Elon Musk Unveils X’s Payment Service Plan, Targeting Mid-2024 Launch

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X to replace your bank? Elon Musk’s grand vision for Twitter, rebranded as ‘X,’ goes beyond mere tweets and hashtags. Imagine a social media platform that doubles as your financial hub—a one-stop ‘everything app.’ Musk, the mastermind behind this audacious idea, envisions X as a place where sharing thoughts seamlessly transitions into sending money.

Musk Reveals the Timeline for Payment Services

In a recent discussion with ARK Invest’s Cathie Wood on Dec. 21, Musk unveiled the projected timeline for X’s payment services, aiming for a full-fledged rollout by the middle of next year. However, this ambitious plan hinges on approving several pending money transmitter license applications, acknowledging delays attributed to bureaucratic processes.

Elon Musk has announced his vision for in-app payment services on X, aiming for full functionality by the middle of next year. However, this timeline depends on the approval of money transmitter license applications. Musk initially aimed to expedite the launch, but bureaucratic processes delayed it. CEO Linda Yaccarino also believes this is a “full-fledged opportunity” in 2024, and Musk believes it would be astonishing if not fully implemented by mid-next year.

What about Crypto? Why Elon Changed Tracked? 

“I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all,” Musk answered a question by Grok, his AI project. However, his comments underscore the critical importance of preventing currency manipulation in today’s financial landscape.

Initially, there was a buzz about using cryptocurrencies like Dogecoin (DOGE) $0.09 and Bitcoin (BTC) $44,217 on ‘X’ for these transactions. But Musk seems less keen on that idea lately. Even though Tesla still holds a stash of Bitcoin, Musk mentioned he doesn’t dwell much on digital currencies anymore. 

On the flip side, Tesla, under Musk’s leadership, holds a significant amount of Bitcoin reserves; the CEO himself admitted to dedicating minimal thought to digital assets, signaling a shift away from a prior crypto-centric focus. Notably, reports in 2022 suggested Musk’s companies, including Tesla and The Boring Company, flirted with crypto acceptance, with Dogecoin notably used for rides on The Boring Company’s Las Vegas transit system. 

Licensing and Regulatory Hurdles

Addressing the dynamics between money, digital assets, and fiat currency, Musk highlighted the importance of resource allocation, emphasizing fiat currency’s stability if not manipulated by the state’s political system.

Amidst these discussions, ‘X’ achieves a substantial milestone: acquiring its 13th money-transmitter license in Pennsylvania, which was disclosed through a public licensing database on December 15. This breakthrough empowers ‘X’ to facilitate money transfers within its platform, akin to services provided by PayPal’s Venmo, marking a significant stride toward Musk’s vision of an all-encompassing app.

Does this mean Elon Musk has less interest in crypto assets? X’s payment services spark hope for future financial innovation. The crypto community awaits X’s impact on social media transactions and Crypto.