Duong About Dogecoin Payments On X

David Duong, the head of research at Coinbase, spoke in a Twitter spaces about the new developments at Twitter. He said the world of finance naturally connects everything because users have to pay for stuff. It makes sense if and when Dogecoin (DOGE) is the unit of account that allows payments on the platform and subsequently there could be a jump in Dogecoin price. However, he warned that it is a different question if Musk will implement the memecoin for payments on the X platform.

He added that the recent bull market environment with Bitcoin ETF applications and the XRP summary judgment makes it an altogether different regime in a long time, and a tricky time for Musk to take about launching the payments feature. Melker wondered if the X payments feature will involve any cryptocurrencies at all in the first place, not just Dogecoin.

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“X will most likely be a payments app just like Apple Pay but the payments may not necessarily be made in crypto.”

Why It Is Hard To Launch Crypto Payments On X

Melker warned that the news of crypto payments launch on X could be a “wildly volatile” event for crypto and in turn, it could be an even more volatile event for payments on the app. Duong agreed saying that the transactional currency is also the currency that could deviate in value.

“It (crypto payments on X) really doesn’t work that way because Dogecoin (DOGE) is already going up in value and it could further strengthen from pennies to the dollar. That makes it much harder for use inside the system.”

Also Read: Binance Pulls Back Its German Crypto License Application

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