Recently, the 51-year-old business mogul said that, for now, he wants to use fiat currency for Twitter payments, but he has vouched for the functionality of crypto-currencies in the near future.
Elon Musk pushes for Twitter payments
Earlier, at a meeting with Twitter advertisers, Tesla CEO Elon Musk gave a full overview of Twitter’s strategy to enter the payments business, as the discussion was streamed live on Twitter. The new owner of the social media platform hinted that in the not-so-distant future, users will be able to transfer money to each other on the platform, withdraw their funds to verified bank accounts, and eventually be offered a high-yield money market account to encourage them to move their money to Twitter.
Crypto-currency users have been waiting for the platform to support payments for digital assets for some time. The platform already supports tipping with Bitcoin via the Lightning network, using Ethereum and NFT avatars for subscribers.”Twitter Blue“.
Musk’s new Twitter draws crypto-currency users
After Elon Musk acquired the company for $44 billion in October 2022, the expectation of crypto-currency payments has intensified. Documents that were filed for the deal also indicated that a host of blockchain companies, such as Binance, provided equity capital to boost Elon’s massive buyout.
Elon Musk has appointed Esther Crawford as CEO of the payments division and expects revenue from the business to grow to $1.3 billion by 2028. Altcoins such as Mask Network (MASK) and Dogecoin (DOGE) saw significant price increases almost immediately after the announcement.