Will Elon Musk turn Twitter into a WeChat-like payments platform?
Last week Elon Musk, CEO of Tesla and SpaceX, made official purchase from the social platform Twitter. Since then, Dogecoin, Musk's favorite meme token, has skyrocketed, doubling its valuation in just one week.
The reason is that Musk has hinted on several occasions that DOGE could become the chosen cryptocurrency as a form of payment for future features. It has also been speculated that it may serve as a monetization method for content creators.
However, part of the community has gone further and, for a few days now, there has been a trend that indicates that Elon Musk's plans could go much further.
What if Musk wants to turn Twitter into a payments app?
Twitter as a wallet and payment app
The theory that Twitter could become a payment app has been formulated by major traditional media such as Fortune or the New York Times. In part, it is based on the fact that Elon Musk was one of the PayPal founders, but also in recent statements in which it indicates its intentions to turn Twitter into a kind of “super application” similar to the Chinese WeChat.
On the other hand, turning Twitter into a payments app would be the only way Musk could increase revenue, while reduced by 50% advertising revenue.
In China, WeChat, together with Alibaba's AliPay, They control 90% of all payments that are carried out in the country. In this sense, an application that generates as much trust in its users as Twitter could be an ideal candidate to become an application that centralizes social and payment functionalities.
Is Twitter a new “Project Libra”?
For Caitlin Long, CEO of Custodia Bank, Elon Musk has spent much of his life trying take power away from commercial banks, so a movement like this would not be strange.
What worries Long is that Musk's idea could become a new “Project Libra”, Facebook's failed stablecoin that alerted regulators around the world and sparked the emergence of central bank digital currencies (CBDC).
In this regard, Long wonders if Musk will implement cryptocurrency payments, especially with Dogecoin, or if you will choose any stablecoin.
This is where another of the relevant figures in the purchase of Twitter would come in: Changpeng Zhao. Last week the CEO of Binance acknowledged his participation in the purchase of Twitter with a investment of 500 million. Added to the fact that the exchange has been betting heavily on its stablecoin Binance USD (BUSD) for a few years, whose market capitalization is more than 7.000 billion, could be an indicator of the future of payments on Twitter.
However, Elon Musk remains a Strong defender of Dogecoin. He recently shared another image of his Shiba Inu, Floki, wearing a Twitter t-shirt. The Tesla CEO also told TIME magazine that he believes Dogecoin is a better token for payments than Bitcoin and has been actively working to reduce transaction fees on the blockchain.
In the past, the so-called Dogefather He has already speculated about the possibility of implementing dynamics on Twitter with Dogecoin as a central axis. It is also worth remembering that DOGE can be used to purchase merchandising from Tesla and SpaceX.
For now, we can only speculate, as Elon Musk's plans for Twitter are unknown and the billionaire seems to enjoy playing the misleading game. trolling to their followers on the network with ambiguous or contradictory messages.
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