• Sun. Jun 23rd, 2024

Elon Musk Reveals Plans For Cryptocurrency In First Twitter Board Meeting

Deborah Brown

ByDeborah Brown

Jun 17, 2022

Following his acquisition of Twitter a month ago, Elon Musk held his first meeting with the social media company’s staff. The tech entrepreneur shares his plans for cryptocurrency and other reforms after his takeover of the social media giant.

Musk’s proposal to buy over Twitter has made headlines and generated divided opinions for weeks. The billionaire will officially begin his new role as the CEO of Twitter.

Even before his bid to take over Twitter, the Tesla boss has not hidden his zeal to bring changes to Twitter because he believes the platform is working against individuals’ opinions.

Is Musk Considering Crypto Payments for Twitter?

According to multiple reports, the Tesla CEO has reiterated his earlier stance that he will add crypto payments to Twitter. The billionaire noted that adding digital payment solutions to Twitter would make sense to enable sending and receiving funds.

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Moreover, the plan for digital payments would involve cryptocurrency, as it is now the most popular means of digital payment.

However, under former CEO Jack Dorsey, Twitter already integrated Bitcoin tipping last year. Musk’s vision for Twitter in terms of payment integration is more comprehensive than the former.

Musk revealed that he would make Twitter attractive so users could not live without it. And the Twitter team would do this by maximizing the social media platform’s features. The billionaire identified three key areas and the critical features to make Twitter achieve its aims. Musk mentioned payment, entertainment, and news as the missing links to accelerate Twitter’s progress.

According to the tech entrepreneur, money plays an integral part in the digital space and will be so in the future. As a result, positioning Twitter as a payment service provider alongside its other functions is the right approach to scaling it.

With millions of users worldwide, Twitter is one of the most popular social networking sites after Facebook. The platform is widely used for official and personal activities, and Musk sought to leverage this to add more innovative features.

Eliminating Scams on Twitter

It is widely known that no other Twitter influencer has criticized the platform more than Musk. The billionaire is irked by the constant spamming of his news feed and has on numerous occasions called for the attention of the Twitter team.

Little was achieved, and Musk is working on how to curb the activities of scammers on the social media platform. The cryptocurrency scam is the most constant on Twitter, impersonating industry players and targeting unsuspecting victims.

Musk wants to eliminate spambots and make Twitter easy to use and navigate. He added that by integrating an anti-bot algorithm, Twitter could be able to reduce spam and other vices drastically.

Many in the crypto industry have expressed their support for the proposed reforms of the social media company. Meanwhile, Binance CEO Changpeng Zhao has restated the exchanges’ support for the new changes and has pledged to somehow contribute to Twitter’s success.

Deborah Brown

Deborah Brown

Deborah Brown is a skilled and experienced news writer recognized for her insightful reporting and captivating storytelling. With a dedication to accuracy and a knack for engaging readers, her articles provide a fresh and informed perspective on current events.

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