Elon Musk says X payments likely by mid-2024 Elon Musk says X payments likely by mid-2024
Musk also downplayed the importance of cryptocurrency, saying that he spends "hardly any" time thinking about it..
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Updated: Dec. 22, 2023 at 11:59 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Elon Musk provided a new estimate concerning the launch of payment features on X (formerly Twitter), as reported by Fortune on Dec. 22.
Musk said that X will likely introduce payment features in mid-2024. Musk appeared to emphasize a focus on traditional currency: he argued that money acts as a “database for resource allocation” and sufficiently serves this purpose so long as governments do not interfere with the system excessively.
He also downplayed the importance of cryptocurrency in general, stating: “I don’t spend a lot of time thinking about cryptocurrency—hardly any at all.”
In recent months, X has obtained licensing in several U.S. states that will allow it to handle peer-to-peer payments and other money transfers in a manner that is similar to PayPal. The company obtained the most recent of those licenses in Pennsylvania in mid-December, increasing its licenses to 13 in total.
Musk has stated that X plans to offer various money features, including securities investments and the ability to handle users’ “entire financial life.” Past estimates suggested that X’s financial features would be available by the end of 2024.
Musk spoke to Ark Invest’s Cathie Wood
Musk made his latest statements in an X Spaces conversation with Ark Invest CEO Cathie Wood, whose firm is currently attracting attention for another reason.
Ark Invest, in partnership with 21Shares, is one of many spot Bitcoin ETF applicants. Its application is the first due to receive a decision U.S. Securities and Exchange Commission (SEC), on Jan. 10, 2024. Its first-in-line status, combined with recent engagement with the regulator, has led many experts to believe that the SEC will approve a spot Bitcoin ETF by the Jan. 10 deadline.
The latest conversation, however, is seemingly connected to Ark’s investment in Tesla. Reports from MarketWatch indicate that Ark Invest purchased 111,387 shares of Musk’s Tesla on Dec. 20 and that Wood was an early investor in Tesla.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
Tesla
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
Cathie registered ARK Investment Management LLC (“ARK”) as an investment adviser with the U.S.