Twitter Adopts New Policy, Threatens Future of Bitcoin & Crypto

Twitter Adopts New Policy, Threatens Future of Bitcoin & Crypto

Since taking over as CEO of Twitter in October, Elon Musk has been looking for new ways to commercialise the social media network. He raised the price of Twitter Blue, the premium service that requires account identification, to $7.99 per thirty days in November.

Musk said at the time that it was part of an attempt to combat fake accounts that spread disinformation and hate speech. He reasoned that if people had to pay for each account separately, individuals or businesses running bot farms would be discouraged from maintaining hundreds of them.

Also in November, Musk said in a live-streamed meeting with advertisers that he intended to allow Twitter to be a vehicle through which users could spend money and withdraw monies to bank accounts. Around the same time, Twitter registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which might allow it to process payments.

Approximately two months later, it is stated that the microblogging website is building the groundwork for just such a business. It is expected that cryptocurrencies will eventually be used as part of the funding scheme. According to the Financial Times, Esther Crawford, Twitter’s product administration director, is working on charge system logistics and has formed a small crew.

According to the article, the payment system would first deal with fiat currency but might eventually be built to include crypto. If Twitter is finally able to cope with bitcoin, it might provide it with a high-profile mainstream presence. Musk has already permitted his electric vehicle company Tesla (TSLA) – Get Free Report to take dogecoin for payment, so this is not his first foray into cryptocurrency.

The possibility of dogecoin being utilised on Twitter would give it more publicity and, maybe, a chance to compete more effectively with others like bitcoin.

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