Elon Musk has announced plans to introduce a payments feature on the X app, formerly known as Twitter, by mid-2024. The tech entrepreneur has been focused on transforming X into an ‘everything app.’ Before Musk’s acquisition, Twitter was primarily recognized as a microblogging platform. Notably, Musk did not mention cryptocurrencies while discussing the new payment functionalities, despite ongoing requests for crypto payment options from the platform’s enthusiastic users.
In an interview with ARK Invest’s Cathie Wood, Musk indicated that multiple license approvals are necessary before X can operate as a money transmitter. He stated that users can expect to wait until mid-2024 for the new payments feature to be fully implemented. While he acknowledged that X has been somewhat delayed in submitting the required applications, he did not provide any insights into potential integration of cryptocurrencies with the forthcoming payment system. In fact, Musk recently remarked that he spends “hardly any” time thinking about digital assets, a comment made in response to inquiries generated by his AI initiative, Grok.
This apparent lack of interest in the cryptocurrency market has ignited conversations among users on social media. One user even mentioned in a tweet their wish for the X platform to incorporate crypto payments to facilitate broader human collaboration.
Someone asked me today: “What is one company that you admire, and what would you change about it?”
Without thinking I said, “Elon Musk’s Twitter -X platform, I would equip it with crypto payment to enable the largest scale human collaboration in Decentralized Autonomous…”
— Misa Zhang 梅莎 (@TheActualMisa) December 21, 2023
As of August, X has secured a currency transmitter license in several states, including Rhode Island, Michigan, Missouri, and New Hampshire.
Interestingly, while Musk has remained largely quiet about cryptocurrencies, his electric vehicle company, Tesla, still holds Bitcoin assets valued at approximately $148 million. Tesla also allows customers to purchase select merchandise with Dogecoin. Furthermore, last year, reports indicated that Musk’s tunnel construction venture, The Boring Company, was accepting DOGE for transit rides in Las Vegas.
In April, Musk proposed Dogecoin as a payment method for users wishing to subscribe to Twitter Blue services, but this initiative did not materialize as the year progressed. At this stage, it is uncertain whether X intends to incorporate cryptocurrency transactions within its upcoming payments feature.
