Elon Musk Aims to Make Tesla a Financial Services Powerhouse, Rivaling Banks and PayPal

Elon Musk outlined plans to grow X's financial services to rival banks and PayPal in a leaked call. He described it as "mind-blowing" if not achieved by 2024.

Musk said X will handle people's "entire financial life," including money transfers, securities, and more without needing a bank.

Some speculate Musk could use bitcoin blockchain technology for payments on X. He's obtained money transmitter licenses in US states.

Musk denied X will launch a trading platform or its own cryptocurrency, but said it won't be just for payments.

Crypto voices think X plans could spur "critical mass" of crypto adoption like PayPal did in 2020, which preceded a bitcoin bull run.