Twitter Crypto Payment System May Launch Soon

Twitter may soon have a payment system that would allow cryptocurrency support in the future, according to a January 30 Financial Times report.

It added that two people familiar with the company’s plans said it would support fiat currencies first and then allow cryptos later.

Moreover, Cointelegraph reported that “Twitter Payments LLC” registered with the US Treasury Department’s Financial Crimes Enforcement Network so that it could process payments.

Why does Elon Musk want Twitter crypto payments?

Photo Credit: www.ledgerinsights.com

The Twitter CEO has been a long-standing supporter of cryptocurrencies. For example, Musk’s car brand Tesla used to accept bitcoin payments. 

Later, he rescinded that ability over concerns regarding renewable energy. Also, he used to call himself the “Dogefather” in support of Dogecoin (DOGE).

He took over Twitter last year to create “X.” which he called an “everything app.” In other words, Musk wants to turn the social media platform into a super app.

It is a mobile software that provides various services usually found in separate apps. For example, Grab is the most popular super app in the Philippines.

The program enables people to order food and groceries, pay bills, hail cabs, send items, and purchase insurance.

Most of them only accept fiat money, but Musk wants Twitter crypto payments. However, two people familiar with his plans told Financial Times that he would start with fiat support.

Also, the Cryptonary Instagram page shared a sound clip of Elon Musk’s preference for cryptocurrencies over fiat.

The billionaire thinks the existing monetary system is deeply restrictive and primitive. On the other hand, he sees crypto as an emergency asset in case it fails.

A panelist in the background asked Musk what he thinks about the rise of central bank digital currencies or CBDCs.

He chuckled and replied, “I don’t think they know what they are talking about.” The Twitter CEO thinks the plan is silly because “almost all money is digital already.”

Then, he stated that whether or not governments create cryptocurrencies is irrelevant. “People will use the cryptocurrencies they think will accrue value over time,” Musk said.

Conclusion

Elon Musk believes that crypto is the future. That is why he is likely to launch an upcoming Twitter crypto payment system soon.

It would help his alleged goal of turning Twitter into the “X” everything app. Also, he has been implementing many changes to the social media website since he acquired it.

Still, we would have to wait and see if the app would support cryptocurrencies. You may learn more about cryptos and other digital trends at Inquirer Tech.