Elon Musk predicts X will replace banks in 2024 - The Verge

[martinex]

I don't heed such speculations, it's such a waste of time. If his idea fructifies (which sounds unlikely); I'd be willing to try it out, if not; could care less.

But I think whether it functions or not will be seen from the level of adoption after Elon launches it. hopefully it has meaning.

[Sebas.tian]

Combining social media accounts and bank accounts is difficult, as you need to deal with the restrictions of financial systems and identity verification procedures, which vary from one country to another, and some users prefer a little privacy due to the restrictions on freedom of opinion and freedoms that these platforms provide.

Facebook tried to do this and failed. If Twitter succeeds, this will ignite competition between these platforms and banks will be greatly harmed, but I do not think he will succeed. Musk is an ambitious man, so let’s see what he will do.

This is just words of politics in my own view, because many people have tried to do the same thing but they failed at the end because they don't have the capacity to  lay the foundation for users to have the financial freedom. I can still remember when Facebook owner came out on television, that this is their new plans to reduce financial transaction bondage from the world and to make Facebook popular in the whole world but they didn't succeed in that process for some of the things that involved. I don't think, musk have anything to do to make this his dream a reality despite he is among the wealthy men on earth because this project will affect some of his company financially.

[rodskee]

I don't heed such speculations, it's such a waste of time. If his idea fructifies (which sounds unlikely); I'd be willing to try it out, if not; could care less.

But I think whether it functions or not will be seen from the level of adoption after Elon launches it. hopefully it has meaning.

Again another speculating mate, we are in waiting if will happen or not as we also know that
Elon Musk loves shaking the market each time and for how many times now that when he is posting about specific project ,
increase comes (mostly Pumping and Dumping)  so yeah Hopefully there will be a Meaning.

[jrrsparkles]

I don't heed such speculations, it's such a waste of time. If his idea fructifies (which sounds unlikely); I'd be willing to try it out, if not; could care less.

But I think whether it functions or not will be seen from the level of adoption after Elon launches it. hopefully it has meaning.

Elon mentioned he is not interested in creating a crypto project or a project that is related to the monetary system so it is not going to be X vs banks, it will become X and banks if Elon integrates the app into making payments and a one-stop shop for everything but in my previous of on this thread, I mentioned why it is not feasible.

[livingfree]

I don't heed such speculations, it's such a waste of time. If his idea fructifies (which sounds unlikely); I'd be willing to try it out, if not; could care less.

But I think whether it functions or not will be seen from the level of adoption after Elon launches it. hopefully it has meaning.

His influence is no doubt at top level.

And after launching it whether it is a success or not, just like him. Many are going to try it for their own experience and even I, even if I'm not that curious at all.

I just want to experience on how it goes because it seems so promising but we're all speculating on it and that's why it's something to try if ever it's already there.

But not saying that you should stay on it, we're all grown up and can understand whether we stay there or not.

[Adreman23]

https://www.theverge.com/2023/10/26/23934216/x-twitter-bank-elon-musk-2024

Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “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.”

This might be similar to China's WeChat? but I'm confident that Musk will improve and surpass its features with X. However, I hope there won't be any privacy issues, and data protection security should be stringent. Realistically, it may not immediately outshine traditional banks... its success may take some years, contingent on people's acceptance and willingness to embrace this innovative platform.

[Rasa nanas]

I don't heed such speculations, it's such a waste of time. If his idea fructifies (which sounds unlikely); I'd be willing to try it out, if not; could care less.

But I think whether it functions or not will be seen from the level of adoption after Elon launches it. hopefully it has meaning.

Again another speculating mate, we are in waiting if will happen or not as we also know that
Elon Musk loves shaking the market each time and for how many times now that when he is posting about specific project ,
increase comes (mostly Pumping and Dumping)  so yeah Hopefully there will be a Meaning.

everything said in this thread is speculative because the only person who knows the truth is Elon himself. We all know that he is the richest man at the moment and likes to surprise people, just like when he bought Twitter at a high price just for freedom of speech. but whatever the policy it is worth waiting for, especially if the policy has a good impact on all of humanity.

[Abiky]

will replace banks  that is not gonna happen, in my opinion bank will still be there no matter how big X is. Some people considered Starbucks as a bank to with a 1.5 billion USD outstanding gift card.

maybe in future the X will be super app that have payment on it and the payment would be like the regular venmo or cash app but borderless and might use crypto aswell

Exactly. I simply don't see "X" replacing banks anytime soon. These financial institutions are too big to fail. They have the full backing and trust of the government. I doubt people will trust a private company on top of banks. To create a "financial super app", Elon Musk is going to need to approval of all of the world's governments. And that's very unlikely to happen because the world can't reach a common agreement.

If Bitcoin didn't beat banks, what makes you think a centralized financial app will? Elon Musk completely lost his marbles. I will see him "rekt" by the end of 2024, as "X" loses traction big time. The future is unpredictable, so lets hope for the best. Just my thoughts

[Argoo]

Combining social media accounts and bank accounts is difficult, as you need to deal with the restrictions of financial systems and identity verification procedures, which vary from one country to another, and some users prefer a little privacy due to the restrictions on freedom of opinion and freedoms that these platforms provide.

Facebook tried to do this and failed. If Twitter succeeds, this will ignite competition between these platforms and banks will be greatly harmed, but I do not think he will succeed. Musk is an ambitious man, so let’s see what he will do.

If Elon Musk tries to do this, the various regulatory authorities of most countries will immediately attack him and it will be something like what happened with Zuckerberg’s similar plans with his stable coin Libra/Diem on Facebook. However, Elon Musk may take this unpleasant history into account and do something different. Well, let him try. However, it is unlikely that financial services on a social network can replace banks. The banking system has been and will continue to exist, although it will adapt to changing conditions.

[Supianto]

He's just promoting his product. I don't think that he even truly believes in those words. Changes like this aren't happening that fast.

[DeathAngel]

If anything like this was to happen it won’t be as early as 2024. I’m not doubting Musk, he’s a genius, look what he has achieved in his life. I think 2024 is overly ambitious though. I wouldn’t be surprised if X as a payment processor could replace some sections of banking by 2030 but it is too much to expect by 2024. Maybe he should set more realistic targets.

[nimogsm]

He's just promoting his product. I don't think that he even truly believes in those words. Changes like this aren't happening that fast.

Well, of course, this is part of advertising, I’m more than sure that next year we will be able to see something similar to the chamber system; besides, he already has experience. The monetization of content that exists now is clearly the first step from the intended plan.

[Makus]

i am not surprised to see elon musk creating innovative ideas outside the box, after all he is know to be a game changer. over the years only his influence in some certain area have struck growth and popularity, when he bought twitter and changed the name to x, there was this argument that it will bring about the end of the social media, but yet X is still doing fine. no one can measure his impact on a product especially when he is determined to make a great development, i think he can actually make this dream possible. but with the idea of replacing fiat banks and its currency, i am not sure that would be possible within a short period of time provided that it is another form of digital currency.

[el kaka22]

This was literally his test at paypal as well, he wanted a website like that but he wasn't rich and he couldn't hold the company, he always hated that he had to sell but he had to because he had no money and everyone around him didn't had money so they had to accept. Now that he has the money, he bought back the domain again, dude is so obese with it that some other person was holding the X account ,and he banned that person and took his twitter, he is ambitious I can give you that but he is not fearing illegality when doing this.

The problem is that X got financing from around the world, from Saudis, from Russia, from china, and turning that into a financial company would mean that other nations have a stake at something that controls American peoples money, government will absolutely not allow that.

[batang_bitcoin]

IMHO, that's better be left there as fantasy. But we also knew that Elon is such a crazy guy and will try to do shits that he can for something that he wants to take.
I've heard of that plan before that he wants to do some super app and that's through Twitter and the changes are happening so, coming from that name and rebranding it into X.
Now, it's still far from replacing the banks but I know that with a short span of time if something have been changed for the better then it only means that he might do that but I am not optimistic on it.

[Sunderland]

Hype power, a free marketing strategy and a cheap way to bring more ad sales on X.
I read this news last week "X May Lose Up to $75 Million in Revenue as More Advertisers Pull Out"
source: https://www.nytimes.com/2023/11/24/business/x-elon-musk-advertisers.html

I guess soon he will need banks to save X. The company (since twitter) already locked in a chaotic doom loop.
He better focus on Tesla and spaceX, the world still need it than build a new social media business model to replace the bank all over the world.

[dansus021]

Exactly. I simply don't see "X" replacing banks anytime soon. These financial institutions are too big to fail. They have the full backing and trust of the government. I doubt people will trust a private company on top of banks. To create a "financial super app", Elon Musk is going to need to approval of all of the world's governments. And that's very unlikely to happen because the world can't reach a common agreement.

If Bitcoin didn't beat banks, what makes you think a centralized financial app will? Elon Musk completely lost his marbles. I will see him "rekt" by the end of 2024, as "X" loses traction big time. The future is unpredictable, so lets hope for the best. Just my thoughts

Hahahah lol but it is what it is. Even X can manage a ton of people to atleast deposit their money into the platform the company would simply need a bank to keep the cash save or at least move it to investment bank like jp morgan but bank still bank.

But I just hope the X becomes the crypto-friendly social media and maybe implement crypto technology as well. Wish all the best to X.

btw i like the old name "Twitter" 

[kentrolla]

Exactly. I simply don't see "X" replacing banks anytime soon. These financial institutions are too big to fail. They have the full backing and trust of the government. I doubt people will trust a private company on top of banks. To create a "financial super app", Elon Musk is going to need to approval of all of the world's governments. And that's very unlikely to happen because the world can't reach a common agreement.

If Bitcoin didn't beat banks, what makes you think a centralized financial app will? Elon Musk completely lost his marbles. I will see him "rekt" by the end of 2024, as "X" loses traction big time. The future is unpredictable, so lets hope for the best. Just my thoughts

Hahahah lol but it is what it is. Even X can manage a ton of people to atleast deposit their money into the platform the company would simply need a bank to keep the cash save or at least move it to investment bank like jp morgan but bank still bank.

But I just hope the X becomes the crypto-friendly social media and maybe implement crypto technology as well. Wish all the best to X.

btw i like the old name "Twitter" 

I just hope Elon Musk don't kill X with stupidity as we have seen so much of drama with X, let it be firing the previous CEO and other controversies and now his involvement in the war zone which was unnecessary.

TBH Elon Musk should understand that he should be more focused on how to make his organisation more profitable as it's been a rough year for him as whatever he has touched this year has backfired.

Soon he would be approaching the banks to bail him out if he doesn't fix the issues within his org.

[dansus021]

I just hope Elon Musk don't kill X with stupidity as we have seen so much of drama with X, let it be firing the previous CEO and other controversies and now his involvement in the war zone which was unnecessary.

TBH Elon Musk should understand that he should be more focused on how to make his organisation more profitable as it's been a rough year for him as whatever he has touched this year has backfired.

Soon he would be approaching the banks to bail him out if he doesn't fix the issues within his org.

Since he took over the twitter there is bunch of drama 

Money has the power and Mr. Elon had plenty of it just like what you said in signature campaign in any occasion elon might "I could either watch it happen or be a part of it"

[mdzahed134]

I think now banking system is fundamentally very strong in the world wide, So by using a social media he will never overtake it, it’s absolutely difficult, because it will be very difficult to convince people that he will implement something better than the bank where the bank will no longer be needed, people’s now very use to in bank. But we know that he is a dreamer and knows how to take challenges, so he will definitely try to implement what he plans, but what extent he will be successful, time will tell.