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Key Takeaways
- Elon Musk plans to introduce payment services on X by mid-2024, subject to money transmitter license approvals;
- Musk’s interest in cryptocurrency appears to have waned, with a focus on fiat currency as a resource allocation tool;
- Despite Musk’s evolving stance on crypto, Tesla retains a substantial Bitcoin holding, and Dogecoin is accepted for purchases.
Elon Musk has disclosed plans to introduce payment services on X (formerly Twitter), targeting a launch date in the middle of 2024.
While this development has garnered significant attention, it appears that Musk’s “everything app” may not incorporate cryptocurrencies, though.
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In a recent conversation with Cathie Wood of ARK Invest within the X space on December 21, Musk outlined his expectations for the launch of in-app payment services, indicating that it is contingent on obtaining necessary money transmitter licenses.
Musk expressed his desire for a swifter deployment but cited bureaucratic processes as a hindrance.
Regarding the money transmitter license applications, Musk stated that he doesn’t see any “showstoppers,” despite acknowledging that X had faced delays in submitting required documentation.
The crypto community had harbored hopes that Musk might integrate his favored cryptocurrencies, such as Dogecoin and Bitcoin, into the X payments system. However, Musk’s recent statements indicate a reduced interest in digital assets.
He admitted to dedicating minimal time to cryptocurrency and emphasized his perspective on money and digital assets as essential tools for resource allocation. Musk noted that fiat currency remains acceptable, as long as it remains free from manipulation by state actors.
Interestingly, while Musk may have shifted his focus away from cryptocurrencies, Tesla still holds approximately $148 million worth of BTC on its balance sheet.
Furthermore, Tesla customers can purchase merchandise from the Tesla Shop using DOGE, and Musk’s tunnel construction firm, The Boring Company, reportedly allows customers to pay for rides on its Las Vegas transit system with DOGE as well.
Ain is the Lead Crypto Researcher. Her vast experience with crypto and blockchain tech-related content allows her to identify the key pieces of information that should be presented to the learner, and ensure the validity of the gathered data.
With a degree in New Media studies, she has developed an extensive list of techniques to educate people via new, research-proven study models based on deduction and long-term human memory.
Ain approaches everything with unequivocal attention to detail. Her main goals are to erase the ambiguity surrounding many Web3 concepts, and to guide content writers in presenting difficult crypto-related concepts in an easy-to-understand manner.
Even though content strategy is her main passion, Ain also enjoys reading high-fantasy books and watching superhero movies.
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