Elon Musk Hints at Crypto Plans in First Twitter Meeting

Key Takeaways

  • Elon Musk held a conference with Twitter workers today to talk about prepare for the social media following his takeover.
  • Specifically, he talked about strategies worrying the addition of crypto payments and strategies to remove crypto frauds.
  • The buyout has actually not been settled, however Twitter is supplying Musk with information that will assist the offer progress.

Elon Musk held his initially complete conference with Twitter workers on Thursday. There, he discussed his prepare for cryptocurrency and other modifications following his organized takeover of the social media.

Musk Could Add Crypto Payments

During the conference, Musk verified that cryptocurrency payments are one function that might be contributed to Twitter.

Musk stated that it “would make good sense to incorporate payments into Twitter so that it’s simple to send out cash back and forth” which such strategies might include “currency in addition to crypto.”

Though Twitter included Bitcoin tipping under previous CEO Jack Dorsey in 2021, Musk’s vision appears to be more detailed. Musk stated he would “take full advantage of the effectiveness of the service” by making “Twitter so engaging that you can’t live without it.” He called payments among 3 vital locations together with news and home entertainment.

Musk likewise kept in mind that “cash is essentially digital at this moment, and has actually been for a while” and drew contrasts to PayPal.

Previously, Musk meant cryptocurrency payments on Twitter however did not explain an extensive strategy. His earliest declarations merely check out: “Maybe even a choice to pay in Doge[coin]?”

Musk Also Plans to Eliminate Scams

Outside of cryptocurrency payments, Musk likewise kept in mind that he intends to get rid of cryptocurrency rip-offs on the social media network.

” There [are] rather a great deal of crypto rip-offs on Twitter,” Musk stated. “It’s improved, however there’s still a reasonable little bit of that.”

Musk then broadened on strategies that have actually been explained previously. He intends to make Twitter’s anti-bot algorithms available to public evaluation. He prepares to include an optional paid-tier service that people can utilize to show their credibility.

Musk’s high status has actually made him a regular target of impersonation by Twitter fraudsters. In addition to having his image utilized in routine phishing efforts, Musk was likewise among the prominent Twitter accounts hacked in a huge crypto-related rip-off in 2020.

That attack led to simply $118,00 0 taken however saw over 130 accounts assaulted– with extreme ramifications for Twitter’s stability.

Changpeng Zhao Expresses Support

Changpeng Zhao, CEO of the leading crypto exchange Binance, has actually likewise restated assistance for Musk’s Twitter takeover.

Today, he offered an upgrade on those strategies in an interview with Bloomberg There, Zhao stated that his business is following Musk’s lead in moving on with the quote. “If Elon goes through with the offer we’re dedicated … if he does not, we’re off.”

He included that if Musk’s Twitter buyout does not be successful, Binance would be “a bit [disappointed].” He concluded: “We’re wanting to have the ability to add to Twitter in some way.”

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

State of Deal Is Still Uncertain

Despite the reality that Musk and Twitter have actually apparently validated the buyout numerous times, the offer has actually not yet been settled.

The buyout was disrupted in May when Musk required information in order to identify just how much Twitter activity is genuine. At that time, he recommended that he would dedicate to the offer just if less than 5% of Twitter’s accounts were discovered to be phony.

On June 8, Washington Post reported that Twitter would abide by Musk’s needs and offer him with a “firehose” of information. That recommends the offer will quickly progress.

It is uncertain whether there will be additional obstacles to the offer. The worth of the sale is stated to be $44 billion.

Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

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