Crypto

Elon Musk Reveals Twitter Crypto Plans in Leaked Transcript

Elon Musk shared more details of his plans for how crypto could be used on Twitter in a leaked Q&A with employees of the social media company.

According to a transcript of the meeting released by voxTesla’s billionaire CEO exposed how payments, including crypto, are a “critical area” for Twitter, highlighting the ongoing issue of crypto scams on the social media platform.

“Money is fundamentally digital right now,” Musk said. He added that “it would make sense to integrate payments into Twitter to make it easy to send money back and forth,” noting that this would include “currency and crypto.”

Stating that his goal is to “maximize the utility of the service,” Musk said that “if you can use it to make convenient payments, that’s an increase in utility.” He added that news, entertainment and payments are “three critical areas” for Twitter, in order to make the service “so attractive that you can’t live without it and that everyone wants to use it.”

Musk’s suggestion that Twitter integrate payments mirrors his earlier argument that the platform should become a WeChat-style “super app”; The Chinese social media platform brings together multiple services including transportation, food delivery, and payments under one umbrella.

Musk takes aim at Twitter crypto scams

In the Q&A session, Musk also addressed an ongoing concern: the prevalence of bots and cryptocurrency scams on Twitter. “There are a lot of crypto scams on Twitter,” he said, admitting that “it’s gotten better, but there’s still a bit of it.”

He added that “there are also people who aren’t necessarily bots, but they could be operating. You know, one person is operating hundreds of accounts and trying to make them look like individuals, but they’re not.”

“For people to trust Twitter, I think it’s extremely important that there’s transparency,” Musk said, reiterating his earlier suggestion that the platform’s code be open sourced, “so people can criticize it, improve it, identify bugs.” , potentially or biases”.

One solution Musk introduced to address the problem of fake Twitter accounts was verification by paying for his Twitter Blue subscription service. By “leveraging the payment system,” he suggested, “Twitter would know who you are, at least from a payment standpoint.” Musk previously suggested, possibly jokingly, that Twitter Blue subscriptions could be paid for in his favorite cryptocurrency, doecoin.

Musk’s $43 million Twitter offer

Bot activity has become a key factor in Musk’s on-and-off purchase of Twitter. After making his $43 million offer to buy the social media platform in April, the Tesla CEO said the purchase “cannot move forward” until Twitter provides information on how many fake accounts exist on the platform.

Earlier this month, Twitter reportedly gave Musk access to a “fire hose” of data, including all tweets posted on the platform, to allow him to independently verify bot activity levels.

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