Elon Musk's Ambitious Transformation of X: Financial Services Without Crypto Integration

23 Jun 2024

Elon Musk's Vision for X: A Financial Hub Without Crypto Payments

A New Direction for X

Since Elon Musk's takeover in October 2022, the social media platform X (formerly known as Twitter) has been on a transformative journey. The platform has introduced monetization options for content creators and subscription models, aspiring to become an "everything platform." However, despite Musk's progressive vision, there are no plans to integrate cryptocurrency payments on X.

Musk's Financial Ambitions for X

According to a detailed 350-page document and emails reviewed by Bloomberg, Elon Musk aims to transform X into a multifunctional financial app. This new direction envisions X users storing, sending, and receiving money through their accounts, and even paying for goods and services in physical stores—mirroring the functionality of apps like Venmo. Despite this broad scope, crypto transactions will not be included in the platform's offerings.

Musk had previously alluded to this comprehensive financial transformation during an all-hands call with X employees in October 2022. He articulated his vision, saying:

“When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform. Money or securities or whatever. So it’s not just, like, send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Disappointment for the Crypto Community

The crypto community had high hopes that Musk's plan would include digital asset payments, given his past interactions with the crypto economy. Musk has previously accepted Bitcoin (BTC) payments for Tesla products and is known for his support of Dogecoin (DOGE). However, documents obtained by Bloomberg indicate that there are no plans to integrate digital asset payments or support crypto transactions on X.

Regulatory Compliance and X Payments

The payment services will be managed through a dedicated subsidiary, X Payments, which has applied to become a payment transmitter across all 50 US states. This strategic move aims to ensure compliance with local regulations and enable the company to operate nationwide. According to the company's website, X Payments has already secured regulatory approval from 28 states, including Wyoming, Rhode Island, Utah, and Louisiana.

The documents reveal that X Payments is prepared for a multi-year process to obtain the necessary permits to service users across the United States. Initially, Musk planned to roll out these payment services globally in the first quarter of 2024, but regulatory challenges have postponed the launch to a future date.

Competitive Transaction Fees

X Payments aims to enhance the platform's business offerings by boosting participation and engagement through its new payment features. The company plans to charge relatively low transaction fees, ensuring competitiveness with other payment platforms like Venmo and PayPal. Last year, the company informed financial regulators in Massachusetts about its intention to pursue international money transfers after obtaining sufficient permits in the majority of US states.


Elon Musk's ambitious vision for X as a comprehensive financial platform marks a significant shift from its origins as a social media site. While the absence of crypto payment integration may disappoint some, the platform's potential to revolutionize financial transactions and user engagement remains compelling. As X Payments navigates regulatory landscapes and prepares for its full-scale launch, the platform's evolution continues to be one to watch in the financial technology space.

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