Sometimes, it seems like everything Elon Musk touches turns to gold. Paypal. Tesla. Dogecoin (though admittedly, that one didn’t stay golden very long). That’s why Musk’s purchase of Twitter last year left many people wondering whether his winning streak would continue or come to an end.
Those doubts only multiplied after Musk fired half of Twitter’s workforce shortly after taking over.Then there was the whole blue checkmark verification problems that plagued the platform. And questions about falling revenue due to major brands pausing their Twitter ads.
It’s enough to make anyone wonder whether Musk might have finally lost his golden touch. And while the final result of Musk’s acquisition and reorganization of Twitter has yet to be seen, one thing is becoming clear.
Elon Musk has a vision for Twitter 2.0. And if it works, it could change everything.
Leveraging his experience with Paypal, Musk intends on transforming Twitter from a mere social media app into a complete financial service platform and more. If Musk has his way, Twitter will soon offer peer-to-peer transactions, savings accounts, debit cards, and more.
He’s already begun obtaining the necessary licenses to bring payment options onto Twitter for users across the US. And while he’s prioritizing national currencies like the US dollar, he’s not stopping there. It should be no surprise to anyone who’s followed Musk for any amount of time that he intends on integrating cryptocurrency payments with the platform as well.
Elon Musk envisions Twitter 2.0 as an “app for everything.” Based on a slide deck he tweeted out last fall, he hopes it will function similarly to China’s famous WeChat app. That Tencent-developed platform gives Chinese users the ability to message friends, hail taxis, pay for their home utilities, and more.
It’s no wonder that Elon Musk is licking his lips at the thought of launching a similar service in the US (and beyond). If it succeeded, it could make Twitter’s past ad revenue look like peanuts in comparison.
Right now, payment platforms like Venmo and Paypal dominate the digital payment market. But by pivoting to that space while retaining all of its current users and social media features, Twitter could set itself up as a major player in the industry.
After all, it already has a user base of 300+ million people. And if Musk makes it easy to use and includes cryptocurrency payments, it could be a game changer.
It’s also worth noting that integrating cryptocurrency payments into Twitter isn’t new. Previous Twitter CEO Jack Dorsey has been a vocal proponent of Bitcoin and previously expressed interest in integrating it into the platform. However, Musk’s involvement in the cryptocurrency space has brought renewed attention to the idea, and his plans could be the catalyst needed to make it a reality.
In response to the news, Dogecoin, the meme-inspired cryptocurrency that Musk has famously promoted in the past, showed a slight increase in value.
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While it’s unclear whether the integration of cryptocurrency payments on Twitter will have a significant impact on the value of Dogecoin or other cryptocurrencies, it’s clear that Musk’s involvement in the space has the power to move markets.
Only time will tell whether Twitter 2.0 is Musk’s greatest idea yet – or the first one to truly crash and burn.