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Social Network X Ventures Into Finance With Digital Wallet Launch

by THEFUTURE.TEAM

Social network X is making its first foray into the financial services sector with the announcement of a new digital wallet, X Wallet, designed to facilitate fast cross-border payments. This move is part of a broader vision by X’s owner, Elon Musk, to create an “app for everything” that seamlessly integrates social media, entertainment, shopping, and communication services.

In a partnership with Visa, which will serve as the first collaborator for the X Money feature, X plans to roll out the digital wallet later this year. The platform will allow users to link their digital wallets to their bank accounts and debit cards, enabling easy transfers between their bank accounts and facilitating peer-to-peer (P2P) payments.

“This is another step towards an app for ‘everything.’ X Money will launch later this year,” said X CEO Linda Iaccarino.

The wallet will initially be available in the first quarter of 2025, with the feature targeting creators on the platform. It will enable them to store publishing funds and receive payments from subscribers, bypassing the need for third-party intermediaries.

As X diversifies into finance, this marks a significant step towards its goal of transforming into a comprehensive platform offering a wide range of services to its users.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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