Elon Musk is moving forward with his master plan for Twitter payments. The company has begun the application process for state licenses in the United States in an effort to generate additional revenue streams outside advertising. Recently, the 51-year-old business tycoon has stated that, for now, he wishes to utilize fiat currency for payments on Twitter, but has vouched for cryptocurrency functionality in the near future.

Elon Musk Pushes For Twitter Payments

Earlier, during a meeting with Twitter advertisers, Tesla CEO Elon Musk provided a comprehensive overview of Twitter’s strategy to enter the payments business while the discussion was being livestreamed on Twitter. The new owner of the social media platform has hinted that, in the not-too-distant future, users will be able to transfer money to one another on the platform, withdraw their funds to verified bank accounts, and, possibly be offered a high-yield money market account to encourage them to transfer their cash to Twitter.

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Users of cryptocurrencies have been waiting for quite some time for the platform to support digital asset payment. The platform already provides support for tips made using Bitcoin via the Lightning network, using Ethereum, and NFT avatars for “Twitter Blue” subscribers.

Musk’s New Twitter Draws Crypto Users

After Musk acquired the company for $44 billion in October 2022, there has been a heightened level of anticipation for the implementation of cryptocurrency payments. The documents that were filed for the transaction also indicated that a multitude of blockchain firms, such as Binance, contributed equity to boost Elon’s massive buyout.

Musk has appointed Esther Crawford to the position of chief executive officer for the payments division and forecasts that revenue from the business will amount to $1.3 billion by the year 2028. Altcoins such as Mask Network (MASK) and Dogecoin (DOGE) witnessed a significant price increase almost immediately following the announcement.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.