Elon Musk has just announced plans for the introduction of in-app payment services on his social media network X (formerly Twitter).
Musk revealed this information during a conversation with Cathie Wood of ARK Invest at an X space event on December 21.
While the news has generated significant buzz, Musk dampened expectations regarding the immediate integration of cryptocurrency into X's payment services.
Musk envisions the in-app payment services on X becoming fully functional by mid-2024.
However, the realization of this ambitious timeline is dependent on the approval of various money transmitter license applications. Acknowledging initial aspirations to expedite the launch, Musk cited bureaucratic hurdles as a cause for the delay.
Despite his reputation as a cryptocurrency enthusiast, Musk refrained from committing to integrating digital assets into X's payment system. His remarks suggested a notable shift in focus, with Musk stating that he spends "hardly any" time contemplating digital currencies.
This revelation might come as a disappointment to crypto proponents, especially given Tesla's current holdings of approximately $148 million in Bitcoin and its acceptance of Dogecoin for purchases in the Tesla Shop.
In response to a question from his AI project Grok, Musk expressed a pragmatic view of money and digital assets, seeing them as a "database for resource allocation."
He noted that fiat currency could be effective as long as it isn't devalued through manipulation by state actors.
Musk also touched upon his goals for the Grok AI system, aiming to develop the "funniest" language model. He mentioned an intriguing feature where users could request a "vulgar roast" from the AI, promising enjoyable outcomes.