Elon Musk is one of the few well-known billionaires in support of cryptocurrency. It has gotten him a lot of praise and has also landed him in some problems. However, the overall picture is that he is an enthusiast and supports the industry. This also shows in the recent statements of Elon Musk, where he indicated plans to add crypto payments to Twitter if he takes over. Elon said that his goal would be to maximize the service’s usefulness.
Elon Musk will add crypto payments to Twitter
It is not the first time that Musk has shown interest in integrating crypto with the platform. Also, Twitter has been a crypto-friendly platform in general. They have integrated NFTs on the platform a while back and also a crypto tipping service. All in all, if Elon takes over, he aims to take it to another level. Right now, the deal is on hold because Musk accused Twitter of a material breach after finding that the platform has more bots than anticipated.
Musk recently had a meeting with Twitter’s employees where he was asked by the CMO, Leslie Beland, about Twitter and payments. He started saying that money is an essential form of information and is “fundamentally digital.” Elon then added that it would be useful to integrate payment capabilities on Twitter to make it useful for transactions. More importantly, the plan should be to integrate both fiat and crypto and anything that someone will find useful.
The bot problem on Twitter
Twitter is currently filled with spam bots that appear on replies to every tweet from well-known personalities. Elon was asked about this in the meeting, to which he replied, “There’s definitely an ongoing challenge with Twitter with bot accounts and spam accounts. There’s quite a lot of crypto scams on Twitter.”
Elon also stated the challenge that some people might be using 100s of accounts on the platform to scam and trick people. His goal is to fix this once the takeover is successful, and Elon also bids on making Twitter open-source. This will increase transparency and trust, and the community can also help improve the platform.
What are your thoughts as Elon Musk says he will add crypto payments to Twitter if he takes over? And do you think that Musk’s takeover will be successful? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Abracadabra’s stablecoin loses dollar peg and falls to $0.91