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.