Elon Musk Desires Twitter’s Payments System to Support Crypto
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Elon Musk, the CEO of Twitter, is reported to have given his developers directions to develop the platform’s payment system in a manner that will allow for the addition of crypto capabilities in the future. The system, which will enable payments over the social media platform, to “first and mainly” be for fiat currencies. He additionally wants to have the option to include cryptocurrencies later.
Moreover, a report that indicated that Twitter’s payments system might support cryptocurrencies led to significant increases for Dogecoin. The price of DOGE continues to be influencing by Musk, increasing when Musk performs and falling when Musk flops.
Musk has been seeking strategies to promote and reinvent Twitter as a social payments platform since he took control of the social media network late last year. And also Elon Musk disclosed that the social media platform’s timeline refresh rates had improved after significant improvements. But he noted that engagement may appear to be decreasing for users. Because there are now fewer bots using the service.
Even Twitter has familiarity with cryptocurrencies. Twitter remains to provide NFT “verification” as one of the benefits of its Twitter Blue subscription. And users can still tip particular creators with Bitcoin payments through Strike, even though its crypto tech lead left the company in November. To earn tips, eligible Twitter users with monetization enabled can still post their Ethereum and Bitcoin wallet addresses.
Since Musk took control of the social media network in October, he has emphasized minimizing costs by dismissing half the workers. And unveiling new plans for the Twitter Blue subscription service, which grants the coveted verified badge.
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