Elon Musk wants to make Twitter the largest financial institution in the world

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.

Also Read: CoinGate Is Now Compatible With Binance Pay

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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