The world's richest man is encouraging us to open our virtual wallets, with Elon Musk claiming that the cryptocurrency industry is again set to boom.
The irony is that Mr. Musk founded X.com all the way back in 1999, with the American online bank eventually evolving into PayPal and earning him a cool $175.8 million when it was sold to eBay in 2002.
Elon Musk has stayed close to his 'X' branding, famously launching the likes of SpaceX, rebranding Twitter as X, and teasing the long-awaited arrival of X Money.
Ever since Musk took over Twitter in October 2022, there have been grand plans to turn it into more of an everything app that's similar to Tencent's WeChat.
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Back in January 2025, former X CEO Linda Yaccarino suggested that X Money would launch by the end of the year, but now, Musk has confirmed that it'll enter early public access in April 2026.
Posting on X, the billionaire's upcoming money system is going to lean heavily into cryptocurrency while offering an expected 6% yield on balances.
It's already got the support of Grok, with Musk's own artificial intelligence chatbot stating: "Secure with US licenses in 40+ states. Early public access next month – link bank, fund wallet, transact directly in app. Simple & seamless! 🚀."
As noted by Forbes, Musk's announcement caused a brief spike in Dogecoin despite him not even mentioning it.
The tech mogul has previously referred to Dogecoin as his favorite cryptocurrency, meaning it has seen regular bumps whenever Musk has mentioned X Money. It's unclear whether Dogecoin will be integrated as a form of payment on X Money, but remember that he started accepting it alongside Bitcoin as a way to pay for Tesla merchandise in 2022. Even though Musk and Tesla have a lucrative history with Bitcoin, it'll be interesting to see what happens to Dogecoin when X Money eventually launches.
We already know that crypto trading is coming to X Money, with head of product Nikita Bier announcing that trading tools will be available on X via Smart Cashtags. This will give users live pricing info on cryptocurrency and stocks.
Bier later clarified that X won't directly handle trade execution or act as a brokerage, and instead, it's "just building the financial data tools and links." Although this suggests that traders will be redirected to exchanges from their timelines, Musk clearly has big plans as he's vowed to make X "the place where all the money is.”
Not everyone is a fan of X Money, with New York trying to block it in May 2025. Back then, officials sent a letter to the state's Department of Financial Services and told it not to authorize X Money because it thinks X Money won't conduct its business "honestly, fairly, equitably, carefully, and efficiently."
While Bitcoin prices have continued to fluctuate, X Money's push into crypto could see the market boom in an unexpected way. Despite his monetary fumbles, Elon Musk’s bank balance proves he's something of a savvy investor, and if he's calling X Money "a once-in-a-generation opportunity," this is definitely one to keep an eye on.