Musk's 2024 In-App Payments Launch, Cryptocurrency Delayed

• Elon Musk's 'Everything App' to Launch In-App Payment Services
• Anticipated Timeline for Payment Services
• Potential Hurdles and Licensing Approval
• Disappointment in the Crypto Community
• Tesla's Stance on Cryptocurrencies
• Perspective on Cryptocurrencies
• Objectives for AI Development
• Future of In-App Payment Services on X

Elon Musk's 'Everything App' to Launch In-App Payment Services

Elon Musk, the revered entrepreneur, recently unveiled plans to implement in-app payment services within his holistic 'everything app', known as 'X'. The projected launch date is mid-2024. This revelation was made during a dialogue with ARK Invest's Cathie Wood at an X space event held on December 21.

Anticipated Timeline for Payment Services

Musk laid out his plan for X's in-app payment services, forecasting full functionality by the middle of next year. The manifestation of this projection, however, depends heavily on the approval of several money transmitter license applications. Musk initially aimed to hasten the payment services' launch but cited decelerations due to bureaucratic processes.

Potential Hurdles and Licensing Approval

Throughout their discussion, Musk voiced confidence in obtaining approval for X's money transmitter license applications, asserting unfamiliarity with potential showstoppers that could lead to denial. He did concede that there had been delays in submitting all necessary documentation.

Disappointment in the Crypto Community

Many crypto enthusiasts had hoped that Musk would incorporate a favored cryptocurrency like Dogecoin$0.091 -0.42% (DOGE) into the X payment system. However, Musk did not confirm such a move nor did he express particular enthusiasm for cryptocurrencies, stating that he spends hardly any time contemplating digital assets.

Tesla's Stance on Cryptocurrencies

While Musk's focus appears to have shifted, it's worth noting that Tesla still holds around $148 million in Bitcoin$42,260 -0.64% on its balance sheet. Additionally, Tesla customers can use Dogecoin for purchases from the Tesla Shop. Reports from 2022 revealed that Musk's tunnel construction company, The Boring Company (TBC), began accepting Dogecoin for rides on its Las Vegas transit system.

Perspective on Cryptocurrencies

In response to a query from his AI project, Grok, Musk confessed to not spending much time considering cryptocurrency. Nonetheless, he offered insights into his views on money and digital assets, which he sees as a database for resource allocation. Musk also showed acceptance of fiat currency, provided that state-level actors avoid manipulating its supply and devaluing it.

Objectives for AI Development

In discussions about the Grok AI system, Musk underlined the primary aim of making it the funniest language model. Users can request a vulgar roast from the AI, and Musk envisions the results to be amusing.

Future of In-App Payment Services on X

Musk's announcement about the upcoming launch of in-app payment services on X brings new opportunities in the tech scene. Even though Musk's interest in cryptocurrencies appears to have waned, X's payment services developments hold potential for fresh financial solutions. The uncertain stance on crypto integration leaves the community keen to see how X will influence the future of transactions in the social media sphere.

Edited by Jonathan Stoker