Elon Musk to Upgrade Tesla Model X With Payment Features Soon; No Confirmation on User-Requested Crypto Integration

Elon Musk Aims to Transform Tesla Model X into an ‘Everything App’

Elon Musk has revealed his intentions to incorporate payment features into the X app (formerly Twitter) by mid-2024.

Musk, a tech mogul and billionaire, is actively working to reshape X into what he calls an ‘everything app.’

Before Musk’s involvement, Twitter was primarily known as a microblogging platform.

Notably, Musk did not mention cryptocurrencies when discussing his plan to introduce digital payment features to X.

Despite strong user interest, especially among cryptocurrency enthusiasts, there is no confirmation regarding the integration of crypto payments on the X platform.

Elon Musk informed ARK Invest’s Cathie Wood in an interview on Thursday that the implementation of payment features on X is pending several license approvals.

Musk indicated that X needs to secure these approvals before it can function as a money transmitter. Consequently, users may need to wait until mid-2024 before the payment feature becomes available on the platform.

Although Musk acknowledged that X was a bit behind in submitting the required applications, he did not disclose any plans to integrate cryptocurrencies with X’s upcoming payment feature.

Elon Musk, in an interview with ARK Invest’s Cathie Wood on Thursday, mentioned that several license approvals are pending before X can operate as a money transmitter.

Musk suggested that users might need to wait until mid-2024 for the payments feature to be fully rolled out on the platform.

Despite acknowledging that X was somewhat delayed in submitting the necessary applications, Musk did not disclose any plans to integrate cryptocurrencies with X’s upcoming payment feature. In a separate context, Musk recently stated that he spends “hardly any” time contemplating digital assets, responding to a question generated by his own artificial intelligence initiative called Grok.

Elon Musk’s apparent disinterest or lack of engagement with the crypto sector has generated discussions among users on the social media platform. The tech mogul’s stance on cryptocurrencies, as well as any potential integration with his platforms, often sparks conversations and speculation within the crypto community and among enthusiasts.

As of August this year, X secured currency transmitter licenses in Rhode Island, Michigan, Missouri, and New Hampshire.

While Elon Musk has been reserved about discussing cryptocurrencies, his electric vehicle company, Tesla, still holds Bitcoin (BTC) valued at $148 million (approximately Rs. 1,232 crore). Tesla also allows customers to purchase certain merchandise using Dogecoin.

In 2022, it was reported that Musk’s tunnel construction company, The Boring Company, was accepting Dogecoin as payment for rides on the Las Vegas transit system.

Despite Musk’s reserved stance on cryptocurrencies in certain contexts, there are instances where his companies have embraced digital assets for transactions.

In April, it was reported that Elon Musk had advocated for Dogecoin to be accepted as a payment option for users interested in Twitter Blue services.

However, this proposal did not materialize as the months passed. Currently, it remains uncertain whether X has intentions to support cryptocurrency transactions as part of its upcoming payments feature.

Elon Musk’s involvement and interest in various cryptocurrencies often draw attention, and the crypto community closely watches for any developments or announcements related to his ventures.