Twitter Preps for Payments: Elon Open to Adding Bitcoin, Crypto15. Februar 2023
• Twitter is reportedly looking into launching a payments platform and Elon Musk has hinted that it could include Bitcoin.
• The company is applying for regulatory licenses across the U.S. in preparation for the launch of this new system.
• Musk has stated that fiat will be prioritized, but cryptocurrency could be added later on.
Twitter Preps for Payments Platform
Twitter is reportedly gearing up to launch a payment platform, with CEO Elon Musk hinting that it could include Bitcoin and cryptocurrency as additional payment methods.
Regulatory Licenses Being Applied For
The company has already begun applying for regulatory licenses across the U.S. in preparation to begin facilitating payments through the app. This would not be the first time that Tesla’s electric vehicles have accepted Bitcoin; however, due to concerns about renewable energy, this feature was later retracted by Musk himself.
Musk’s Vision of a „Super App“
Elon Musk wants Twitter to become more than just a social media platform and he envisions it as a „super app“. This multifunctionality approach would benefit greatly from the increased functionality of cheap, instantaneous payments using platforms such as the Bitcoin Lightning Network. Twitter previously tested „tipping“ through Bitcoin’s Lightning Network via Jack Mallers‘ Strike and allowed users to add their own crypto wallets or addresses to receive these tips directly.
Fiat First Priority
Although there are no firm plans yet to implement this interoperability between fiat money and cryptocurrency on Twitter, Musk has made clear that his priority is still fiat money as its primary form of payment initially.
It appears that Twitter is preparing for something big by obtaining multiple regulatory licenses throughout the US in order to facilitate payments which could potentially include cryptos such as Bitcoin in its future vision of becoming a “super app” with multiple functions beyond just being a social media platform..