It is widely known that Elon Musk is a big cryptocurrency supporter, but his upcoming X Payments service will not include or support crypto in any way. As more and more fintech companies and services add support for crypto, the upcoming Venmo-like payment service from X, which is allegedly coming this year, will not join the adoption.
For many years, the tech billionaire flaunted his belief and fondness for cryptocurrency, previously allowing users to buy Tesla EVs and services with Dogecoin and more.
Elon Musk is Saying No to Crypto for X Payments
New documents behind Elon Musk's soon-to-launch X Payments service reveal that the company will not add or support cryptocurrency transactions, according to Bloomberg's report (via Fortune). The latest 350-page documents and emails, which it delivered to 11 states and their regulators, show its licenses and plans for the service.
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In its submission to Maine, the company said that it has "no plans" to allow the storage of digital assets in a wallet on X and the sending or receiving of cryptocurrencies.
According to Bloomberg, Facebook's attempt in 2019 indicates that social media platforms have historically had difficulty incorporating crypto transactions.
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Venmo-Like Service Coming Later This Year?
Despite being known as vocal supporters of cryptocurrency, Elon Musk and X will not support it for the upcoming fintech service of the platform, which is one less feature of the "everything app."
Recent reports and these latest documents suggest that the "Venmo-like" payment service from X is coming this year, with Musk rushing to bring it before 2024 ends.
Elon Musk and Cryptocurrency
Back when Musk was only an active member of the social media known as Twitter, he was a vocal supporter of cryptocurrency and, on several occasions, advocated for its global adoption. His support is more than words, as he previously allowed Bitcoin and Dogecoin purchases for Tesla EVs and products but later dropped BTC amidst its coal use for its power needs in mining.
While Musk is not the father of Dogecoin, the meme cryptocurrency largely associated with him, he has been one of its avid supporters since it was introduced and back when it rallied in 2021. He was seen frequently talking about Dogecoin and interacting with its creator, Billy Markus, also going as far as to claim he believes in $DOGE's "supremacy."
To this day, Musk has not yet sold his cryptocurrency investments, apart from Tesla selling its Bitcoin assets in 2022. He has since been vocal in supporting digital assets, especially DOGE. However, his belief is not enough for them to venture into adding crypto transactions for X Payments, a supposed 'everything app,' in its future launch speculated for this year.
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