With staff, the eventual owner of Twitter discussed bitcoin payments and crypto frauds.
On Thursday, Elon Musk had his first full meeting with Twitter staff. He talked about his ambitions for bitcoin and other changes in the aftermath of his proposed takeover of the social network there.
Musk Might Include Cryptocurrency Payments
Elon revealed that cryptocurrency payments are one function that could be added to Twitter during the meeting.
“It would make sense to integrate payments into Twitter so that it’s easy to move money back and forth,” Elon said, adding that such plans might include both “currency and crypto.”
Though former Twitter CEO Jack Dorsey included Bitcoin tipping in 2021, Musk’s proposal appears to be more extensive. Musk promised to “maximise the utility of the service” by making “Twitter so attractive that you can’t live without it.” Along with news and entertainment, he identified payments as one of three crucial sectors.
Elon also mentioned that “money is inherently digital at this point, and has been for a long time,” drawing parallels with PayPal.
He had previously suggested potential bitcoin payments on Twitter, but he did not provide a detailed strategy. “Maybe even an option to pay in Doge[coin]?” he said in his early pronouncements. ”
Musk also wants to do rid of con artists.
He also stated that he wants to remove bitcoin scams on the social media platform, in addition to cryptocurrency payments.
“There [are] quite a lot of crypto scams on Twitter,” Elon said. “It’s gotten better, but there’s still a fair bit of that.”
Musk then went into greater detail about the plans he had previously mentioned. He wants Twitter’s anti-bot algorithms to be exposed to public scrutiny. In addition, he intends to create a paid-tier service that users can utilise to verify their legitimacy.
Musk’s high profile has made him a popular target for Twitter impersonators. Musk was one of the high-profile Twitter accounts hacked in a big crypto-related fraud in 2020, in addition to having his image used in regular phishing efforts.
Only $118,000 was stolen in that hack, but over 130 accounts were targeted, putting Twitter’s integrity in jeopardy.
Changpeng Zhao expresses his enthusiasm.
Changpeng Zhao, the CEO of Binance, a large cryptocurrency exchange, has also expressed his support for Musk’s takeover of Twitter.
In an interview with Bloomberg today, he gave an update on those intentions. Zhao stated there that his company is following Musk’s lead in proceeding with the deal. “We’re committed if Elon goes through with the deal…if he doesn’t, we’re off.”
Binance would be “a little bit [disappointed]” if Musk’s Twitter purchase did not succeed, he added. “We’re hoping to be able to contribute to Twitter in some way,” he said.
In May, it was claimed that Binance planned to provide Musk $500 million to help fund the purchase of Twitter.
The Deal’s Status Is Still Uncertain
Despite the fact that Musk and Twitter have both appeared to confirm the buyout on multiple occasions, the agreement has yet to be executed.
In May, the takeover was halted when Musk wanted data in order to evaluate how much of the activity on Twitter is authentic. He said at the time that he would only commit to the contract if less than 5% of Twitter’s accounts were discovered to be fraudulent.
According to the Washington Post, Twitter will comply with Musk’s demands and furnish him with a “firehose” of data on June 8. This means that the deal will be finalised soon.
It’s uncertain whether the deal will face any additional roadblocks. The deal is estimated to be worth $44 billion.
Source: Cryptobriefing
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