Musk’s X Platform Plans 2024 In-App Payments

Musk envisions money and digital assets as a "database for resource allocation" and considers fiat currency acceptable if not manipulated.

Musk's X Platform Plans 2024 In-App Payments
Musk's X Platform Plans 2024 In-App Payments

Elon Musk anticipates that his “everything app” X, formerly known as Twitter, will debut in-app payment services on its social media platform around the middle of 2024, however, the integration of cryptocurrency seems unlikely at this time.

Musk stated in an interview with Cathie Wood of ARK Invest on December 21st that he expects payment services to be fully released by the “middle of next year,” pending approval of numerous money transmitter licensing applications.

Musk expressed that he had planned to have introduced payments on the social media platform sooner but that he had been unable to do so due to the burden of bureaucratic tasks. Musk stated that he was not aware of any potential “showstoppers” that could result in the rejection of their applications for money transmitter licenses.

He also mentioned that X had been “a bit late” in providing all of the relevant documentation. Many people who are interested in cryptocurrencies had high hopes that Musk would incorporate one of his chosen cryptocurrencies, like Bitcoin or Dogecoin, into the X payments system to make it more accessible.

However, the CEO of Tesla has never verified this, and it appears that he has further dampened the euphoria surrounding cryptocurrency by saying that he spends “hardly any” time thinking about digital assets.

Tesla still has over $148 million worth of Bitcoin on its financial sheet, and the electric vehicle maker allows users to purchase products from the Tesla Shop using Dogecoin. This is despite the fact that Musk appears to have developed a newfound antipathy for cryptocurrency lately.

Musk's X Platform Plans 2024 In-App Payments

Tesla’s Frequently Asked Questions page on Dogecoin. Source: Tesla

There were also reports in 2022 that suggested that Musk’s tunnel construction company, The Boring Company, had started allowing consumers to pay for journeys on its Las Vegas transit system using Dogecoin.

I do not devote a significant amount of my time to contemplating cryptocurrency. Musk answered Grok’s question by saying, “Hardly any at all.” Grok was answering the question. Musk, on the other hand, said that he envisions money and digital assets as a “database for resource allocation.”

He also stated that fiat currency is “actually fine” as long as state actors do not attempt to debase the currency by manipulating its supply. Musk stated that one of the key development goals for the Grok AI system was to make it the funniest huge language model.

He also stated that if people asked the AI for a “vulgar roast,” they would like the outcome. This occurred in reference to the topic of artificial intelligence.