Elon Musk has revealed his plans for using cryptocurrencies on Twitter in a leaked transcript with employees of the social media company.
“Twitter should integrate (crypto) payments”
According to a transcript of the meeting provided by Vox has been released, Musk explained how payments, including crypto, are a “very important thing” to Twitter. He also highlighted the ongoing problem of crypto scams on Twitter.
Elon Musk said it would make sense to integrate payments into Twitter so it’s easy to send money back and forth,” noting that this should include “fiat currency as well as crypto.”
According to Musk, his goal is to maximize the usefulness of Twitter. If someone can use it to make easy payments, that’s an increase in the usefulness of the platform. He added that news, entertainment and payments are three critical areas for Twitter to make the service so compelling that you can’t live without it and that everyone will want to use it.
Elon Musk’s desire for Twitter to add payments to the platform reflects his earlier argument that Twitter should become a ‘super app’ like China’s WeChat. WeChat is a social media platform that brings together multiple services, including food delivery, taxi service and payments.
Crypto scams are a big problem
In the Q&A, Musk also addressed his biggest annoyance: the sheer number of bots and crypto scammers on Twitter. “There is quite a bit of crypto scams on Twitter,” he said. He admitted that things have gotten a bit better, but it’s still a big problem.
One solution Musk put forward to address the problem of fake accounts and bots on Twitter was verification through payment for a Twitter Blue subscription service. According to Musk, this should be possible, for example, by paying with his favorite crypto currency, Dogecoin.
Whether Elon Musk can really make a super app from Twitter, which will have a billion users, remains to be seen. However, if one man in the world can do it, it is Elon Musk.
