Social media platform X is set to move closer to Elon Musk’s goal of becoming an ‘app for everything’ in the new year, with the world’s richest person recently saying the platform is expected to launch in-app payment services by mid-2024.
Musk made the comments during a discussion with Cathy Wood, who runs Arc Investments, last weekend, saying he expects the payment services to be fully launched by “the middle of next year,” pending approval of several money transfer license applications.
While cryptocurrency proponents were hoping that the conversation would lead to a positive discussion about cryptocurrencies and their potential integration with the X platform, Musk noted that the possibility of integrating tokens such as Bitcoin (BTC) or DOGE is out of reach.
In response to a question from Cathy Wood written by Grok — Musk’s artificial intelligence (AI) platform integrated with X — about the potential impact of Bitcoin on the financial system, Musk said, “I don’t spend much time thinking about cryptocurrencies.” This dashed the hopes of cryptocurrency advocates about the interest of the world’s richest man in the industry.
As for his plans to integrate payment services, Musk said he had hoped to launch X payments sooner but was slowed down by the bureaucratic processes involved.
Musk said things seem to be on track now, as he’s not aware of any potential ‘surprises’ that might lead to the rejection of their money transfer license applications while also acknowledging that X was a bit late’ in filing all the required requirements.
While X currently has no plans to integrate cryptocurrencies, other Musk companies still support the industry in other ways. Tesla’s balance sheet (NASDAQ:TSLA) for the third quarter shows that the company owned nearly $184 million in digital assets as of the end of September, and customers can purchase goods from a Tesla store using Dogcoin.