Elon Musk’s X (formerly Twitter) is anticipated to introduce in-app payment service functionality on its social media platform by the middle of 2024.
Musk told Cathie Wood of ARK Invest in Space on December 21 that he anticipates the complete introduction of payment services by the “middle of next year,” contingent on the approval of multiple money transmitter license applications.
Despite his desire, Elon Musk stated that bureaucratic procedures had prevented him from launching payments on the social media platform sooner.
Musk stated that he was unaware of potential obstacles that could impede their money transmitter license application approval. However, he did mention that X had submitted all the required documents “a little bit late.”
Numerous cryptocurrency fans hoped that Musk would incorporate one of his favored cryptocurrencies, Dogecoin or Bitcoin, into the X payments system.
However, the CEO of Tesla has never affirmed this, and his revelation that he spends “hardly any” time contemplating digital assets appears to have further dampened crypto-related enthusiasm.
Despite Musk’s apparent recent apathy towards cryptocurrencies, Tesla maintains approximately $148 million in Bitcoin on its balance sheet. Furthermore, the electric vehicle manufacturer permits Dogecoin purchases at the Telsa Shop.
According to additional reports, Musk’s tunnel construction firm, The Boring Company, reportedly began accepting Dogecoin payments for journeys on its Las Vegas transit system in 2022.
“I do not devote a great deal of time to contemplating cryptocurrencies. Musk replied, “Absolutely none,” regarding a query posed by Grok, his proprietary artificial intelligence (AI) initiative.
On the other hand, Musk elaborated that he views money and digital assets as a “database for resource allocation” and that fiat currency is “fine” so long as supply manipulation by state actors does not attempt to devalue the currency.
Musk stated that one of the principal objectives during the Grok AI system‘s development was to establish it as the most amusing large language model. He further expressed that users would find the result funny if they requested a “vulgar roast” from the AI.
