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

[wajik-tempe]

His idea of developing X into a full financial hub looks to be more of a pipe dream than a realistic goal. Skepticism is raised by the promise of transforming global transactions and leaving existing banks obsolete by the end of 2024. Musk's expansion into numerous projects, ranging from space exploration to electric automobiles, has some questioning his initial objective of colonizing Mars.
While Musk's previous accomplishments with X.com and PayPal give credibility, the current financial ecosystem presents complicated regulatory and public trust difficulties. The requirement of presenting an alternative to established services such as Western Union raises further concerns. Despite Musk's track record of beating odds, the timescale for X's financial transformation is unduly optimistic, making it a dubious addition to his ambitious portfolio.

[larry_vw_1955]

Musk's expansion into numerous projects, ranging from space exploration to electric automobiles, has some questioning his initial objective of colonizing Mars.

absolutely. acquiring twitter was a big detour and shows how he's not really committed to going to mars. by wasting all that money on a silly social media acquisition that will probably be unprofitable. i think he explained why he bought twitter and it was some strange reason that doesn't really make sense. it wasn't for financial reasons apparently. doesn't make sense. he's a weird dude...

the timescale for X's financial transformation is unduly optimistic, making it a dubious addition to his ambitious portfolio.

he's shooting himself in the foot and ruining what once was twitter:
https://www.thedailybeast.com/elon-musk-tells-advertisers-who-quit-x-twitter-to-go-fck-yourself

like i think i already said, he's a liability to X not an asset. if he just kept his mouth shut and stayed an anonymous owner it might would have been better for twitter's chances for continued success. oh and the name change.

[Abiky]

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 doubt "X" will gain the confidence from everyday people as a financial app. Especially if it uses a centralized currency like Fiat. Banks are better trusted for safekeeping Fiat than anyone else. Maybe Elon Musk will finally integrate DOGE into "X"? Or maybe he will launch his own coin/token to use it on the "X" platform?

There are so many questions as to how Elon Musk will be able to achieve his dreams of replacing banks by 2024. With revenue/profit declining each day, the chances of success are pretty slim. Governments will never allow this to happen anyways. Otherwise, it would mean the end of central banking for good. The future is unpredictable, so we can only hope for the best. Just my opinion

[suzanne5223]

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 doubt "X" will gain the confidence from everyday people as a financial app. Especially if it uses a centralized currency like Fiat. Banks are better trusted for safekeeping Fiat than anyone else. Maybe Elon Musk will finally integrate DOGE into "X"? Or maybe he will launch his own coin/token to use it on the "X" platform?

I don't think he (Elon musk) have plan about the integration of fiat currency.
I once read days ago which I never confirm if the rumor is true that X is now fully licensed to operate with the use of crypto currencies and if the rumor is true I am sure Elon will prioritize Dogecoin as payment.

There are so many questions as to how Elon Musk will be able to achieve his dreams of replacing banks by 2024.

His payment plan may get huge usage but it replacing the banks is just one of Elon Musk marketing hype.

Governments will never allow this to happen anyways. Otherwise, it would mean the end of central banking for good. The future is unpredictable, so we can only hope for the best. Just my opinion

He know the government will never allow that to happen base on how they also like to print more fiat currency.

[TimeTeller]

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 doubt "X" will gain the confidence from everyday people as a financial app. Especially if it uses a centralized currency like Fiat. Banks are better trusted for safekeeping Fiat than anyone else. Maybe Elon Musk will finally integrate DOGE into "X"? Or maybe he will launch his own coin/token to use it on the "X" platform?

I don't think he (Elon musk) have plan about the integration of fiat currency.
I once read days ago which I never confirm if the rumor is true that X is now fully licensed to operate with the use of crypto currencies and if the rumor is true I am sure Elon will prioritize Dogecoin as payment.

There are so many questions as to how Elon Musk will be able to achieve his dreams of replacing banks by 2024.

His payment plan may get huge usage but it replacing the banks is just one of Elon Musk marketing hype.

Governments will never allow this to happen anyways. Otherwise, it would mean the end of central banking for good. The future is unpredictable, so we can only hope for the best. Just my opinion

He know the government will never allow that to happen base on how they also like to print more fiat currency.

Doge holders should be on the look out about his future announcements as he can really integrate doge in their payment system.
If he said something on this tone, I believe he will truly keep up with this route, as he is already into crypto.
Maybe he is still ironing out the legal side of it, now that crypto market is hot in the eyes of the regulatory bodies.
But I really think that he can realize such payment within his companies. Not the first attempt anyway on his end.

[Mate2237]

Well nothing is impossible if the mind is there and the most important thing that make things easy to come to pass is the finance. If the finance is there then Elon Musk will convert the X to a financial institution to help humanity in the world like Bitcoin. If Elon Musk wants to convert the twitter to a digital currency to liberate people from poverty and removing the fiat banking system and replace it the X project and it works well then it is a good one.

But I don't think can be possible because for America to leave their dollar to use another currency will be hard.

[Yamifoud]

Well nothing is impossible if the mind is there and the most important thing that make things easy to come to pass is the finance. If the finance is there then Elon Musk will convert the X to a financial institution to help humanity in the world like Bitcoin. If Elon Musk wants to convert the twitter to a digital currency to liberate people from poverty and removing the fiat banking system and replace it the X project and it works well then it is a good one.

But I don't think can be possible because for America to leave their dollar to use another currency will be hard.

He could have that imagination but never I think it comes to reality unless he is the government. Indeed, the government doesn't support it nor do people have confidence that  Elon Musk could change the currency system, it was just a proposal and the chance is very small in winning the support of the community. What EM did was just get the attention that he is a genius. Even if he has the money but without support from the government, that is still impossible to happen. Many businessmen are certainly against that idea and we know how politics works.

[mirakal]

Well nothing is impossible if the mind is there and the most important thing that make things easy to come to pass is the finance. If the finance is there then Elon Musk will convert the X to a financial institution to help humanity in the world like Bitcoin. If Elon Musk wants to convert the twitter to a digital currency to liberate people from poverty and removing the fiat banking system and replace it the X project and it works well then it is a good one.

But I don't think can be possible because for America to leave their dollar to use another currency will be hard.

For Elon, it could be sky is the limit for all his goals and life's aspirations. But there's actually no wrong with that, but if its more than a reality already and the rate of chance to make it happen seems impossible already, then I guess that at that point it's no longer making sense anymore.

Replacing the position of banks is still impossible these days, Elon's prediction might probably happen but the time remains to be uncertain.

[JeffBrad12]

For Elon, it could be sky is the limit for all his goals and life's aspirations. But there's actually no wrong with that, but if its more than a reality already and the rate of chance to make it happen seems impossible already, then I guess that at that point it's no longer making sense anymore.

Replacing the position of banks is still impossible these days, Elon's prediction might probably happen but the time remains to be uncertain.

its probably just gonna be another form of paypal, basically a more supercharged paypal I presume where it linked social media accounts with the financial service. I could see why elon think its gonna be revolutionary, but we don't know until he truly implements the product then we will see the general people opinion in regard of the service and whether they gonna be using it.
after all it also might implicates money theft even more if social media and bank account is integrated like you see even now there are many twitter accounts being hacked, I don't think it will be good idea but I think elon himself will put some measurement into this and are already concerned in regard of this I can guess, after all, he must know the weakness of twitter.

[Samlucky O]

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.

Indeed musk is really am abititioius human being. Checking from his history he has done so many things to gain attention and to maintain his dignity as the richest man, failed to understand that trying to own everything can bring about his downfall. I think he is doing this to revive space x

[larry_vw_1955]

 I think he is doing this to revive space x

think again!

https://luxurylaunches.com/other_stuff/nasa-choses-blue-origin-for-mars-mission.php
Jeff Bezos beats Elon Musk in a race to Mars – NASA has chosen Blue Origin over the Tesla founder’s SpaceX as the first private company to carry out a mission to the red planet.

Jeff Bezos just gets it done while Musk is too busy talking to interviewers...

[dansus021]

Doge holders should be on the look out about his future announcements as he can really integrate doge in their payment system.
If he said something on this tone, I believe he will truly keep up with this route, as he is already into crypto.
Maybe he is still ironing out the legal side of it, now that crypto market is hot in the eyes of the regulatory bodies.
But I really think that he can realize such payment within his companies. Not the first attempt anyway on his end.

Even tho he gonna move with doge as one of the payment systems. they gonna sued by the SEC like the other companies  But I wish all good luck to X since this is best social media for the Crypto Ecosystem.

[Abiky]

I don't think he (Elon musk) have plan about the integration of fiat currency.
I once read days ago which I never confirm if the rumor is true that X is now fully licensed to operate with the use of crypto currencies and if the rumor is true I am sure Elon will prioritize Dogecoin as payment.

Since when do you need to have a license to accept cryptocurrency payments? This would only apply to centralized Fiat currencies. Dogecoin is (and will always be) a decentralized cryptocurrency. Even if many people are investing into it blindly because of Elon Musk. I'm sure no one will take "X" seriously if a "meme" coin becomes the cornerstone of digital payments. Using an alternative like XRP would do the trick. It even matches with the name of the social network.

I can't imagine banks disappearing by 2024, especially when they're a "force to reckon with". It will be a huge battle between X Corp and the regulators. What "X" could do is replace PayPal as the world's leading payments processor. Anything else would be only a dream. Maybe Elon Musk will create his own coin (X Coin) for the "X" platform?

[Ben Barubal]

In that regard, we do not know what Elon Musk's thoughts are for the future; we mostly know that he has visions that, in the eyes of the majority of people around the world, he does not believe, but despite all that, it does not become an obstacle for him to stop the impossible things that will happen in the eyes of others.

If that's what he's planning and thinking, let it be, and besides, he's the only one who will actually benefit from those plans. As far as I know, crypto was also loud here before, but now it's suddenly quiet, but it's still in the market somehow.

[JeffBrad12]

Doge holders should be on the look out about his future announcements as he can really integrate doge in their payment system.
If he said something on this tone, I believe he will truly keep up with this route, as he is already into crypto.
Maybe he is still ironing out the legal side of it, now that crypto market is hot in the eyes of the regulatory bodies.
But I really think that he can realize such payment within his companies. Not the first attempt anyway on his end.

Even tho he gonna move with doge as one of the payment systems. they gonna sued by the SEC like the other companies  But I wish all good luck to X since this is best social media for the Crypto Ecosystem.

i never think that he gonna implement anything related to meme coin to his future project, its basically like trying to destroy your own project, imagine a meme coin thats highly volatile would be implemented into a super platform, that might not gonna end well but I guess at least if elon truly committed in supporting doge he would just use it as a feature just for fun I guess.

but honestly this is kinda super optimistic vision from elon musk beating the banks, i doubt that could even be realized, after all these banks are already domination financials sector so much that the new financial technology innovation always revolve arounds these banks at the end of the day, im talking about tech outside the blockchain and cryptocurrencies, so I personally doubt that elon could even relpace banks, there's also trust thats involved in here, some people might find it hard to trust elon.

[uray]

I am not doubting what Elon Musk can accomplish in the financial sector because he created paypal but i am rather curious with the way how he is going to implement them in X and how he is going to overcome the legal obstacles he might be facing to obtain the licenses on a global scale if its another altcoin.

[dansus021]

i never think that he gonna implement anything related to meme coin to his future project, its basically like trying to destroy your own project, imagine a meme coin thats highly volatile would be implemented into a super platform, that might not gonna end well but I guess at least if elon truly committed in supporting doge he would just use it as a feature just for fun I guess.

but honestly this is kinda super optimistic vision from elon musk beating the banks, i doubt that could even be realized, after all these banks are already domination financials sector so much that the new financial technology innovation always revolve arounds these banks at the end of the day, im talking about tech outside the blockchain and cryptocurrencies, so I personally doubt that elon could even relpace banks, there's also trust thats involved in here, some people might find it hard to trust elon.

It still possible tho since like you have said before Elon is super optimistic he build tesla where everyone still busy with their gasoline car he build spaceX when he try commercial the space and he build Starlink internet for everyone.

He cannot replace bank but the possibility to create some sort of wallet or payment is possible tho its need time and bunch of regulation to comply and crypto might be one of their payment system