Elon Musk Says X Could Have Money Transfer Licenses By Mid-2024 In A Revealing Conversation With Cathie Wood
Portfolio Pulse from Chris Katje
Elon Musk, in a conversation with Cathie Wood, indicated that his company X (formerly Twitter) could obtain the necessary state licenses for financial payments by mid-2024. Musk mentioned that X is awaiting final transmitter licenses, with approvals from New York and California being crucial. This development could position X as a super app and put it in competition with online payment companies like PayPal Holdings (NASDAQ:PYPL). Musk also noted that cryptocurrencies like Dogecoin (CRYPTO:DOGE) could be used for payments on X, although X will not offer its own coin.
December 21, 2023 | 11:20 pm
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POSITIVE IMPACT
Musk's comments on the potential use of cryptocurrencies like Dogecoin for payments on X could influence Dogecoin's price in the short term.
Historically, Musk's comments have had a significant impact on the price of Dogecoin. The mention of Dogecoin as a potential payment method on X could lead to speculative trading, driving up the price in the short term. However, the actual impact will depend on the implementation and user adoption of cryptocurrency payments on X.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Elon Musk's X could become a competitor to PayPal in the online payments space if it obtains the necessary financial payment licenses by mid-2024.
The entry of X into the payments space could increase competition for PayPal, potentially impacting PayPal's market share and growth prospects. The short-term impact is negative due to the anticipation of increased competition, although the actual effect will depend on X's success in obtaining licenses and launching payment services.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70