Elon Musk, the visionary behind the tech revolution, has hinted at the imminent launch of in-app payment services on his all-encompassing platform, X, formerly known as Twitter. Anticipated to roll out around mid-2024, Musk conveyed his expectations during a conversation with Cathie Wood from ARK Invest in the unique space of X on December 21.
In this exclusive discussion, Musk revealed that the full-fledged implementation of payment services is contingent upon the approval of multiple money transmitter license applications. Expressing his desire for an earlier launch, Musk lamented being bogged down by bureaucratic red tape, emphasizing that the application process had been more time-consuming than anticipated.
Despite Musk’s optimism, the integration of cryptocurrencies into the X payment system appears increasingly unlikely. While many enthusiasts hoped for the inclusion of Musk’s favored digital assets like Dogecoin and Bitcoin, the Tesla CEO dismissed these notions, citing his recent disinterest in digital currencies.
During the interview, Musk disclosed that he dedicates minimal mental bandwidth to cryptocurrency matters. Addressing a question generated by his own AI project, Grok, he asserted, “I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all.”
This revelation, however, doesn’t negate Tesla’s significant Bitcoin holdings, amounting to a staggering $148 million on the company’s balance sheet. Moreover, Tesla enthusiasts can still utilize Dogecoin for purchasing merchandise from the Tesla Shop, highlighting a continued association with the crypto realm.
In a surprising turn of events, Musk’s tunnel construction venture, The Boring Company, allowed customers in 2022 to pay for rides on its Las Vegas transit system using Dogecoin, further illustrating Musk’s nuanced relationship with digital currencies.
Musk’s Unique Take on Money, Digital Assets, and AI Comedy
Despite his apparent indifference to crypto, Musk shared his unconventional perspective on money and digital assets during the conversation. He envisions them as a “database for resource allocation,” asserting that fiat currency remains acceptable as long as state actors refrain from manipulating its supply.
Transitioning to the topic of artificial intelligence, Musk shed light on the primary development goal of his AI system, Grok. Beyond conventional applications, Musk aspires to make Grok the most humorous large language model. Users can apparently solicit the AI for a “vulgar roast,” promising an entertaining outcome.
As X gears up for its in-app payment services debut, the tech world eagerly awaits Musk’s next move, wondering if his ambitious platform will indeed reshape social media or bring about unforeseen disruptions in the financial landscape.
