X to Introduce Payment Services by Mid-2024; According to Elon Musk

Elon Musk Twitter Grok X

Elon Musk, who owns X, plans to start X payments around the middle of next year. He’s excited about bringing this service to life and making it available for everyone to use. The goal is to make payments more convenient and accessible for people like you!

Elon Musk’s ‘everything app,’ X, is getting ready to introduce in-app payment services on its social media platform by around the middle of 2024. While the idea of using cryptocurrencies in the app is now less likely, the focus remains on making it easier for users to make payments within the social platform. So, soon you might be able to pay for things right from your favorite social app!

Elon Musk Anticipates X Payment Services Launch in Mid-2024

In a recent conversation with ARK Invest’s Cathie Wood on December 21 in a space hosted by X, Elon Musk shared his expectations for the full launch of payment services, aiming for the “middle of next year.” However, this timeline is contingent upon the approval of various money transmitter license applications.

Expressing his desire for an earlier implementation of payments on the social media platform, Musk cited bureaucratic processes as a hindrance to the speed of development. Despite delays, he conveyed optimism and mentioned being unaware of any significant obstacles that might lead to the rejection of their money transmitter license applications. Musk acknowledged that X had been somewhat tardy in submitting all the necessary documents.

Many crypto enthusiasts had speculated that Musk might integrate his favored cryptocurrencies, such as Dogecoin (DOGE) and Bitcoin (BTC), into the X payments system. However, Musk has not confirmed this, and he tempered crypto-related enthusiasm by revealing that he devotes “hardly any” time to contemplating digital assets. As a result, uncertainties persist regarding the integration of specific cryptocurrencies into X’s payment platform.

Musk’s Dual Stance on Cryptocurrency and AI Humor

Despite Elon Musk’s recent statements indicating a decreased interest in cryptocurrency, Tesla retains a significant $148 million worth of Bitcoin on its balance sheet. Notably, Tesla continues to accept Dogecoin for purchases of merchandise through the Tesla Shop. In a surprising turn, Musk’s tunnel construction company, The Boring Company (TBC), reportedly started accepting Dogecoin as payment for rides on its Las Vegas transit system in 2022.

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Tesla’s Frequently Asked Questions page on Dogecoin. Source: Tesla

In response to a question posed by his own artificial intelligence project, Grok, Musk admitted to spending minimal time contemplating cryptocurrency. However, he shared a unique perspective, envisioning money and digital assets as a “database for resource allocation.” Musk expressed contentment with fiat currency, as long as state actors refrained from manipulating its supply to prevent debasement.

Shifting focus to artificial intelligence, Musk highlighted a primary development goal for the Grok AI system — making it the “funniest” language model. He humorously mentioned that users seeking a “vulgar roast” from the AI could anticipate an enjoyable response. Musk’s multifaceted approach reflects both his pragmatic views on currency and his pursuit of humor in AI development.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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