Elon Musk has disclosed plans to incorporate cryptocurrency into Twitter. Tesla’s creator wants Internet users to be able to swap crypto-assets through the social network, which is still being negotiated as part of the buyout. Musk’s strategy is to make Twitter indispensable, similar to WeChat in China.
Elon Musk proposes integrating cryptocurrencies into Twitter.
Elon Musk spoke with Twitter employees at a video conference on Thursday, June 16, 2022. This is the first time the American businessman has addressed employees directly since the acquisition announcement. In fact, the social network accepted the entrepreneur’s offer in April.
During the conversation, the billionaire raised several important issues about Twitter’s future, such as the expansion of moderation, the reduction of teletravail, and the possibility of a reduction in effectifs.
Furthermore, Elon Musk believes that it would be “logical” to integrate payments into Twitter. Using WeChat as an example, the founder of Tesla wants to turn Twitter into a platform that combines many tools. He said:
“So my goal would be to maximize the usefulness of the service — the more useful the better. And if one can use it to make convenient payments, that is an increase in utility.”
According to Elon Musk, it must be “simple to transmit money” so that Internet users do not have to leave Twitter. The entrepreneur mentions the prospect of using cryptocurrency to build up this system.
A Twitter membership paid for in bitcoin?
The world’s richest man has never concealed his curiosity in the realm of cryptocurrency. Elon Musk also sees Bitcoin (BTC) and Ether (ETH) as inflation hedges. Last year, he even stated that Tesla might resume accepting Bitcoin payments.
Since Twitter’s takeover announcement, he has also suggested that the Blue membership, which provides access to premium options for $3 per month, may be paid for using crypto-assets. Elon Musk even proposed that this subscription be paid in Dogecoin on his account (DOGE).
Under the leadership of Jack Dorsey, Twitter has already steadily opened up to cryptocurrencies. Last year, the social network enabled Bitcoin tipping via the Lightning Network. Ether was introduced as the tip option a few months later.
Twitter has also experimented with non-fungible tokens (NFTs). The platform’s paying Blue users can validate a profile photo as an NFT. Twitter’s incorporation of crypto-assets is unlikely to end there.