In a world where digital transactions are becoming the norm, Elon Musk’s “everything app”, X (formerly Twitter), is set to revolutionize the way we interact with social media. Expected to launch its in-app payment services by mid-2024, X is poised to redefine the digital landscape. However, the integration of cryptocurrencies now seems a distant possibility.

The Announcement

In a recent X space held on December 21, Musk revealed his plans to ARK Invest’s Cathie Wood. He expressed his anticipation for the payment services to be fully operational by the “middle of next year”. This, however, is contingent on the approval of several money transmitter license applications.

Musk admitted that bureaucratic processes had delayed the launch of payments on the platform. Despite this, he remains optimistic, stating that he wasn’t aware of any potential “showstoppers” that might result in their license applications being rejected.

Crypto Integration: A Fading Hope

Many crypto enthusiasts had hoped that Musk might integrate one of his preferred cryptocurrencies, including Dogecoin and Bitcoin, into the X payments system. However, Musk has never confirmed this and appears to have dampened crypto-related enthusiasm after revealing he spends “hardly any” time thinking about digital assets.

Despite Musk’s seemingly newfound indifference to crypto, Tesla still holds some $148 million in Bitcoin on its balance sheet. The electric vehicle manufacturer even allows customers to buy merchandise from the Tesla Shop with Dogecoin.

Musk’s Views on Cryptocurrency and AI

Musk sees money and digital assets as a “database for resource allocation”. He believes that fiat currency is “actually fine” as long as state actors don’t attempt to debase the currency by manipulating its supply.

On the topic of AI, Musk shared that one of the primary development goals for the Grok AI system was to make it the funniest large language model. He assured that users would enjoy the outcome if they asked the AI for a “vulgar roast”.

Conclusion

As we step into the future, the anticipation surrounding Elon Musk’s X app and its potential impact on digital transactions is palpable. While the absence of crypto integration may disappoint some, the focus on creating a seamless in-app payment system is a testament to Musk’s vision of simplifying digital interactions. Despite the regulatory hurdles and bureaucratic delays, the launch of this service could mark a significant milestone in the evolution of social media platforms. As we await the unveiling of this service in mid-2024, one thing is certain – the digital landscape is set for another disruption.