Musk has previously mentioned developing an “everything app.” Financial transactions will be a critical component of that hypothetical app, which has been dubbed the “X” app. Twitter will eventually evolve into that app. According to The Verge’s reporting of a recent meeting attended by Musk, he proposed that Twitter “also make it easy to do crypto.”
Musk said that users should be able to send money to one another “with a single click.” Twitter does not currently support peer-to-peer transactions, but it supports a tipping system. This latter allows followers to send money to a content creator of their choice, in both regular currency and crypto tokens.
Musk’s fascination with the cryptoverse is well known, in both good and bad ways. Details of his text messages, which were revealed as part of the legal proceedings, revealed that he considered creating a blockchain-based social media platform that accepts Dogecoin payments.
App reverse engineer Jane Manchun Wong revealed in October this year that Twitter was working on a crypto wallet system that supports “crypto deposit and withdrawal.” Binance, the world’s largest cryptocurrency exchange, recently announced a $500 million investment in Musk’s Twitter. Musk himself recently hinted on Twitter that users might pay for a Twitter Blue subscription in Doge coins.
In the past, Twitter had transaction-related projects in the works, but none of them came to fruition. Musk sees them as a noteworthy revenue generator. I said musk has told Twitter employees that “the payments side of things will probably be more valuable than all of Twitter combined.” It remains to be seen whether these plans involve only fiat currency transactions, only crypto tokens, or both.
Musk has floated several ambitious plans since becoming Twitter’s new CEO. Allowing longer, higher-resolution video uploads is one of them. Musk is reportedly aiming for the video-centric social media landscape dominated by TikTok, YouTube, and Instagram. And, in order to do so, Musk will pay content creators up to 10% more than they do on competing platforms.
Another project that Musk reportedly sees as a powerful way for creators to make a living off of Twitter is paywalled videos. Musk also wants to expand Twitter’s core communications appeal. To accomplish this, they said to him to have approved encrypted direct messaging.
There are also plans to enable encrypted voice and video calls directly on Twitter. These gimmicks scream premium features, and given Musk’s penchant for monetization, they’ll almost certainly be extended beyond the Twitter Blue subscription paywall, which may soon allow crypto payments.