The popular meme asset Dogecoin (DOGE) is surging this week as billionaire Elon Musk reportedly aims to launch financial services on the social media platform X by the end of next year.
According to a new report by The Verge, the business magnate says he expects X’s comprehensive financial features to roll out by the end of 2024 and compete with traditional banks.
As stated by Musk in a company-wide meeting, according to an audio recording obtained by The Verge,
“When I say payments, I actually mean someone’s entire financial life. If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account…
It would blow my mind if we don’t have that rolled out by the end of next year.”
Currently, X is working on obtaining the proper licenses to be able to operate its financial services in the US, according to the report. There was no mention of Dogecoin in the call. However, since Musk is a well-known DOGE fan, Musk’s involvement in financial services tends to excite DOGE holders.
Last month, Musk shut down rumors of creating a crypto asset called “X Coin” as a means of rewarding content creators over the social media platform.
At the time, an X account claimed that the platform was going to create a digital asset specifically for rewarding users. Musk replied to the message with a simple “no,” shooting down the idea.
Meanwhile, DOGE has been flying this week, along with the rest of the crypto markets. The dog-themed memecoin went from $0.058 on October 19th to a peak of $0.74 on October 26th. Dogecoin has since retraced and is moving for $0.69 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Dogecoin Has a Huge Week As Elon Musk Aims for X Financial Services To Launch by End of 2024: Report appeared first on The Daily Hodl.