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Doge Rises Amid Reports of Crypto Support on Twitter
According to a Financial Times report, CEO Elon Musk would like Twitter’s in-progress payment model to incorporate cryptocurrencies. Amid the mooted revelations, Musk’s favorite crypto Dogecoin experienced a notable surge in value. The token hit a daily high but retraced its steps soon after.
Elon Musk became Twitter owner and CEO on the 27th of October last year. Despite still being in the early days of the handover, Twitter has experienced a slew of makeovers in the last few months. In fact, right from the start, Musk’s intention to monetize the platform was no secret.
Musk to Optimize Twitter for Payments
In November, shortly after Musk’s takeover, Twitter registered as a payments firm. It appears the company has continued along that line. Indeed, Twitter is supposedly applying for US-based regulatory licenses with entities such as the US Treasury.
The Financial Times also claims that the company’s engineers have software in the works for Twitter to feature a payment offering. Per the report, the platform aims to have the necessary framework in place in one year.
Since Musk’s entry, Twitter has reportedly recorded some massive losses. As such, the SpaceX founder has been on the hunt for new revenue sources. Payments seem to have emerged as a viable option.
Musk pitched the idea of Twitter as a payments platform to investors in May. At the time, he claimed that the firm could see revenue inflows of up to $1.3B in less than a decade. According to the FT release, for now, fiat money will make up the majority of payments on Twitter.
However, Musk wants a system that can accommodate digital assets in the future.
Twitter’s Coins Offering
All of the aforementioned moves add up to Musk’s plans to make Twitter into what he calls an “everything app.” The chief Twit’s long-term goals feature functionality like messaging and shopping. Twitter may even offer services like the payment network PayPal.
Presently, the social media platform is working on a feature called “Coins.” With Coins, Twitter users can make fiat payments for virtual coins. Payments platform Stripe will reportedly facilitate Coin purchases. Then, quite like Reddit’s award system, Twitter users can give each other awards with these Coins.
Again, Twitter will not merge cryptocurrencies with its Coins feature. However, with Musk leaving the crypto door open, it is possible for the platform. Twitter has ventured into crypto payments in the past, under founder Jack Dorsey’s leadership.
In mid-2021, two months before Dorsey’s exit the company joined forces with payments firm Strike. This collaboration birthed a tipping service that involved the premier cryptocurrency Bitcoin.
DOGE Value Spikes
Dogecoin saw its value rise following the news that crypto payments would remain an option for Twitter. The meme token jumped from $0.08 to $0.09 according to CoinGecko charts. Within the hour its price came down, and the token is worth $0.086637 at press time.
Musk’s influence on Dogecoin’s value is historical. Given his and Tesla’s history with the joke coin, some believe Doge could experience preferential treatment should Twitter show crypto support.