Will Elon Musk implement crypto in the "Everything App"?

Elon Musk wants to transform his platform X (formerly Twitter) into a so-called "Everything App." Payments will also play a role in this. New regulatory documents available to Bloomberg reveal what updates the entrepreneur wants to make to the app.

The plan is to integrate payment services similar to Venmo. This should make it possible to store, send and receive money. Costs should be kept as low as possible. According to the documents, revenue will be generated more from related engagement.

The documents also provide insight into the company's numbers. Things have gone downhill since Musk took over the company in late 2022. The social media platform generated revenue of $1.48 billion in the first six months of 2023 - down nearly 40 percent from the same period in 2022. However, it is mostly Elon Musk himself who is suffering from this. According to the documents, the billionaire owns 75 percent of X Holdings Corp.

X Payments, the company's payments arm, is already licensed in 28 U.S. states. A look at the company's website shows this. Will X Payments also implement cryptocurrencies such as Bitcoin, Ethereum or Musk's favorite coin Dogecoin (DOGE)?

Probably not. The company has written to Maine regulators that there are currently no plans to integrate cryptocurrencies into X Payments' infrastructure.

Tesla, whose CEO is Musk, still holds 9,720 Bitcoin worth US$635 million. Previously, it was even possible to pay with Bitcoin at Tesla. Recently, rumors circulated that the company might buy more coins.