Elon Musk’s social media platform, X, is set to release a new feature called “Smart Cashtags” next month, which will provide users with real-time price movements of cryptocurrencies and stocks. This feature is part of Musk’s vision to transform X into an “Everything App” since his acquisition in October 2022. The Smart Cashtags feature will allow users to access smart contract information linked to crypto tokens, as well as view recent discussions and news related to the companies and teams behind the assets.
According to Nikita Bier, head of product at X, the platform is the “best source for financial news” and hundreds of billions of dollars are deployed based on the information shared on the platform. Bier announced that X is aiming to collect feedback before publicly releasing the feature in February. The planned Smart Cashtags feature will also include “mentions” showing recent discussion about the asset and news related to the companies and teams behind them.
Display of X’s planned Smart Cashtags feature. Source: Nikita Bier
X’s Second Attempt at a Cashtags Feature
X initially introduced a Cashtags feature in December 2022, which showed the price charts of Bitcoin (BTC) and Ether (ETH), as well as top stocks and exchange-traded funds. However, this feature was later removed. The new Smart Cashtags feature appears to add more functionality, with one concept photo showing “Buy” and “Sell” buttons, although there is no information on how this would work or when such a feature would roll out.
X has secured money transmitter licenses in at least 25 US states, but it isn’t clear how close the social media platform is to enabling payments, including crypto-based payments. The company has not provided an immediate response to requests for comment.
Rumors of Suppressing Crypto Content
The announcement of the Smart Cashtags feature comes amidst rumors that X is suppressing legitimate crypto content while allowing spam to dominate feeds. The crypto community has accused the social media platform of silencing their content, which was denied by Bier in a now-deleted X post. Elon Musk has announced plans to make X’s recommendation algorithm open-source within the next week.
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Smart Tip for Readers
To stay up-to-date with the latest developments on X’s Smart Cashtags feature and its potential impact on the crypto market, readers should regularly check reputable sources for updates and follow trusted experts in the field, and always verify information through multiple sources before making any investment decisions.
