In a meeting Wednesday on Spaces, Twitter’s live audio feature, Elon Musk laid out plans for Twitter’s business since he took the helm less than two weeks ago, according to a New York Times report.
Musk outlined a vision for Twitter’s payment processing, with linked bank accounts and debit cards and echoing PayPal, the online payment startup Musk helped create.
According to a filing with the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, the social networking giant has filed registration documents in the past week to pave the way for receiving payments.
Here’s where the usefulness of Dogecoin begins
Elon Musk has consistently supported Dogecoin, even authorizing its use as a means of payment for Tesla merchandise and its related businesses. He also authorized Dogecoin payments for his recently released “hair burn” fragrance.
According to Musk, Dogecoin is better suited for transactions, giving it an advantage over Bitcoin and other crypto-currencies.
“Basically, bitcoin is not a good substitute for transactional money“, Musk told Time Magazine last December, after being named Time’s 2021 Person of the Year. “Even though it was created as a silly joke, dogecoin is better suited for transactions“.
Immediately after the Twitter acquisition, the price of DOGE rose due to speculation that it would be integrated with Twitter. In related news, Musk’s tweet last week featuring a photo of a Shiba Inu dog wearing a Twitter T-shirt fueled speculation that he might allow crypto-currency transactions using DOGE.
However, since Musk hasn’t spoken or mentioned Dogecoin since the acquisition, it’s unclear what he plans to do with the crypto-currency as it relates to Twitter.