In a recent tweet, Elon Musk revealed that he is working on a way to use crypto payments on Twitter. He has plans to make sending money on Twitter a lot easier. However, before this new feature can be implemented, he has a few other ideas for the platform.
Twitter’s Profile Pictures
Musk has publicly criticized Twitter for introducing the new NFT profile pictures, which allow verified NFTs to replace standard profile pictures. He deemed the move ‘annoying’ and questioned why Twitter would spend resources on such a feature. However, he isn’t alone in his criticism of Twitter. Elon Musk has been critical of certain aspects of cryptocurrency in the past, including the ICO scammers who prey on Twitter users’ trust and confidence.
Backing blockchain and DAOs
While critical of the Twitter NFT profile picture, Musk has publicly backed blockchain and DAOs, the technology that underpins cryptocurrency. On the other hand, he’s criticized trivial things like Twitter’s inclusion of a “NFT” symbol in its profile picture. He has also criticized the environmental impact of mining Bitcoin and other digital currencies. In short, Musk tends to be all over the board at times, staying true to his enigmatic and to be honest, frustrating character.
Musk to move Twitter to a subscription model
Elon Musk has hinted that he wants to expand Twitter into the payments world. He recently spoke about making the company a super-app and making cryptocurrency a part of the service. Musk has previously said that he wants to make $15 million from payments revenue by 2023 and $1 billion by 2028. Musk’s previous comments about payments with Twitter are not surprising. The founder of PayPal has previously discussed the issue of payments with Twitter.
Elon Musk purchased a 9.2% stake in the company. He is already a heavy user of the service and recently became its largest shareholder. The company has yet to commit to the 14.9% ownership threshold that he has previously mentioned. Elon Musk’s motivations for investing in Twitter are understandable, considering that he’s a proponent of free speech and the use of blockchain technologies.
Another reason for the switch is that Elon Musk loves Dogecoin. He has also been an avid supporter of the crypto, and has floated ideas on improving it. One suggestion he floated was the possibility of allowing users to pay for subscriptions using Dogecoin. If this idea becomes reality, it will be a step in the right direction for the crypto space.
Tweets: Promoted or Demoted
Elon Musk is a controversial figure for a number of reasons, including his occasional disregard for the rules of free speech. In the past, he’s defended his right to free speech, whereas today, he has criticized it and resorted to legal muzzles, lawsuits, and the hiring of private detectives. His recent move to increase Twitter transparency has sparked a firestorm from both liberals and conservatives as both groups are unsure of Musk’s true stance.
Although Musk called Twitter a “town square,” governments still have significant say over what people say on the platform. Many governments have resorted to “fake news” rules that threaten to ban companies and individuals that don’t comply. Moreover, European privacy rules have instituted the “right to be forgotten” that requires platforms to delete embarrassing information from their users.
Musk predicts that the total number of Twitter users will rise from 217 million at the end of last year to nearly 600 million in 2025 and 931 million six years later. The majority of that expansion will come from Twitter’s ad-supported business, including Twitter Blue, for which users pay $3 per month to customize their app experience. According to the pitch deck, Musk anticipates 69 million Twitter Blue users by 2025 and 159 million by 2028.
While the censorship of free speech on social media has become a topic of contention, Elon Musk’s offer to buy Twitter is in the interest of free speech, but Musk has yet to define what “free speech” is. Those who have fought for free speech on the internet may be disappointed to learn that the tech mogul is more focused on the internal rules of Twitter’s service than on the future of the platform.