Elon Musk has confirmed that he plans to charge people for Twitter’s blue tick. After that, the Dogecoin (DOGE) price rose. Meanwhile, the background to Elon Musk’s acquisition of Twitter continues to be questioned.
Elon Musk says paid blue tick, Dogecoin price rises
At first, rumors surfaced that one of Elon Musk’s plans to generate revenue for Twitter was to charge for blue ticks. However, it prompted an immediate reaction from platform users. One of these critics was author Stephen King, who was among the site’s most prominent users. King shared the following on the subject:
$20 a month to keep my blue tick? Damn, they have to pay me. If this gets institutionalized, I’ll go like Enron.
However, Elon Musk said the change is an attempt to generate revenue and will help reduce spam rather than encourage it. He seemed to confirm that change was coming. He also began negotiating with the author about how much the monthly fee should be for the verification process. Musk made the following statement in this direction:
We have to pay the bills somehow! Twitter cannot completely trust advertisers. How about 8 bucks? I’ll explain the logic at more length before this is implemented. This is the only way to defeat bots and trolls.
Elon Musk seems to have put the end to the process that continues in this way. In his post today, he drew attention to the following points:
Twitter’s current system of lords and peasants with or without a blue checkmark is bullshit. Power for the people! Blue tick for $8 a month. A price adjusted by country in proportion to purchasing power parity.
Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit.
Power to the people! Blue for $8/month.
— Elon Musk (@elonmusk) November 1, 2022
In addition, Musk claimed that this will bring some advantages. In this context, he mentioned the following privileges:
Priority in replies, mentions and search needed to beat spam/scam. Ability to broadcast long video and audio. Half the ad. Paywall bypass for publishers who want to work with us. This will also give Twitter a revenue stream to reward creators.
However, he did not go into the ‘crypto payment’ issue that crypto investors are looking forward to. However, one follower said, “Great. Payment in crypto?” liked your comment. This was also taken as a sign and ignited DOGE. Dogecoin jumped as high as $15.72 on the day.
The real reason Elon Musk bought Twitter
As you follow from Kriptokoin.com, Elon Musk officially took over Twitter last week. The media world, who spent most of his day on the social media platform, became obsessed with his goals. Did he buy Twitter to advance a far-right political agenda? Why did Twitter move a sink to its headquarters? Is he planning world domination? According to investigative journalist Jeff John Roberts, the answer is simpler: It’s all about payments. Roberts makes the following interesting claims in his article.
Musk is, of course, part of the ‘PayPal Mafia’, the gang that founded the giant payments platform in the late ’90s and goes on to become billionaires. Payments are in Musk’s blood. One of his first companies is a payments business called X, which he has revived for a mysterious Twitter product that he claims will reach 104 million users by 2028. Caitlin Long, a respected former Morgan Stanley banker and who now runs a stablecoin company, says he has no doubt that Musk is using Twitter as a tool to further his long-standing desire to reorganize the payments industry.
“His entire career he has been trying to eliminate ACH,” Long says, citing the money transfer network Banks runs. It has long been playing Musk’s Twitter game as Facebook’s reincarnation of Libra, which is trying to provide crypto wallets to its more than 1 billion users. The plan fell through under the harsh scrutiny of Congress. But Long says Twitter can succeed where Facebook fails. Because he notes that the payment backbone is the Bitcoin Lightning network, a mostly decentralized structure that doesn’t have the same political baggage as a project led by Mark Zuckerberg.
If you want more proof that Musk’s Twitter purchase is a payment game, check out some of the people he’s brought in to help him. Binance founder Changpeng Zhao. Another PayPal Mafia member who is deeply interested in crypto is David Sacks. Sriram Krishnan, who has invested in a16z Crypto and has an Ethereum address on his Twitter account. Does that sound like a political and media operation or paying off?
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