Elon Musk, the visionary entrepreneur behind X, anticipates the launch of in-app payment services on the social media platform around mid-2024. Musk shared this insight during a conversation with Cathie Wood from ARK Invest about a recent X space event. While Musk expressed optimism about the mid-2024 launch, the integration of cryptocurrencies, including his favorites like Dogecoin and Bitcoin, remains uncertain. This development aligns with X's broader vision of becoming an 'everything app' with multifaceted functionalities.
Timeline and Regulatory Hurdles: According to Musk, the in-app payment services were initially intended to launch sooner, but bureaucratic processes have caused delays. Musk mentioned the pending approval of money transmitter license applications as a crucial factor for the envisioned mid-2024 launch. Despite these regulatory hurdles, Musk expressed confidence in the process, stating that there are no apparent "showstoppers" that might lead to license application rejections.
Crypto Enthusiasts' Hopes Dashed: Speculation among crypto enthusiasts centered around the possibility of Musk integrating cryptocurrencies into X's payment system. However, Musk has not confirmed such integration, dampening the hopes of those anticipating direct crypto involvement in the payment functionality. Musk's recent comments indicate a shift in his attention away from digital assets, revealing that he spends "hardly any" time contemplating cryptocurrency-related matters.
Tesla's Continued Crypto Presence: Despite Musk's apparent indifference to crypto, it's noteworthy that Tesla, under his leadership, still holds approximately $148 million in Bitcoin on its balance sheet. Additionally, Tesla enables customers to make purchases from the Tesla Shop using Dogecoin, showcasing the ongoing crypto engagement within the Tesla ecosystem. Reports from 2022 also suggested that Musk's tunnel construction company, The Boring Company, allowed Dogecoin payments for rides on its Las Vegas transit system.
Musk's Perspective on Money and Digital Assets: In response to questions posed by his Grok AI system, Musk shared his perspective on money and digital assets. He characterized money and digital assets as a "database for resource allocation." Musk expressed contentment with fiat currency, deeming it "actually fine" as long as state actors refrain from manipulating its supply to avoid currency debasement.
AI Development and Humor as a Priority: Musk provided insights into the development goals of the Grok AI system, highlighting humor as a primary focus. Describing the ambition to make Grok the "funniest" language model, Musk suggested that users could enjoy humorous outcomes when seeking a "vulgar roast" from the AI. This emphasis on humor aligns with Musk's broader vision of infusing AI with entertaining and engaging qualities.
Conclusion: Elon Musk's announcement of the mid-2024 launch for X's in-app payment services marks a significant milestone in the platform's evolution into an 'everything app.' While the integration of cryptocurrencies remains uncertain, Musk's insights into the regulatory landscape and his own evolving views on digital assets provide valuable context. As X continues its multifaceted development, the engagement of Musk's AI projects and the emphasis on humor underscore the visionary approach toward creating a dynamic and entertaining user experience within the X ecosystem.
(TOM MITCHELHILL, COINTELEGRAPH, 2023)