The addition of crypto payments would be a natural fit for Twitter, according to the company’s new CEO Elon Musk.
In a new Twitter Spaces hosted by Mario Nawfal, Musk talks about his vision for the future of the social media powerhouse, including the ability to transact in both digital and traditional currencies.
“WeChat has a lot of functionality that Twitter should have. It’s kind of a no brainer for Twitter to have payments, both fiat currency and crypto, and to make that easy and simple for people to use.”
Musk’s comments come as rumors that Twitter may be working on its own cryptocurrency begin to spread.
A researcher named Jane Manchun Wong claimed to have found an image of a “Twitter Coin” buried within Twitter’s web app. Wong’s account is no longer on Twitter and all tweets describing the possible crypto integration have been deleted.
Musk says he believes crypto assets will ultimately find their footing as a check on central banks and global monetary policies.
“I do think there is a role for crypto in the future without speaking to any particular crypto coin, as a means of ensuring that the monetary system does not get completely corrupted. It essentially provides competition to the fiat system. So if the fiat system becomes overly restrictive, crypto will grow.”
Musk doesn’t see much use for government-controlled Central Bank Digital Currencies (CBDCs), saying much of the monetary system is already digital.
[Money] is digital, but not in a very good way. And whether banks create some of their own cryptocurrencies, I think it’s somewhat irrelevant. People will use the cryptocurrencies that they think will accrue value over time and not use the ones that that don’t.”
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Featured Image: Shutterstock/Ersa Langgeng Prasetyo/Sensvector
