With Elon Musk’s acquisition of Twitter in 2022, the microblogging platform is now valued at $44 billion. Following a slide from the November 2022 entrepreneur Twitter chat, Elon’s revealed plans for his “entrepreneurial Twitter 2.0: The Everything App,” have generated much speculation about the platform’s future.
The Elon Payments Push
Recent reports suggest that the Tesla CEO has been pushing the idea of a “Twitter payments” feature and the social media company has already begun the process of applying for state licenses in the US. This is an attempt to generate additional revenue streams outside of advertising categories. Although there was hope that cryptocurrencies could be part of the proposed payment function, it was not fulfilled to everyone’s disappointment. The impact of this is due to Elon’s well-known passion for cryptocurrency.
The incorporation of cryptocurrency into the platform could create a social network with a global audience that could make Twitter the “app for everything.” This could lead to a large promotional drive that uses a cost-effective system, from the implementation of one-click purchasing for merchandise tagged to posts to the creation and operation of crypto wallets for payment. NFT, or physical or digital items.
So the question is: what if Elon included DOGE in the final version of Twitter’s new payment system? Let’s find out more!
Is DOGE a Viable Option?
Elon Musk has warned that Twitter “needs to make money somehow” after the company’s new owner unveiled plans to offer a premium verification service to the community. And although Musk’s obsession with Dogecoin, the meme-based cryptocurrency, has been widely reported, it stands out as a strong candidate for digital payment on platforms like Twitter. With roughly 138 billion Dogecoins in circulation and its value not too high, the flagship crypto stands out as an ideal choice for cryptocurrency-based payments.
These are just some of the options that companies offering blockchain improvements have offered, and one of them involves locking the value of the token for a certain period of time. This reduces volatility and allows anyone to easily trade with cryptocurrencies. Now this is how it will be done for DOGE on Twitter, which is the most important decision the tech entrepreneur must make.
However, it is possible, and that is a powerful fact to remember. Despite Elon’s initial launch of fiat currency for the upcoming Twitter Payments, he did not hesitate to suggest that cryptocurrencies could follow. His multiple endorsements of the memecoin with a canine theme make it the most likely choice for cryptocurrency-based payments in the near future.
Also read: Why Are These Banking Giants Suddenly Entering Crypto?
