Elon Musk announced that the "X" platform (formerly Twitter) will start focusing on traditional payments as a first step. The idea is that Musk has a long-term plan to transform the application into a comprehensive platform that combines social media, e-commerce, and financial services, including cryptocurrencies. This vision is inspired by the famous Chinese application WeChat, but it certainly has his own touch.
WeChat First Inspiration
WeChat in China is more than just an app, it’s like a world of its own! It offers everything: chat, payments, shopping, government services, and more. Musk wants to make a global version of it through X, but in a way that suits users from different cultures and countries.
Relationship with cryptocurrencies
Musk is known to be one of the biggest supporters of cryptocurrencies like Bitcoin and Doge, however, in his current plan, he decided to focus first on traditional payments. The reason is that he wants to build user trust first, and then integrate cryptocurrencies and blockchain technologies into the app.
Although cryptocurrencies are not the first step, they are an important part of the bigger plan. Because they speed up transactions and reduce costs, this is exactly what Musk sees as the right fit to transform X into a comprehensive financial platform that competes with the traditional system.
How can X be a global alternative?
Traditional Payments First
The platform will start offering regular payment services by mid-2025, so that people can transfer money or pay bills easily through the app.
Merge with cryptocurrencies later
After the traditional system proves successful, X will start adding cryptocurrencies, so that users can send and receive money globally quickly and securely.
Legal Challenges
The biggest obstacle to this plan is the various laws and regulations around the world, especially when it comes to digital currencies.
A different view of WeChat
WeChat is focused on the Chinese market only, but Musk wants X to be a global platform that transcends borders. He is integrating social media, digital payments, and cryptocurrencies to provide a unified and integrated experience for all users around the world.
Elon Musk takes on the challenge
Turning X into an “everything” app isn’t easy. There’s stiff competition from platforms like PayPal and Venmo, and legal challenges could slow the plan down. But given Musk’s track record of innovation, he has a good chance of achieving this goal.
In the end, we will see what Musk will do and if X succeeds, it could be the beginning of a new era in financial technology and comprehensive applications.