As per a Financial Times report, the CEO of Twitter Payments LLC, Esther Crawford, is working with a small team of developers to make a blueprint for payments on the platform. As Twitter pivots in strategy, searching for new avenues to increase revenue, Elon looks ready to join cryptocurrency and the social media giant officially.
Dogecoin, one of Elon’s favored cryptocurrencies, rose 6% in price after the announcement regarding Twitter payments. This increase has been part of a larger trend connected to Elon Musk’s tweets. Every time Elon mentioned dogecoin or crypto in a tweet that was construed as positive, the meme coin went up in value. One instance of this positive effect was when Elon moved into Twitter’s HQ, as part of the takeover of the company. The price of Dogecoin increased by 22% in response.
Plans to create revenue from payment systems for Twitter went as far back as May 2022, when Elon Musk pitched the idea to investors with a plan to raise $1.3 billion by 2028.
According to the Atlantic, 90% of all revenue came from advertisements before Musk took over. This move in revenue restructuring could be hard to achieve without relying on brands at least for the short term.
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Source: https://www.thecoinrepublic.com/2023/02/03/elon-plans-to-integrate-cryptocurrency-into-twitter-big-eyes-coin-bonus-code-ends-in-3-days/