Many in the crypto world are rejoicing following the news that Twitter CEO Elon Musk is moving ahead with the rollout of payments on the social media platform. Notably, a cryptocurrency payments feature is currently not as big of a priority for Musk’s Twitter as he wants the payment system “first and foremost” to be for fiat currency. Nonetheless, the tech billionaire wants the engineers to build the product so that crypto payments could be integrated into Twitter later.
Judging by the market reaction, Dogecoin faithfuls support the plan of adding a payment option using their favourite coin.
Twitter Is Designing A Payments System That’ll Accommodate Crypto
Elon Musk is pushing for Twitter payments, Financial Times has reported.
Speaking with Twitter advertisers in a Monday meeting, the SpaceX/Tesla CEO laid out an exhaustive rundown of Twitter’s new strategy to explore the payments business in a bid to generate additional revenue streams.
Musk suggested that Twitter users will soon be able to send and receive money on the micro-blogging site and withdraw their funds to verified bank accounts. Twitter will also offer users high-yield money market accounts to lure them to transfer their funds to the platform.
Twitter has already started applying for state licenses in the United States. The company registered to become a payments business last November and is creating a “Coins” feature that lets users pay with fiat in exchange for virtual coins that can be redeemed to give them “Awards” for content.
Dogecoin As A Payment Option On Twitter
Musk’s relationship with crypto has had its ups and downs, but his acquisition of Twitter is largely seen as a positive development for the fast-growing asset class. Members of the vibrant Dogecoin community are still hopeful that DOGE will become the epicenter of Twitter crypto payments, considering the billionaire entrepreneur’s long-running affiliation with the leading meme coin.
DOGE, a cryptocurrency that has previously enjoyed considerable price bumps on Musk-related news, soared on Monday from $0.08 to a local high of $0.095 after the report surfaced. The meme-inspired coin has since cooled off after the short-lived rally and is changing hands at $0.091 per CoinGecko.
Despite Musk’s love of Dogecoin, his company Tesla is yet to reveal how much it has invested in the OG doggy-themed crypto but currently holds over 10,000 bitcoins.