• According to a Financial Times report, Elon Musk is open to adding Bitcoin and crypto to Twitter’s payments vision.
• Twitter has reportedly begun applying for regulatory licenses across the U.S., in apparent preparation to begin facilitating payments through the app.
• This multifunctionality approach would benefit greatly from the increased functionality of cheap, instantaneous payments using a platform like the Bitcoin Lightning Network.
Twitter Preparing for Payments
Twitter is reportedly prepping for payments, with Bitcoin possibly being part of the mix. The Financial Times reported that Elon Musk is open to adding BTC and cryptocurrency into Twitter’s payment vision as part of its “super app” plan.
Applying for Regulatory Licenses
To make this possible, Twitter has started to apply for regulatory licenses throughout the United States in order to begin facilitating payments on their platform. People close to the company stated that a small team had been set up in order to map out the architecture needed for such a feature, which may include cryptocurrency functionality too.
Previous Experiments with Bitcoin
This would not be the first time that one of Elon Musks’ businesses have experimented with Bitcoin transactions either – Tesla had previously accepted bitcoin as payment before retracting it due to renewable energy concerns. Moreover, Twitter itself has tested tipping through Jack Maller’s Strike via Lightning Network as well as enabling users to add their own Bitcoin address in order receive tips directly from other users on the platform.
Musk’s Vision of Super App
Musk himself has repeatedly expressed his desire for Twitter to become more than just a social media platform but rather an all-encompassing “super app” where people can do multiple tasks at once including making payments quickly and cheaply via cryptocurrencies like Bitcoin Lightning Network if desired.
Conclusion
Overall, it appears that Elon Musk is taking serious steps towards implementing payments onto his newly acquired company and could potentially include cryptocurrencies within them if he so desires – something that could prove beneficial not only financially but also technologically speaking due to its increased functionality compared with fiat currencies or traditional payment methods.