Renowned entrepreneur Elon Musk recently revealed plans to introduce in-app payment services to his comprehensive Everything app (dubbed “X”), with an expected launch around mid-2024. It was announced that there was. Musk shared this insight during a conversation with ARK Invest’s Cathie Wood. Recent X Space event on December 21st. Despite the heightened expectations around X, Musk has indicated that incorporating crypto assets into payment services is unlikely.
Planned schedule for starting payment services
Elon Musk outlined his vision for X’s in-app payment service, predicting it would be fully functional by “the middle of next year.” However, the realization of this schedule is subject to the approval of various money transmitter license applications. Musk acknowledged his initial desire to speed up the launch of payment services, but cited delays caused by bureaucratic processes.
Potential challenges and license approval
During the discussion, Musk expressed confidence in the approval of Company X’s money transmitter license application, claiming there was a lack of awareness of potential “significant issues” that could lead to its rejection. He accepted that X had experienced delays in submitting all required documents.
Disappointment for cryptocurrency enthusiasts
Many in the cryptocurrency community had hopes that Musk would integrate one of his favorite cryptocurrencies, such as Dogecoin (DOGE), into the X Payment System. However, Musk did not confirm such intentions or fan enthusiasm for cryptocurrencies, saying he spends “very little” time thinking about digital assets.
Also read: Dogecoin: DOGE payments could materialize on X: MyDoge Wallet CTO
Tesla’s position on cryptocurrencies
It’s worth noting that despite Elon Musk’s apparent change in focus, Tesla still has around $148 million of Bitcoin on its balance sheet. Additionally, a Tesla customer can use his Dogecoin for purchases from the Tesla Shop. Reports in 2022 indicate that Musk’s tunnel construction company, The Boring Company (TBC), has started accepting Dogecoin for rides on the Las Vegas transit system.
Mr. Musk’s views on virtual currencies
In response to a question from the AI project Grok, Musk admitted that he has devoted minimal thought to cryptocurrencies. However, he provided insight into how he views himself, viewing his money and digital assets as a “database for resource allocation.” Musk said he would accept fiat currencies on the condition that state actors do not manipulate the supply of fiat currencies or devalue them.
AI development goals
During a discussion about the Grok AI system, Musk emphasized that his main goal is to make the Grok AI system the “most interesting” language model. Users will have the option of requesting a “dirty roast” from the AI, and Musk envisions the results will be entertaining.
Elon Musk’s revelations about the impending launch of in-app payment services on X have opened new possibilities for the tech industry. Although Musk’s interest in cryptocurrencies seems to have waned, the development of Company X’s payment services has the potential for innovative financial solutions. His ambiguous stance on cryptocurrency integration leaves the community eager to witness how his X shapes the future of trading within the social media realm.
Also read: European Commission launches investigation into Elon Musk’s X