Tech Mogul Elon Musk’s latest venture, ‘X,’ is poised to roll out in-app payment services on its social media platform around mid-2024. However, the integration of cryptocurrencies, previously a subject of speculation and excitement among crypto enthusiasts, now appears to be a remote possibility.
Approval pending for money transmitter license applications
In a recent conversation with ARK Invest’s Cathie Wood on December 21st, Elon Musk shared his expectations regarding the launch of payment services within the X platform.
Musk anticipated a full-scale launch sometime in the “middle of next year,” contingent upon the approval of various money transmitter license applications. While Musk admitted to hoping for a swifter rollout of payments on the social media platform, he acknowledged being bogged down by bureaucratic processes.
Despite the hopes of many crypto enthusiasts, Elon Musk has not officially confirmed the inclusion of his preferred cryptocurrencies, such as Dogecoin and Bitcoin, as part of the X payments system.
This revelation has cast doubt on the previously speculated integration, further exacerbated by Musk’s recent assertion that he dedicates “hardly any” of his time to contemplating digital assets.
Nevertheless, Tesla, under Musk’s leadership, still holds a substantial $148 million worth of Bitcoin on its balance sheet. Moreover, Tesla customers are provided with the option to purchase merchandise from the Tesla Shop using Dogecoin.
In 2022, reports emerged indicating that Musk’s tunnel construction company, The Boring Company (TBC), initiated the acceptance of Dogecoin as payment for rides on its Las Vegas transit system.
Musk’s disinterest in cryptocurrency
“I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all,” Musk stated in response to a question posed by his own artificial intelligence project, Grok. This statement underscores a notable shift in Musk’s stance towards digital assets.
In his explanation, Musk portrayed money and digital assets as integral components of a “database for resource allocation.” He expressed contentment with fiat currency, labeling it as “actually fine” as long as state actors refrained from manipulating its supply to debase the currency.
Musk also provided insights into the development goals of the Grok AI system. According to Musk, one of the primary objectives for Grok is to be the “funniest” large language model (LLM) available. He suggested that users could request a “vulgar roast” from the AI, promising an enjoyable outcome.
The prospects of Grok AI expanding its entertainment and humor capabilities could have far-reaching implications for the AI and content creation industries.
