In a recent leaked Q&A session with Twitter employees, Elon Musk revealed his plans for how crypto could be used on the social media platform.
According to a transcript of the meeting released by Vox, Elon Musk, billionaire CEO of Tesla and SpaceX said that payments including crypto are a “critical area” for Twitter. He highlighted the ongoing problem with crypto scams which have been reported to be at an all-time high lately due in large part because people don’t know what’s real anymore.
“Money is fundamentally digital at this point,” Musk said. He added that “it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth,” noting that this would include, “currency as well as crypto.”
Stating that his goal is “to maximize the usefulness of the service,” Musk said, “if one can use it to make convenient payments, that’s an increase in usefulness.” He added that news, entertainment, and payments are “three critical areas” for Twitter, in order to make the service “so compelling that you can’t live without it and that everyone wants to use it.”
Musk is suggesting that Twitter integrate payments in order to make the platform more like WeChat, which has become an all-inclusive “super app” for services such as ride-hailing and food delivery.
Musk Takes Aim At Twitter Crypto Scams
Elon Musk, the CEO of SpaceX and Tesla is not a fan of cryptocurrency scams on Twitter. “There’s quite a lot,” he said during his Q&A session – but it seems like things are getting better.
He said that there are also people who are not necessarily bots but they might be operating like one. You know- an individual operating hundreds of accounts and trying to make them look like different individuals? But really they’re not!
“In order for people to have trust in Twitter, I think it’s extremely important that there be transparency,” Musk said, reiterating his earlier suggestion that the platform’s code is made open-source, “so that people can critique it, improve it, identify bugs, potentially, or bias.”
Musk’s idea was to use payments as verification for Twitter accounts. By “piggybacking on the payment system,” he suggested, “Twitter would know who you are at least from a financial standpoint.”
For those who don’t know, Musk is a famously joking personality and has previously suggested—perhaps in jest -that Twitter Blue subscriptions could be paid with his favorite cryptocurrency: Dogecoin.
