Renowned entrepreneur Elon Musk recently disclosed plans for the introduction of in-app payment services on his comprehensive ‘everything app,’ referred to as ‘X,’ with an expected launch around mid-2024. Musk shared this insight during a conversation with Cathie Wood of ARK Invest at a recent X space event on Dec. 21. Despite the heightened anticipation surrounding X, Musk hinted that the incorporation of crypto assets into the payment services seems improbable.
Projected Timeline for Payment Services Launch
Elon Musk outlined his vision for the in-app payment services on X, anticipating full functionality by the “middle of next year.” However, the realization of this timeline is contingent upon the approval of various money transmitter license applications. Musk acknowledged an initial aspiration to expedite the launch of payment services but cited delays attributed to bureaucratic processes.
Potential Challenges and License Approval
During the discussion, Musk expressed confidence in the approval of X’s money transmitter license applications, asserting a lack of awareness of potential “showstoppers” that might lead to rejection. He conceded that X had encountered delays in submitting all the requisite documents.
Crypto Enthusiasts’ Disappointment
Many within the cryptocurrency community held hopes that Musk would integrate one of his favored cryptocurrencies, such as Dogecoin (DOGE), into the X payments system. However, Musk neither confirmed such intentions nor fueled enthusiasm for cryptocurrencies, stating that he devotes “hardly any” time to thinking about digital assets.
Also Read: Dogecoin: DOGE Payments Could Come to X: MyDoge Wallet CTO
Tesla’s Position on Cryptocurrency
Despite Elon Musk’s apparent shift in focus, it is noteworthy that Tesla still retains approximately $148 million in Bitcoin on its balance sheet. Moreover, Tesla customers can utilize Dogecoin for purchases from the Tesla Shop. Reports from 2022 indicated that Musk’s tunnel construction firm, The Boring Company (TBC), started accepting Dogecoin for rides on its Las Vegas transit system.
Musk’s Views on Cryptocurrency
Responding to a question from his AI project, Grok, Musk admitted to dedicating minimal thought to cryptocurrency. However, he provided insights into his perspective on money and digital assets, considering them a “database for resource allocation.” Musk expressed acceptance of fiat currency, provided that state actors refrain from manipulating its supply and devaluing its worth.
AI Development Objectives
In discussions about the Grok AI system, Musk emphasized the primary goal of making it the “funniest” language model. Users have the option to request a “vulgar roast” from the AI, and Musk envisions the outcomes to be enjoyable.
Elon Musk’s revelation regarding the imminent launch of in-app payment services on X introduces fresh possibilities to the tech landscape. While Musk’s interest in cryptocurrencies seems to have diminished, the developments in X’s payment services hold promise for innovative financial solutions. The ambiguous stance on crypto integration leaves the community eager to witness how X will shape the future of transactions within the realm of social media.
Also Read: EU Commission Opens Investigation Into Elon Musk’s X
