Why Elon Musk Pushing Crypto Payments At Twitter Is A Big Deal

Elon Musk got over his buyer’s remorse and is talking crypto payments for Twitter again.

Covered:

  • Elon Musk’s Remarks At Town Hall
  • Musk’s Goals

Elon Musk’s Remarks At Town Hall

During a town hall where he addressed Twitter’s employees, Elon Musk detailed his plans for digital money (a.k.a. crypto). “Money is fundamentally digital at this point and has been for a while. It would make sense to integrate payments into Twitter so it’s easy to send money back and forth,” Musk said.

Musk has previously said he saw Dogecoin as a big part of Twitter’s future. Twitter already has Bitcoin and Ethereum incorporated into the platform.

Musk, who’s the current CEO of Tesla, recently purchased Twitter for $44 billion USD despite having suffered from a major case of buyer’s remorse, spun out from his dislike of Twitter’s bot numbers. Apparently, those issues have been addressed and he’s moving forward with the company.

Funny enough, for a guy who almost walked out on Twitter, he sure sounds like he has some big plans for it.

Musk’s Goals

When talking about Twitter, Musk brought up WeChat and Tiktok. WeChat, in particular, he pointed out, has a one-stop nature to it. “You basically live on WeChat in China. If we can recreate that with Twitter, we’ll be a great success.” WeChat is a social media app that integrates payments, gaming, and ride-hailing into its platform. 

As for TikTok, he referenced its legendary algorithm, referring to it as not being “boring.” Musk added, “we could hone Twitter, in the same way, to be interesting.” TikTok is the home right now of short-form videos that range from dances to crypto recommendations.

All in all, he wants to up Twitter’s userbase. The social media platform is currently at 229 million daily active users. Musk wants it to reach 1 billion. Time will tell. But Musk has had a fair amount of success before, so it’s not unlikely. Here’s hoping crypto payments get to be apart of a platform with that many users.

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