Elon Musk, the new owner of Twitter on October 27, is currently planning for the platform to become a mega app. Consulting giant Fool analysts suggest that this move will blow the two cryptocurrencies.
Cryptocurrency plans for Elon Musk and Twitter
The Tesla CEO has been speaking out about Twitter’s new vision ever since he first hinted that he was interested in the platform. He is now the new owner of the social media platform, for which he paid $ 44 billion. As such, it looks highly likely to implement most of its goals for the platform. Before that, Twitter will likely have to go through multiple rounds of testing. But Musk has made it a priority to share his vision with users.
Musk shared slides from a presentation called “Twitter 2.0: The Everything App” in a tweet on his account. To be the everything app, Musk wants to see Twitter turn its ads into a form of entertainment, add better video functionality, support encrypted direct messages, give users the ability to compose long-form tweets, and restart a new verification process. Standing apart from the others for its lack of graphics, its final slide had only one word, “Payments.”
Can Musk envision what the payment function would look like on Twitter? Considering that he helped launch PayPal in its early days, Musk probably has enough knowledge to integrate some kind of payment feature that many users are familiar with today.
But for an innovator like Musk, that would be too easy. Remember, this is the same man trying to push humanity towards a settlement on Mars. Integration with PayPal or any other traditional payment app is a low-cost fruit. If I had to guess, Musk has plans to bring payments with cryptocurrencies. “It is unwise for Twitter to have both fiat and crypto payments,” he recorded.
Should crypto payments come to Twitter, which cryptocurrencies will make the cut? Remember, there are thousands of cryptocurrencies. They all seem to promise some sort of solution, but it’s likely only a select few will be listened to for Elon’s Twitter 2.0.
Crypto-friendly Twitter plans
One of the most attractive candidates should be Bitcoin. As the world’s first cryptocurrency, it is also the most valuable. In the past, Musk has criticized Bitcoin for its energy-intensive applications. But new technology in mining applications is potentially changing that narrative for the better. Additionally, Musk revealed that he owns Bitcoin and believes its structure is “pretty brilliant.”
There is another cryptocurrency that may be more popular than Bitcoin despite its market cap being 25 times smaller. In 2021, with a little help from Musk himself, Dogecoin took the world by storm. In May 2021, it rose from under a penny to its ATH level of $0.74. Following this rise, Musk took to Twitter multiple times to promote and share his love for cryptocurrency. He later culminated in his appearance on Saturday Night Live, where he referred to himself as the “Dogefather”.
Not just having Dogecoin. He also expressed his support that it is one of the strongest candidates to become a common medium of exchange among all cryptocurrencies due to its simplicity and relatively cheap price.
Dogecoin ranks first in Elon Musk and Twitter’s plan
Telsa CEO has made statements in this direction in recent months. In February 2021, he commented that it would be difficult to prevent Dogecoin from becoming “the world’s currency in the future”. “Fate loves irony,” he added. He also said that the most ironic and amusing outcome would be for Dogecoin to rise to a status equal to that of the dollar. As a result, payments on Twitter seem almost inevitable. The company has recently applied for registration with the US Treasury Department as a money orderer. Nu was the first step for any organization to streamline transactions.
However, the form this will take remains unclear. Frankly, there is little speculation here. But if some kind of functionality comes along that includes paying with Twitter, Bitcoin or Dogecoin, it could serve as fuel for further mainstream adoption and subsequent rise in prices. This does not mean that you should invest your life savings in Bitcoin and definitely not in Dogecoin. But betting against Musk is difficult because of his past success. While it may be more appropriate to invest in Bitcoin due to its longevity and longer track record, a small investment in Dogecoin at these prices could provide some lucrative exposure if Musk chooses to give the coin another boost.
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