Elon Musk’s X App Set to Introduce Payments Feature by Mid-2024 Amid Crypto Speculation
Elon Musk’s ambitious plans to transform the once microblogging platform, Twitter, now rebranded as X app, are gaining traction as the tech mogul unveiled intentions to integrate a payments feature by mid-2024. Musk’s vision for X revolves around morphing it into an expansive ‘everything app’, pivoting from its initial microblogging roots. However, while discussing the impending payments feature, Musk notably omitted any mention of cryptocurrencies, sparking speculation among fervent crypto enthusiasts on the platform.
In an interview with ARK Invest’s Cathie Wood, Musk disclosed the pending license approvals necessary for X to function as a money transmitter, estimating the rollout of the payments feature by mid-2024 contingent upon these approvals. Acknowledging the delay in the application process, Musk refrained from revealing plans for crypto integration into the payment feature. Contrary to earlier engagements with cryptocurrencies, Musk recently indicated minimal contemplation on digital assets during an interaction prompted by his own GenAI initiative called Grok.
Despite Musk’s apparent detachment from cryptocurrencies with X, intriguing observations surface regarding Musk’s other ventures’ crypto involvement. While Tesla retains Bitcoin holdings valued at $148 million, the company allows purchases of select merchandise using Dogecoin. Additionally, Musk’s tunnel construction firm, The Boring Company, facilitated payments in DOGE for rides on the Las Vegas transit system in 2022.
Amid these developments, Musk’s silence on cryptocurrencies within the context of X’s upcoming payment feature has left room for conjecture. Previously, reports hinted at Musk proposing Dogecoin as a payment option for Twitter Blue services, yet concrete steps towards crypto integration within X remain elusive. As the platform progresses towards its transformation into an ‘everything app’, whether X intends to embrace crypto transactions remains uncertain.
While X has obtained currency transmitter licenses in multiple states, Musk’s deliberate omission of crypto amidst the pending payments feature rollout continues to stimulate discussions among users, amplifying curiosity around the platform’s stance on cryptocurrency integration in its future endeavors.
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