Elon Musk’s revamped social media entity, X (previously known as Twitter), is gearing up to introduce in-app payment services. This anticipated feature is slated for a mid-2024 release. Musk shared these insights during a conversation with Cathie Wood of ARK Invest on December 21. He indicated that the launch timeline hinges on obtaining various money transmitter licenses, a process currently in motion.
Musk acknowledged the slower-than-expected progress in this venture, attributing it to the complex bureaucratic landscape. Despite no apparent hurdles that could derail their license applications, he admitted to some delays in submitting the required documentation. This revelation came during an X space discussion, shedding light on the challenges faced in broadening the platform’s capabilities.
In a turn of events, Musk’s focus on cryptocurrency seems to have diminished. Despite previously showing keen interest in digital assets, he recently revealed a minimal engagement with the crypto world. This shift is intriguing, given Tesla’s continued Bitcoin holdings, estimated at around $148 million, and its acceptance of Dogecoin for merchandise purchases. Furthermore, Musk’s other venture, The Boring Company, has embraced Dogecoin for payments within its Las Vegas transit system.
Musk’s Perspective on Currency and AI Innovations
Delving deeper into his views on currency, Musk perceives both money and digital assets as tools for allocating resources. He emphasizes the functionality of fiat currency, provided there is no manipulation of its supply by state entities. This approach reflects a pragmatic view of the financial ecosystem, balancing traditional and digital currencies.
Simultaneously, Musk’s endeavors in artificial intelligence continue to evolve. A notable project, Grok AI, aims to be the most humorous large language model. Musk envisions this AI system providing entertaining responses, especially to unconventional requests from users. This development aligns with his broader vision of integrating advanced technology into everyday experiences, making interactions more engaging and personalized.