Musk Foresees X's Payment Feature Debut in 2024

Musk Discusses Future Plans in Recent Interview

Elon Musk, the entrepreneurial mind behind X, has shared insights about the anticipated launch of the platform's payment services. These developments are slated for the middle of 2024. This revelation emerged in a conversation with Cathie Wood of ARK Invest on December 21st during an X space event.

The platform, often referred to as an 'everything app,' is branching out. It plans to incorporate payment functionalities within its existing social media framework. Musk's vision includes the complete roll-out of these services, subject to the successful acquisition of necessary money transmitter licenses.

Delays have marked the journey towards this innovation. Musk cited bureaucratic hurdles as the primary cause for not introducing the payment feature earlier. However, he remains optimistic, not foreseeing major obstacles that could hinder the license applications. Musk admits that the submission of required documents for this process did not occur promptly.

Cryptocurrency enthusiasts have been closely monitoring this development. There was speculation that Musk might favor incorporating cryptocurrencies such as Dogecoin and Bitcoin into X's payment system. However, Musk has not confirmed such integrations. He recently expressed a minimal focus on digital assets, a statement that tempers the crypto community's excitement.

Despite this, Tesla, another of Musk's ventures, maintains a significant Bitcoin holding. It also accepts Dogecoin for certain merchandise purchases. The Boring Company, also under Musk's leadership, has embraced Dogecoin for payments in its Las Vegas transit system.

Musk's attention, however, seems only marginally drawn to the world of cryptocurrency. He views digital assets and money in general as databases for resource allocation. Musk believes fiat currency functions adequately, provided it is not manipulated by state actors.

In a lighter vein, Musk spoke about the Grok AI project. He aims to develop the AI into an entertaining entity, capable of generating humorous responses, including "vulgar roasts" as per user requests.

While Musk's venture into integrated payment services marks a significant step for X, his lukewarm stance on cryptocurrency integration might disappoint some enthusiasts.