He did not indicate if the corporation intends to incorporate cryptocurrencies further. Elon Musk said at a March 7 conference that his social networking firm wants to become a dominant payment provider.
Musk said in a conversation with Morgan Stanley CEO Michael Grimes: “I believe it is feasible to become the largest financial institution in the world by only offering simple payment choices to customers.”
Musk said he hopes to provide a “strong financial experience” that surpasses PayPal, echoing his statements in late 2022 about Twitter being an all-in-one application.
He did not specify whether Twitter’s payment features may support cryptocurrencies. Grimes also questioned Musk about how conventional media can engage the audience, like Twitter-using celebs.
In answer to Grimes’s inquiry, Musk said that conventional media needed time for reporting, editing, and publishing, but Twitter conversations occur in real-time.
Before Musk’s takeover of Twitter, it was anticipated that he would include several bitcoin features. In April 2022, he speculated, “Maybe even a payment option in Doge?”
By September 2022, it was revealed via intercepted conversations that Musk had investigated on-chain message storage and microtransactions as further applications of blockchain technology. As Musk’s ambitions to acquire Twitter developed, he abandoned his intentions to incorporate cryptocurrencies and said that a blockchain-based Twitter “is not doable.”
Musk has hinted at his contradictory stance on cryptocurrencies. He announced his interest in AI on Twitter on March 3: “I once worked in crypto, but lately, I became interested in AI.” Despite the tweet’s tongue-in-cheek tone, the value of Dogecoin (DOGE) dropped 7.5% within one hour.
Before his arrival in October 2022, Twitter launched modest crypto-related features, such as NFT support and ETH tipping, without Musk’s involvement.
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