Elon Musk has ambitions of making Twitter the world’s biggest financial institution
Twitter owner Elon Musk said at the following conference: March 7 His social media company aims to become a leading payments service.
Musk wants Twitter to become a payment tool
In an interview with Morgan Stanley executive Michael Grimes, Musk said:
“I think it is possible to become the world’s largest financial institution just by providing people with convenient payment options.”
Musk echoed comments he made about Twitter becoming an all-in-one app in the second half of 2022, adding that he wants to offer a “powerful financial experience” better than PayPal.
He did not say whether Twitter’s payments feature will include cryptocurrencies.
Grimes also asked Musk how traditional media can engage with the public at the level of celebrities using Twitter. The discussion also drew attention to public engagements by Binance CEO Changpeng Zhao and former FTX CEO Sam Bankman-Fried.
Responding to Grimes’ question, Musk said discussions on Twitter happen in real time, while traditional media take time to report, edit and publish.
Will Twitter Adopt Crypto?
Before Musk acquired Twitter, it was expected to introduce various cryptocurrency features. In April 2022, he alluded to: “Maybe there is also an option to pay with Doge?”
Then, in September 2022, leaked message Musk revealed that it briefly explored deeper blockchain integration with on-chain message storage and microtransactions. However, as plans to acquire Twitter progressed, Musk abandoned plans to integrate cryptocurrencies, ruling that a blockchain-based Twitter was “impossible.”
Musk has recently hinted at his inconsistent stance on cryptocurrencies. On March 3rd he murmured: “I used to be in crypto, but now I’m interested in AI.” Despite the joking tweet, Dogecoin (DOGE) fell 7.5% in value within an hour.
Musk has not integrated cryptocurrencies into Twitter, but the platform introduced minor features like NFT support and ETH chips before his arrival in October 2022.
