Elon Musk's 'X' App to Launch In-App Payment Services by Mid-2024, Cryptocurrency Integration Uncertain
Summary:
Elon Musk's application, 'X', is slated to introduce in-app payment services on its platform by mid-2024, while crypto integration appears unlikely. Delays were due to bureaucratic hitches, and Musk revealed he spends minimal time contemplating cryptocurrencies. Still, Tesla retains about $148 million Bitcoin and accepts Dogecoin for merchandise purchases. Musk views money and digital assets as a "resource allocation database" and fiat currency as satisfactory, provided there is no devaluation. He also shared that an objective for his AI project, Grok, is to make it entertaining for user interaction.
Elon Musk's all-in-one application, 'X', is anticipated to introduce in-app payment facilities on its social networking platform by the middle of 2024. Nonetheless, the integration of cryptocurrencies now appears to be a distant probability. In a conversation with Cathie Wood of ARK Invest on Dec. 21 via X space, Musk projected the full roll-out of the payment services around mid of next year, subject to the granting of a number of money transmitter license applications. His conversation with Cathie Wood was tweeted and intended to cover AI, Bitcoin among other topics, and Musk was looking forward to it.
Musk admitted to confronting bureaucratic impediments causing a delay in launching payments on the social media network. He confessed to not being aware of any potential hurdles that could cause their applications to be rejected, on the contrary, he admitted X was slightly tardy in turning in all the essential paperwork. Crypto fans harbored hopes that Musk might incorporate his favored cryptocurrencies, specifically Dogecoin and Bitcoin, as a part of the X payment scheme. However, Musk never validated this and it seems he’s further thwarted crypto enthusiasts by proclaiming he spends very little time contemplating digital currencies.
Although Musk has cooled off towards crypto, Tesla still holds roughly $148 million Bitcoin in its financial statements and accepts Dogecoin for purchases from the Tesla Shop. Rumors in 2022 also indicated that The Boring Company (TBC), Musk’s underground construction business, had started accepting Dogecoin for transiting its Las Vegas system.
Responding to a query posed by his proprietary AI project, Grok, Musk claimed that he hardly ever thinks about cryptocurrency. Musk pictures money and digital assets as a "resource allocation database". He also mentioned that provided government entities don't attempt to devalue the currency by manipulating supply, actual currency is satisfactory. Regarding AI, Musk explained one of the key goals for Grok AI was to make it entertaining, so that users would appreciate the interactions.
Published At
12/22/2023 5:28:46 AM
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