Elon Musk’s ambitious “everything app,” formerly known as Twitter and now called X, is gearing up to launch in-app payment services on its social media platform around mid-2024.
In a recent conversation with Cathie Wood of ARK Invest in a virtual X space on December 21st, Musk shared his expectations for the launch timeline.
He expressed optimism that the payment services would be fully operational by the “middle of next year,” contingent on the approval of several money transmitter license applications.
Musk acknowledged that he had hoped to introduce payments on the social media platform sooner but was slowed down by bureaucratic processes.
He stated that he was not aware of any significant obstacles that might lead to the rejection of their money transmitter license applications.
Musk also admitted that X had been “a bit late” in submitting all the required documentation.
Many crypto enthusiasts had been eagerly awaiting news of potential cryptocurrency integration, such as Dogecoin or Bitcoin, into X’s payment services.
However, Musk has never confirmed such integration and has recently displayed a diminished interest in digital assets, remarking that he spends “hardly any” time contemplating cryptocurrencies.
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Despite this apparent disinterest in crypto, Tesla, under Musk’s leadership, still holds approximately $148 million worth of Bitcoin on its balance sheet, and the company permits customers to use Dogecoin for purchases in the Tesla Shop.
In addition, reports from 2022 suggested that Musk’s tunnel construction firm, The Boring Company, began accepting Dogecoin for rides on its Las Vegas transit system.
When asked about his thoughts on cryptocurrency, Musk explained that he envisions money and digital assets as a “database for resource allocation.”
He stated that fiat currency is “actually fine” as long as state actors do not attempt to debase the currency by manipulating its supply.
Regarding artificial intelligence, Musk mentioned that one of the primary development goals for his Grok AI system was to make it the most humorous large language model.
He suggested that users would enjoy the AI’s responses, even when asking for a “vulgar roast.”
Musk’s multifaceted endeavors continue to capture attention and curiosity, with X’s impending payment services launch being one of the latest developments in his ever-evolving technological landscape.
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