Elon Musk’s “everything app” X (formerly Twitter) is expected to launch in-app payment services on its social media platform around mid-2024, though crypto integration now seems remote.
Speaking to ARK Invest’s Cathie Wood in a Dec. 21 X space, Musk said he expects payment services to be fully launched sometime by the “middle of next year,” pending the approval of several money transmitter license applications.
Looking forward to talking with @elonmusk today at 5 pm ET on X Spaces! Can't wait to hear his thoughts on the AI space, bitcoin, and so much more. Join us. https://t.co/LAdIzl7QAa
— Cathie Wood (@CathieDWood) December 21, 2023
Musk said he hoped to have launched payments on the social media platform sooner but had been weighed down by bureaucratic processes.
Musk said that he wasn’t aware of any potential “showstoppers” that might see their money transmitter license applications rejected, adding that X had been “a bit late” in submitting all the necessary documents.
Many crypto enthusiasts hoped that Musk might integrate one of his preferred cryptocurrencies — including Dogecoin (DOGE) and Bitcoin (BTC) — as part of the X payments system.
However, the Tesla CEO has never confirmed this and appears to have put a further damper on crypto-related enthusiasm after revealing he spends “hardly any” time thinking about digital assets.
Despite Musk’s seemingly newfound indifference to crypto, Tesla still holds some $148 million in Bitcoin on its balance sheet, and the electric vehicle manufacturer allows customers to buy merchandise from the Telsa Shop with Dogecoin.
Reports in 2022 also suggested that Musk’s tunnel construction firm, The Boring Company, had begun allowing customers to pay for rides on its Las Vegas transit system using Dogecoin.
Related: Tesla’s humanoid robot is now 30% faster, 22 pounds lighter
“I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all,” Musk said in response to a question written by his own artificial intelligence (AI) project Grok.
Musk, however, explained that he imagines money and digital assets as a “database for resource allocation,” adding that fiat currency is “actually fine” so long as state actors don’t try to debase the currency by manipulating its supply.
On the topic of AI, Musk said one of the primary development goals for the Grok AI system was to make it the funniest large language model, saying that if users asked the AI for a “vulgar roast,” they’d enjoy the outcome.
Magazine: Terrorism and the Israel-Gaza war have been weaponized to destroy crypto
