Elon Musk Unveils Mid-2024 Launch Plan: Send Money Through Tweets!
Elon Musk’s latest venture, ‘X,’ is making waves in the news as he aims to transform Twitter into a platform where sharing thoughts can also involve sending money. However, despite his involvement with Bitcoin through Tesla, Musk appears to be less focused on cryptocurrency for ‘X’ transactions.
During a recent conversation with ARK Invest’s Cathie Wood, Musk revealed his plans for ‘X.’ He hopes to have a fully integrated payment system in place by the middle of 2024. However, there is a slight obstacle to overcome as they need approval for certain money transmitter licenses, which has caused some bureaucratic delays.
Musk and CEO Linda Yaccarino remain optimistic, with Yaccarino seeing 2024 as a significant opportunity. Musk believes that ‘X’ will be fully operational by the middle of next year.
When asked about his thoughts on cryptocurrency by his AI project, Grok, Musk surprised many with his response. He stated that he doesn’t spend much time thinking about cryptocurrency at all, although he did emphasize the need to protect against currency manipulations.
Initially, there was speculation about using cryptocurrencies like Dogecoin and Bitcoin for transactions on ‘X.’ However, Musk now appears to be less enthusiastic about that idea. Despite Tesla still holding a significant amount of Bitcoin, Musk mentioned that he doesn’t dwell on digital currencies as much anymore.
On the other hand, Tesla, under Musk’s leadership, does hold a substantial amount of Bitcoin reserves. However, Musk’s recent comments indicate a shift away from his previous focus on cryptocurrencies. Reports from 2022 suggested that Musk’s companies, including Tesla and The Boring Company, were considering crypto acceptance, with Dogecoin being used for rides on The Boring Company’s transit system in Las Vegas.
While discussing the relationship between money, digital assets, and fiat currency, Musk emphasized the importance of resource allocation and the stability of fiat currency when not manipulated by the political system.
In the midst of these discussions, ‘X’ achieved a significant milestone by obtaining its 13th money-transmitter license in Pennsylvania. This achievement allows ‘X’ to facilitate money transfers within its platform, similar to the services provided by PayPal’s Venmo.
As ‘X’ prepares to revolutionize social media transactions, the question arises: Is Musk distancing himself from cryptocurrencies?