Elon Musk argues that adding crypto to Twitter is a “no-brainer” as rumours of altcoins on social media spread
The introduction of cryptocurrency payments would be a logical match for Twitter, according to Elon Musk, the company’s new CEO.
Musk discusses the integration of both digital and conventional currencies in a new Twitter Spaces presented by Mario Nawfal.
WeChat offers several features that Twitter should include. It’s a no-brainer that Twitter should accept both cash and cryptocurrency payments and make them easy for users to utilize. Musk’s remarks came as speculations emerged that Twitter may be developing its own coin.
Jane Manchun Wong, a researcher, claimed to have discovered a picture of a “Twitter Coin” concealed inside Twitter’s web application. All tweets mentioning the potential crypto integration by Wong have been deleted, and his account has been removed from Twitter.
Musk thinks crypto assets will eventually serve as a check on central banks and international monetary policy.
“I do believe crypto will play a role in the future, without mentioning any specific crypto currency, as a method of preventing the full corruption of the monetary system. It gives competition to the fiat currency system. Therefore, crypto will expand if the currency system becomes overly restrictive.”
Musk claims that the majority of the financial system is now digital, hence there is less need for government-issued Central Bank Digital Currencies (CBDCs).
[Money] is digital, but not in an optimal manner. Whether banks establish their own coins is somewhat unimportant, in my opinion. People will adopt cryptocurrencies that they believe will increase in value over time while avoiding those that do not.”