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In a recent conversation with Ark Invest’s Cathie Wood, Elon Musk, the influential entrepreneur, and CEO of X (formerly Twitter), unveiled a new estimate for the launch of payment features on the platform. According to Musk, users can expect the introduction of payment features on X by mid-2024. This announcement comes amidst a broader discussion on the role of traditional currency and Musk’s perspective on the significance of cryptocurrency.
- Musk’s Stance on Traditional Currency
- Downplaying the Importance of Cryptocurrency
- X’s Licensing Progress
- Ark Invest’s Role in the Conversation
- Musk’s Vision for X’s Financial Ecosystem
- The Implications of Musk’s Cryptocurrency Disinterest
Elon Musk emphasized the role of money as a “database for resource allocation.” He expressed the belief that traditional currency adequately serves this purpose as long as governments do not excessively interfere with the system. Musk’s comments suggest a preference for stability and established financial systems over the volatility associated with cryptocurrencies.
In the same conversation, Musk downplayed the importance of cryptocurrency in his strategic thinking, stating, “I don’t spend a lot of time thinking about cryptocurrency — hardly any at all.” This perspective raises questions about Musk’s long-term vision for X and how the platform will navigate the evolving landscape of digital currencies.
In recent months, X has been actively securing licenses in various U.S. states, positioning itself to handle peer-to-peer payments and other money transfers akin to services provided by platforms like PayPal. The most recent license acquisition in Pennsylvania, obtained in mid-December, brings X’s total licenses to an impressive 13…
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