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Elon Musk advocates for crypto payments on Twitter

elon musk
elon musk

Elon Musk has endorsed cryptocurrencies in his other businesses, such as Tesla and SpaceX. The world’s richest person is currently eyeing a Twitter takeover, and cryptocurrencies could be integrated into the social platform, according to a leaked Q&A session with Twitter employees.

Musk proposes crypto payments on Twitter

During the leaked Q&A session, Musk shared details on how cryptocurrencies could be integrated into Twitter. A transcript of a meeting between Musk and Twitter employees was published by Vox, with Musk saying that crypto was a “critical area” for Twitter.

Musk noted that money had become “fundamentally digital at this point.” Therefore, it made sense to adopt payments on Twitter, adding that these payments would include both currency and crypto.

The Tesla CEO said that the objective was to maximize the use cases of the social media platform by making it possible for users to use it to make convenient payments. He added that Twitter needed to revolve around three main areas: news, entertainment, and payments, so that people “can’t live without it and that everyone wants to use it.”

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Musk is currently the largest shareholder on Twitter, and he has already initiated the process of taking over the company and making it private. Musk’s plans for Twitter are focused on making the social platform similar to WeChat. WeChat is a social platform in China that offers a wide range of services, including payments, food delivery, and cab services.

Musk targets crypto scams on Twitter

Since Musk announced his interest in buying Twitter, he has expressed his distaste for bots and scams on the platform. In the leaked Q&A session, Musk noted that were a lot of crypto scams on Twitter.

“There are also people where they’re not necessarily bots, but they might be operating. You know, one person’s operating hundreds of accounts and trying to make them look like individuals, but they’re not,” he added.

The Tesla CEO also said that Twitter needed to offer transparency for people to have trust in the platform. He further stressed in his previous remarks that Twitter’s code needs to be made open-source so people can assess it, identify any vulnerabilities and improve it.

Musk has openly spoken out against bots on Twitter. After making his $43M bid to buy the company, Musk said that the takeover had been paused until Twitter provided details about the number of bot accounts on the platform.

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