Market Analysis

Elon Musk Hints at Crypto Plans in First Twitter Meeting


Key Takeaways

  • Elon Musk held a meeting with Twitter employees today to discuss plans for the social network following his takeover.
  • Specifically, he discussed plans concerning the addition of crypto payments and plans to eliminate crypto scams.
  • The buyout has not been finalized, but Twitter is providing Musk with data that will help the deal move forward.

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 Crypto Payments

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

Musk said that it “would make sense to integrate payments into Twitter so that it’s easy to send money back and forth” and that such plans could involve “currency as well as crypto.”

Though Twitter added Bitcoin tipping under former CEO Jack Dorsey in 2021, Musk’s vision seems to be more comprehensive. Musk said he would “maximize the usefulness of the service” by making “Twitter so compelling that you can’t live without it.” He called payments one of three critical areas alongside news and entertainment.

Musk also noted that “money is fundamentally digital at this point, and has been for a while” and drew comparisons to PayPal.

Previously, Musk hinted at cryptocurrency payments on Twitter but did not describe a thorough plan. His earliest statements simply read: “Maybe even an option to pay in Doge[coin]?”

Musk Also Plans to Eliminate Scams

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

“There [are] quite a lot of crypto scams on Twitter,” Musk said. “It’s gotten better, but there’s still a fair bit of that.”

Musk then expanded on plans that have been described earlier. He aims to make Twitter’s anti-bot algorithms open to public review. Furthermore, he plans to add an optional paid-tier 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 having his image used in regular phishing attempts, Musk was also one of the high-profile Twitter accounts hacked in a massive crypto-related scam in 2020.

That attack resulted in just $118,000 stolen but saw over 130 accounts attacked—with harsh implications for Twitter’s integrity.

Changpeng Zhao Expresses Support

Changpeng Zhao, CEO of the leading crypto exchange Binance, has also reiterated support for Musk’s Twitter takeover.

Today, he provided an update on those plans in an interview with Bloomberg. There, Zhao said that his company is following Musk’s lead in moving forward with the bid. “If Elon goes through with the deal we’re committed…if he doesn’t, we’re off.”

He added that if Musk’s Twitter buyout does not succeed, Binance would be “a little bit [disappointed].” He concluded: “We’re hoping to be able to contribute to Twitter somehow.”

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

State of Deal Is Still Uncertain

Despite the fact that Musk and Twitter have seemingly confirmed the buyout several times, the deal has not yet been finalized.

The buyout was interrupted in May when Musk demanded data in order to determine how much Twitter activity is legitimate. At that time, he suggested that he would commit to the deal only if less than 5% of Twitter’s accounts were found to be fake.

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

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 owned BTC, ETH, and other cryptocurrencies.

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