Elon Musk says X will launch a payment service in mid-2024.
Elon Musk's ‘everything app' X is expected to launch in-app payment services on the social media platform around mid-2024, though crypto integration seems only a remote possibility for now.
Speaking to ArchInvest's Kathy Wood on Dec. 21 at X Place, Musk said he expects payment services to be fully operational by “mid next year.”
Looking forward to speaking with @elonmusk at X Spaces today at 5pm ET! Can't wait to hear his thoughts on the AI space, Bitcoin and more. join us. https://t.co/LAdIzl7QAa
— Cathie Wood (@CathieDWood) December 21, 2023
Musk said he hopes to launch payments on the social media platform soon, but has been hampered by bureaucratic processes.
Musk says he doesn't know of any “partners” who might see their money transmitter license applications rejected, saying X is “a little late” in submitting all the necessary documents.
Many crypto enthusiasts had hoped that Musk might integrate one of his preferred cryptocurrencies — including Dogecoin (DOGE) and Bitcoin (BTC) — as part of the X payment system.
However, Tesla's CEO has never confirmed this and seems to have put further pressure on crypto-related enthusiasm after he revealed that he spends “barely any” time thinking about digital assets.
Although Musk appears to be new to crypto, Tesla still holds $148 million in Bitcoin on its balance sheet, allowing customers of the electric vehicle maker to purchase goods from Tesla's store in Dogecoin.
In the year In 2022, reports also indicated that Musk's tunnel construction company, The Boring Company (TBC), began allowing customers to pay for rides on the Las Vegas transit system using Dogecoin.
Related: Tesla's humanoid robot is now 30% faster, 22 pounds lighter.
“I don't spend a lot of time thinking about cryptocurrency. Hardly,” Musk said in response to a question from his own artificial intelligence project Grok.
But Musk said he envisions money and digital assets as a “database,” adding that fiat currency is “really good” as long as government actors don't try and debase the currency by controlling its supply.
On the topic of AI, Musk said one of the main development goals for Grok's AI system is to make it a “funny” LLM, saying that if users ask the AI to “fry rudely,” they'll be happy with the results.
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