- Elon Musk has announced crypto payments on Twitter.
- Musk also said that his ultimate goal is to make Twitter an “everything app.
- Crypto enthusiasts believe this would signal a rise in crypto troubled prices.
Elon Musk has submitted for Twitter to become a financial services firm according to a recent Twitter post. As a result, the platform may allow for the trading of digital assets like Bitcoin, Dogecoin, and other crypto assets. Musk has already described his ideas for how Twitter could handle payments.
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He asserts that connected bank accounts and debit cards will make the payment procedure completely functional.
According to recent sources, he also said that his ultimate goal is to make Twitter an “everything app.” It’ll be comparable to WeChat. China’s WeChat is a popular social networking site. It is used by more than a billion people to get news, call taxis, and place food orders.
The new Twitter business model is comparable to that of the online payment provider PayPal. Twitter Payments LLC registered and submitted its application to become a money transmitter on November 4, 2022.
The Financial Crimes Enforcement Network of the US Treasury Department has received the application (FinCEN). Twitter seeks to offer money services in the United States and a number of its foreign areas, the application claims. This will allegedly be through cryptocurrencies.
Cryptocurrency fans have responded, with some speculating that the activity may signal the start of a bull market. Others believe that this would result in a spike in the cost of problematic cryptocurrencies like Dogecoin.
Musk would not be making Twitter a payment processor for the first time. In 1999, Musk established the online bank X.com. In 2000, it was incorporated into the just-established PayPal. According to Musk, he had a “grander vision” for what X.com might develop into.
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