His current business, X (previously known as Twitter), is expanding into new regions with the projected debut of in-app payment services by the middle of 2024. Elon Musk, the brilliant mind behind firms such as SpaceX and Tesla, is pushing his latest endeavour into new territory. This action is considered to be a component of Musk’s master plan to convert X into a “everything app,” a notion that has garnered a great deal of attention and discussion because of its potential.
In a chat that took place on December 21 with Cathie Wood of ARK Invest, Musk provided specifics about his ambitions for X. He said that he is optimistic that a payment mechanism would be completely included into the platform by the middle of the next year. However, the success of this ambitious plan is contingent upon the acceptance of several applications for money transmitter licences. Musk acknowledges that the implementation of this process has been delayed down by the processes of the bureaucracy.
Although it is well known that Musk has a certain fondness for cryptocurrencies, particularly Dogecoin (DOGE) and Bitcoin (BTC), his current emphasis for X’s payment services seems to be less oriented towards the incorporation of cryptocurrencies. Musk’s businesses, such as Tesla and The Boring Company, have shown in the past that they are willing to take cryptocurrency. Approximately 148 million dollars worth of Bitcoin is still held by Tesla, and the company also enables consumers to pay for items using Dogecoin. Additionally, in the year 2022, The Boring Company started taking Dogecoin as payment for trips on their public transportation system in Las Vegas.
Nevertheless, Musk recently downplayed his interest in digital assets by saying, “I don’t spend a lot of time thinking about cryptocurrency.” This statement was made in answer to a query that was presented by Grok, which is Musk’s own artificial intelligence project. A little amount at all.” Despite the fact that he emphasised the need of being vigilant against currency manipulations, this comment indicates that there may be a move away from a concentration that was previously centred on cryptocurrencies.
As X is set to bring out this significant function, it has already obtained a critical Pennsylvania licence, which will allow it to facilitate money transfers in a manner comparable to those of services such as Venmo. The realisation of Musk’s vision for the platform is a huge step forward, and this new breakthrough is a significant stride.
In line with Musk’s optimistic outlook, Linda Yaccarino, CEO of the company, also sees 2024 as a significant year for the development of the platform. On social media, the successful debut of the payment system has the potential to revolutionise the way users connect with one another by combining the sharing of ideas with the conduct of financial transactions.
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