Elon Musk, known for his support for Dogecoin, recently changed Twitter's name and logo to “X”.
Also, putting the symbol of X and Dogecoin on his profile, Musk caused an upward movement in the price of Dogecoin.
While this move by Musk fueled speculation that DOGE will be used for payments on the platform, Coinbase research head David Duong evaluated this possibility.
Speaking with crypto phenomenon Scott Melker, David Duong said that X (Twitter) will be all about finance, and it is unclear whether Musk will use cryptocurrencies, especially DOGE, for payments.
“The financial world naturally ties everything together because users have to pay for things.
At this point, it comes to the fore whether Musk will use Dogecoin for payments on the platform.
But I think Musk had a tough time launching the payments feature.
Musk will most likely use a payment app like Apple Pay on X. At this point, payments may not necessarily be made in crypto.
Also, Dogecoin is gaining in value and could strengthen further from cents to dollars.
This makes it much more difficult to use DOGE in the payment system.”
*Not investment advice.
