Balaji Srinivasan, the former Chief Technology Officer (CTO) of Coinbase Exchange has shared his take on the proposed plan by Elon Musk’s X to turn the platform into a full-on finance outfit within the next year including the possibility of a non-custodial crypto wallet.
Is Elon’s Ark Under Construction?
Although Elon Musk has always voiced his intentions to turn X, rebranded from Twitter, into the Everything App, the firm revealed recently that users of its platform will not need a bank account within a year.
To Balaji, this update is coming just in time to help guard against the sovereign debt crisis. Though the United States government scaled through, it was on the brink of a debt default until lawmakers saved the day by passing the debt ceiling bill.
With instability in the stock market and uncertainty in the interest rate policies, market experts predict a major debt crisis might befall the global economy soon. Should this happen, there will be a need for the right safeguards for citizens of the world.
Balaji believes Elon Musk will have a huge role to play in this regard. By first giving X users an avenue to exercise their rights to free speech, he postulated that as a part of its plans as a fintech firm, X may also issue a “self-custodied crypto wallet to every user.”
Should X integrate crypto wallets, Balaji believes Elon Musk will be well-positioned to save about 700 million people across borders who can enjoy “free speech and hard money right as things melt down,” a situation he aptly labeled “Elon’s Ark.”
Chances X Will Integrate Crypto Wallet
The indications this plan may be under incubation are high, considering the close association Elon Musk maintains with the crypto community. Besides occasional Dogecoin (DOGE) posts that he is known for, Musk supports Bitcoin and even led Tesla to buy the coin and accept payment for some services in DOGE.
X’s new CEO, Linda Yaccarino has also shown she has an interest in the possibilities of crypto and as such, might be more amenable to consider integrating crypto wallets as part of the platform’s grand plans as a finance outlet.
Known as a co-founder of PayPal, and another crypto supporter, Elon Musk has the right exposure to achieve this finance dream on X and possibly save the world according to Balaji.