Cryptocurrencies

Elon Musk’s Good News to Crypto Community

Published

8 months ago

January 31, 2023

Elon Musk's Good News to Crypto Community

Twitter Chief Executive officer (CEO) and business Magnate Elon Musk has directed its developers to build a payment platform system on Twitter in an arrangement that crypto functionality can be added in the future as per a report.

However, the news contained in the Jan. 30 Financial Times report was revealed by two people familiar with Twitter’s plans on payment policy.

The upcoming payment tools on Twitter will be based on fiat currencies with a huge potential of supporting crypto in no distant time. This is a positive sign for the crypto industry because such actualization will foster global adoption.

There are no mincing words that Elon Musk has been an age-long supporter of Cryptocurrency, who once teased that the social media platform will evolve to become everything app.

Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022

Examining Cryptocurrency Prospects on Twitter

Following the ultimate takeover of Twitter by Elon Musk in 2022, there have been a series of reports linking Twitter with developing a cryptocurrency wallet in a bid to consolidate its position as a leader in the Web3 market.

On Oct. 24, 2022, a prominent software frontend developer Jane Manchun Wong revealed that Twitter is developing a new cryptocurrency wallet built on Web3 space which will support crypto deposits and withdrawals.

Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”
— Jane Manchun Wong (@wongmjane) October 24, 2022

While the claim has remained a conjecture, it was established that the debate on Twitter integration of cryptocurrency has indirectly resulted in a profit for more than 62% of Dogecoin holders.

As a result, one of the Dogecoin (DOGE) advocates Matt Wallace appreciated Elon Musk, stressing that Twitter will soon showcase to the world what Dogecoin is capable of delivering.

Thanks to Elon Musk, Twitter will soon showcase to the entire world what #Dogecoin is capable of!
— Matt Wallace (@MattWallace888) October 28, 2022

Meanwhile, the new development on the Twitter payment feature did not disclose if the potential integration of cryptocurrency will involve blockchain or crypto technology.

Recall that in Dec. 2022, images were unveiled containing “Twitter Coins,” which were allegedly referred to as a covert digital asset being developed and to be used for payments and tips on the platform.