Elon Musk Owned Twitter to get Crypto Feature in the future to make it an ‘Everything App’
Intro: Elon Musk, Twitter’s chief has instructed his developers to build the platform payment systems in such a way that crypto features can be added in the future. Musk’s takeover of the social media giant, Twitter is a positive development for the crypto industry and also has prioritized fighting crypto spam bots.
Twitter has become an epicenter of crypto cultural activity and the industry will use the social media platform to develop. Elon Musk has also discussed implementing fiat currency and cryptocurrency payment features into Twitter. The plans for making Twitter into an ‘everything app’ mostly by developing tools to integrate crypto wallets into its infrastructure. The plan remained vague as to whether these payments will involve blockchain or crypto technology, despite the Twitter CEO seeing a big role for Crypto in some years. “Buying Twitter is an accelerant to creating X, the everything app,” Musk said in October last year.
In December, images were leaked revealing ‘Twitter Coins’ that is a secret in-development digital asset to be used for payments and tipping on the platform which involves crypto in some way. These images made no mention of crypto or blockchain technology. Twitter was working on a Wallet prototype that would support crypto deposits and withdrawals. Musk’s Twitter takeover bode well for Dogecoin and suggested that Doge should be integrated with Twitter’s premium service, Twitter Blue, as a viable payment option. Doge has moved into the number 1 position in terms of Musk’s favorite cryptocurrencies and rallied over 107 percent within days after his tweets. Twitter has set up a Crypto division and allowed users to receive tips in Bitcoin and Ether. The platform also offers NFT profile pictures and USD coin stablecoin payments for selected groups. Musk has a strange relationship with cryptocurrencies. He announced that Tesla has purchased US$1.5 billion of Bitcoin which caused its prices to spike. Then announced that Tesla would stop accepting Bitcoin citing environmental concerns. The unconfirmed rumors that Twitter was working on a wallet prototype to back crypto deposits and withdrawals and that the payments system is expected to go ahead based on fiat support. Reportedly, Twitter has gone ahead with state-oriented regulatory licenses across the United States that would permit for payments across the platform. The timeline for completion of the US licensing process is hoped to be one year.