Elon Musk Hints at Crypto Plans in First Twitter Meeting

Key to take

  • Elon Musk held a meeting with Twitter employees today to discuss plans for the social network following his inauguration.
  • Specifically, he discussed plans to add cryptographic payments and plans to eliminate cryptographic scams.
  • The purchase has not been completed, but Twitter is providing Musk with data that will help the deal move forward.

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Elon Musk held his first full meeting with Twitter employees on Thursday. There, he discussed his plans for cryptocurrency and other changes following his planned takeover of the social network.

Musk could add cryptographic payments

During the meeting, Musk confirmed that cryptocurrency payments are a feature that can be added to Twitter.

Musk said “it would make sense to integrate payments on Twitter to make it easy to send money back and forth” and that such plans could involve “currency and crypto.”

Although Twitter added the Bitcoin exchange under former CEO Jack Dorsey in 2021, Musk’s vision appears to be broader. Musk said it would “maximize the usefulness of the service” by making “Twitter so attractive that you can’t live without it.” He called payments one of the three critical areas along with news and entertainment.

Musk also noted that “the money is basically digital right now, and it’s been around for a while” and made comparisons to PayPal.

Earlier, Musk hinted at cryptocurrency payments on Twitter but did not describe a full plan. His first statements just read: “Maybe even an option to pay in Doge[coin]? “

Musk also plans to eliminate the scams

Outside of cryptocurrency payments, Musk also noted that it aims to eliminate cryptocurrency scams on the social network.

“There [are] quite a few cryptographic scams on Twitter, “Musk said.” It was better, but there’s still a little bit of that. “

Musk then extended the plans described above. It aims to make Twitter’s anti-bot algorithms open to public review. In addition, it plans to add an optional paid service that individuals can use to prove their authenticity.

Musk’s high status has made him a frequent target of impersonation by Twitter scammers. In addition to using his image in regular phishing attempts, Musk was also one of the high-profile Twitter accounts hacked into a massive cryptocurrency-related scam in 2020.

That attack resulted in only $ 118,000 stolen, but more than 130 accounts were attacked, with harsh implications for Twitter’s integrity.

Changpeng Zhao expresses support

Changpeng Zhao, CEO of Binance’s major cryptocurrency exchange, also reiterated his support for Musk’s Twitter acquisition.

Today, he provided an update on those plans in an interview with Bloomberg. There, Zhao said his company follows Musk’s leadership to move forward with the offer. “If Elon gets the deal, we’re committed … if he doesn’t, we’ll go.”

He added that if Musk ‘s Twitter purchase was unsuccessful, Binance would be “a little [disappointed]”. He concluded: “We hope to be able to contribute to Twitter in some way.”

In May, it was reported that Binance planned to provide Musk with $ 500 million to support the purchase of Twitter.

The status of the deal is still uncertain

Although Musk and Twitter appear to have confirmed the purchase several times, the deal has not yet been finalized.

The purchase was halted in May when Musk claimed data to determine how legitimate Twitter activity is. At the time, he suggested he would commit to the deal only if it was found that less than 5% of Twitter accounts were fake.

On June 8, the Washington Post reported that Twitter would comply with Musk’s demands and provide him with a “hose” of data. That suggests the deal will move forward soon.

It is unclear whether there will be further impediments to the deal. The value of the sale is said to be $ 44 billion.

Disclosure: At the time of writing, the author of this piece had BTC, ETH, and other cryptocurrencies.

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