The social media platform X, formerly Twitter, will support payment services from mid-2024. This is a big step towards realizing a so-called “everything app”, i.e. an app that supports a wide range of services. However, it is unclear whether this means Elon Musk’s platform will support crypto payments.
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Government and Regulation
Social media platform X (Twitter) will launch payment services
In a conversation On X with ARK Invest CEO Cathie Woods, Elon Musk hinted that the app will launch payment services “sometime in mid-2024.” For now, we have to wait for the approval of several payment licenses.
Musk also says that he initially wanted to introduce payment services on X sooner. However, bureaucratic hurdles stood in the way. He also says that X is “somewhat late” in submitting the necessary documents to comply with licensing requirements.
Crypto as a means of payment on X?
But does the introduction of in-app payment services mean there will be crypto integration? Musk has been an outspoken fan of cryptocurrencies and Dogecoin (DOGE) in particular for years. Many crypto fans secretly assume that Musk will do something with crypto on his social media platform
Tesla has also invested in Bitcoin in the past. Tesla’s Bitcoin purchase was big news in February 2021 and a major catalyst for the bull run that followed. Of the initial $1.5 billion Bitcoin investment, only $148 million in BTC remains on Tesla’s balance sheet.
Unfortunately, there is currently no solid evidence that crypto integration on X is actually planned. Musk also says he has “almost no time” to think about crypto. However, the billionaire is considered an unpredictable and spontaneous figure. The idea certainly cannot be thrown out of the table yet.
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