In a leaked Q&A session with Twitter employees, Elon Musk revealed more details about his plans for how cryptocurrency could be used.
According to a transcript of the meeting obtained by Vox, the billionaire Tesla CEO discussed how payments, including cryptocurrency, are a “critical area” for Twitter, as well as the ongoing issue of cryptocurrency scams on the social media platform.
“At this point, money is fundamentally digital,” Musk said. “It would make sense to integrate payments into Twitter so that it’s easy to send money back and forth,” he continued, noting that this would include “currency as well as crypto.”
Musk’s suggestion that Twitter integrate payments echoes his earlier argument that the platform should become a WeChat-style “super app,” which combines multiple services such as ride hailing, food delivery, and payments under one umbrella.
Musk stated that his goal is to “maximise the usefulness of the service,” adding that “if it can be used to make convenient payments, that’s an increase in usefulness.” He went on to say that Twitter’s “three critical areas” are news, entertainment, and payments in order to make the service “so compelling that you can’t live without it and that everyone wants to use it.”
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Elon Musk On Twitter Crypto Scams
Musk also addressed an ongoing pet peeve in the Q&A: the prevalence of bots and cryptocurrency scams on Twitter. “There are a lot of crypto scams on Twitter,” he admitted, adding, “It’s gotten better, but there’s still a fair amount of that.”
He went on to say, “There are also people who are not necessarily bots but may be operating. You know, one person is running hundreds of accounts and attempting to make them appear to be individuals, but they are not.”
“I think it’s extremely important that there be transparency in order for people to have trust in Twitter,” Musk said, reiterating his earlier suggestion that the platform’s code be made open-source “so that people can critique it, improve it, identify bugs, potentially, or bias.”
Musk proposed one solution to the problem of fake accounts on Twitter: verification through payment for its Twitter Blue subscription service. “Twitter would know who you are, at least from a payment standpoint,” he suggested by “piggybacking on the payment system.” Musk has previously suggested, possibly in jest, that Twitter Blue subscriptions be paid for in his preferred cryptocurrency, Dogecoin.
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Hmmmmmmm Sounds Interesting