April 19, 2024
Elon Musk's X App Nearing In-App Payment Services Rollout by Mid-2024
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Musk’s X App Set for Mid-2024 Payment Services Launch, Crypto Integration in Doubt

Elon Musk’s upcoming multifunctional app, X, formerly known as Twitter, is anticipated to introduce in-app payment services by mid-2024. The integration of cryptocurrencies into this service seems less likely at present. During a conversation with Cathie Wood from ARK Invest at a recent event hosted on the X platform, Musk mentioned that he foresees the full rollout of payment services around the middle of next year, pending approval for several money transmitter licenses.

Musk expressed a desire for an earlier launch but cited bureaucratic hurdles as a hindrance. He mentioned that, as far as he knows, there aren’t any significant obstacles that might lead to the rejection of their money transmitter license applications. Musk also acknowledged that X had been somewhat delayed in submitting all the required paperwork. Enthusiasts in the crypto space had hoped for the inclusion of Musk’s favored cryptocurrencies, such as Dogecoin and Bitcoin, in the X payments system.

However, Musk has never confirmed this possibility and seems to have diminished enthusiasm for crypto further by stating that he devotes minimal time to considering digital assets.

Despite Musk’s apparent disinterest in crypto, Tesla continues to hold approximately $148 million in Bitcoin on its balance sheet, and the company permits customers to make purchases at the Tesla Shop using Dogecoin. Previous reports from 2022 indicated that Musk’s tunnel construction firm, The Boring Company, had started accepting Dogecoin as payment for rides on its Las Vegas transit system. In response to a question posed by his own AI project Grok, Musk stated, “I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all.”

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However, Musk delved into his views on money and digital assets, portraying them as a database for resource allocation. He also expressed contentment with fiat currency, asserting its adequacy as long as governmental entities refrain from devaluing it through supply manipulation.

Regarding AI, Musk highlighted that one of Grok AI’s main objectives is to become the most amusing large language model. He mentioned that users might find the AI’s response enjoyable, especially when requesting a vulgar roast.

Image by freepik

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