Elon Musk: From 2024, paying on X will be possible. And Dogecoin?

Elon Musk app

Payment features on X by mid-2024

Yesterday, Musk spoke with Cathie Wood (ARK Invest) during a live event on his social media platform. According to the CEO, the long-awaited launch of payment services is planned for “mid next year”.

He said approval of several applications for money transfer permits would be required, but no significant hurdles are expected at this time. Previously, Musk wanted to launch payment services on X, but said bureaucratic procedures slowed progress. He admitted that X was a little late in submitting all the necessary documents.

Dogecoin and Bitcoin

What does this mean for cryptocurrencies like Dogecoin and Bitcoin? Probably nothing. Musk has never confirmed that he wants to include cryptography. In fact, he says he doesn’t spend much time thinking about cryptocurrencies. Frankly, he has a lot in common with many major companies.

Okay, no encryption. But what then? The new payment services allow users to use integrated payment methods for various purposes, such as purchasing goods, accessing premium features or supporting content creators. This feature is intended to increase activity and interaction within the app and attract more users.

Musk has had a lot to do with crypto in the past, especially during the previous bull market. Musk is a fan of Dogecoin. He mentioned and promoted the coin several times on Twitter, causing its price to rise.

In 2021, Tesla purchased $1.5 billion worth of Bitcoin, and Musk said the company would also accept Dogecoin as payment for goods and services. However, in 2022, Tesla stopped accepting Bitcoin as payment due to concerns about the environmental impacts of the Bitcoin mining process.