Elon Musk's much-anticipated 'everything app,' X, is anticipated to introduce in-app payment services on its social media platform by mid-2024. However, the integration of cryptocurrencies appears to be a distant possibility.
During a discussion with ARK Invest's Cathie Wood in a recent X space on December 21st, Musk mentioned that he foresees the full launch of payment services around the "middle of next year," pending the approval of various money transmitter license applications.
Musk expressed a desire to have introduced payment services on the social media platform earlier but highlighted the challenges posed by bureaucratic procedures.
He indicated that, as of now, there weren't any significant obstacles expected to lead to rejection of their money transmitter license applications. Musk acknowledged that X had been somewhat delayed in submitting all the required documentation. Elon Musk alread facing a lot of criticism when advertisers banned ads on X due to his controversial response.
High hopes among crypto enthusiasts for Elon Musk to incorporate favored cryptocurrencies like Dogecoin and Bitcoin into the X payments system have dimmed. The Tesla CEO, never confirming these expectations, has further tempered enthusiasm by disclosing his minimal contemplation of digital assets.
Despite Musk's apparent waning interest in crypto, Tesla retains approximately $148 million worth of Bitcoin on its balance sheet. Interestingly, the electric vehicle giant continues to accept Dogecoin as payment for purchases made at the Tesla Shop, emphasizing a nuanced relationship between Musk's personal stance and Tesla's engagement with cryptocurrencies.
Elon Musk dismissed significant contemplation on cryptocurrency, stating, "I don't spend a lot of time thinking about cryptocurrency. Hardly any at all," responding to his own AI project, Grok.
While expressing a pragmatic view of money and digital assets as a means of resource allocation, he endorsed fiat currency, deeming it acceptable unless manipulated by state actors to debase its value.
Regarding AI development, Musk highlighted Grok's objective to become the "funniest" LLM. He teased the AI's potential to deliver entertainingly "vulgar roasts" upon user requests, revealing an intriguing facet of the system's intended capabilities.
The introduction of in-app payment services on Elon Musk's 'everything app,' X, is poised to mark a significant shift in its functionality and user experience.
Upon their launch in mid-2024, these payment services are expected to streamline transactions within the social media platform, potentially enhancing user engagement and expanding the app's utility beyond its current scope.
With these services, users might enjoy seamless and integrated payment methods for various purposes, such as purchasing goods, accessing premium features, or supporting content creators. This convenience could foster increased activity and interaction within the app, attracting more users and encouraging deeper engagement.
However, the absence of cryptocurrency integration, despite earlier speculations, might slightly limit the diversity of payment options initially available within the platform. Nonetheless, the integration of traditional payment methods could still significantly boost X's functionality and appeal to a broader user base.
Also Read: Worldcoin Pauses Orb Verification in India, France, And Brazil
