Musk Advances Crypto Plans During First Meeting With Twitter Employees

The micro-blogging social media platform Twitter could soon feature a payment system that supports cryptocurrency based on the statement of Tesla CEO and future Twitter owner Elon Musk.

The Tesla CEO brought up the possibility of integrating crypto payment on Twitter during an all-hands virtual meeting with the platform's employees. He noted that it "would make sense to integrate payments into Twitter so that it’s easy to send money back and forth" adding that it could feature support to "currency as well as crypto."

The future Twitter owner went on to say, "So the goal, my goal would be to maximize the usefulness of the service – the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness."

Musk added that like entertainment and news, payments are strategic areas that boost high user activity and with that kind of broad integration, users will view the platform as "something everyone wants to use."

Twitter added Bitcoin tipping under Jack Dorsey in 2021 and eventually incorporated Ether functionality in the early part of 2021. It also tried a new program from Stripe, which features payments in USDC through Polygon.

However, Musk has a comprehensive vision for the micro-blogging platform and said he would maximize the service's usefulness by transforming Twitter into something "so compelling "that you can’t live without it."

The Tesla CEO previously mentioned crypto payments on Twitter but did not reveal many details. His tweet simply read, "Maybe even an option to pay in Doge?" Aside from crypto payment, the Tesla CEO also shared his plan to eliminate crypto scams on Twitter.

"There [are] quite a lot of crypto scams on Twitter,” Musk noted. "It’s gotten better, but there’s still a fair bit of that," he added. Musk previously said that he wanted to make the social media platform to be free of bots and would like Twitter's anti-bot algorithm to be open to the public for review.

Musk is a known Dogecoin enthusiast, which for some time now, has dropped its price. DOGE was trading down 1.46 percent at $0.05752 with a 24-hour volume of $671,082,267 as of 4:44 a.m. ET on Friday based on the data from CoinMarketCap.