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Elon Musk's highly anticipated 'everything app,' X, is expected to introduce in-app payment services on its social media platform around mid-2024. Users have eagerly awaited the integration of these payment services, although the likelihood of cryptocurrency integration seems uncertain at this time.
In a recent X space conversation with ARK Invest's Cathie Wood, Musk revealed his expectations for the full launch of payment services. He stated that he foresees the complete rollout to occur by the middle of the following year, pending the approval of various money transmitter license applications, according to Cointelegraph.
Bureaucratic Processes Caused Delay in Payment Platform Launch
Acknowledging the enthusiasm of X's user base, Musk expressed that he had hoped for an earlier introduction of payment services on the social media platform. However, he cited bureaucratic processes as the reason for the delay. Musk emphasized that the necessary documents were submitted somewhat belatedly, contributing to the prolonged timeline.
Benzinga noted that despite speculations among crypto enthusiasts, Musk has neither confirmed nor denied the integration of his preferred cryptocurrencies, such as Dogecoin, within X's payments system. Additionally, Musk revealed his diminishing interest in digital assets, mentioning that he devotes minimal time to contemplating them. Nevertheless, Tesla retains approximately $148 million worth of Bitcoin on its balance sheet, and customers can purchase merchandise from the Tesla Shop using Dogecoin.
The Boring Company's Dogecoin Integration and Musk's Views on Crypto
In an exciting development, reports surfaced in 2022 suggesting that Musk's tunnel construction firm, The Boring Company (TBC), had commenced accepting Dogecoin as payment for rides on its Las Vegas transit system. While Musk seems to exhibit waning enthusiasm for cryptocurrencies, he clarified that he perceives money and digital assets as a database for resource allocation. He noted that fiat currency remains acceptable if state actors stop manipulating its supply.
Shifting the focus to the realm of artificial intelligence, Musk revealed one of the primary goals for the Grok AI system was to make it the "funniest" LLM (Language Learning Model). He elaborated that users who engage with Grok could enjoy amusing outcomes by requesting a "vulgar roast" from the AI.
Photo: Alexander Shatov/Unsplash
