Note that Twitter has already linked to current blockchain trends. In particular, in January 2022, the platform allowed NFTs to be set as avatars for subscribers to the paid service Twitter Blue. Amusingly, in doing so, the company faced criticism from Ilon Musk himself.

At the time he called the initiative “nonsense” and at the same time called on the company to fight spam bots.

Where cryptocurrencies can be used

According to a retelling of the session published by news outlet Decrypt, the Tesla CEO said that payments – including cryptocurrency transfers – are a “critical area” for Twitter. Musk also noted the acute problem of growing cryptocurrency fraud activity, for which Twitter is the main platform for attracting victims. Here’s his rejoinder.

Money is mostly digital at the moment. It makes sense to integrate payments into Twitter so you can easily send money back and forth. We’re talking about both conventional currencies and cryptocurrencies.

Billionaire Elon Musk

According to the billionaire, his main goal is to maximise Twitter’s usefulness as a platform. He continues.

If it can be used to make payments, it will significantly increase its usefulness.

The platform itself stands on three pillars – news, entertainment and payments. Musk has hinted that it is the latter that he intends to develop. Incidentally, his recent comments coincide with this idea. Recall that Ilon has previously stated that Twitter should be turned into something similar to WeChat.

WeChat is a Chinese "super app". It combines a messenger, a social network, an entertainment platform, delivery and service delivery services, and payments. WeChat is very popular in China and is tailored to that market. The versatility of the app has been one of the main conditions for its success among tens of millions of users.

Twitter shares

Beyond the potential integration of cryptocurrencies, Musk expects Twitter’s team to focus on solving the problem of fraud within the platform.

There are quite a few fraudulent schemes on Twitter. Things are getting better, but there is still a problem. There are also accounts of people who are not necessarily bots, but can manage them. For example, one person manages hundreds of accounts and tries to present them as individuals.

One of the solutions Musk proposed to solve the problem of fake Twitter accounts was verification through payment for a subscription to the Twitter Blue service.

By relying on the payment system, Twitter will know who you are, at least in terms of your credentials.

Accordingly, setting up a botnet in such a case would be extremely problematic. Still, it would require quite a few bank cards or blockchain wallets.

An example of a fraudulent bot that copies the profile of former US president Barack Obama to attract victims

In addition, Twitter needs to become fully transparent in order to regain the trust of the majority of users. To this end, Musk proposes to make the code of the platform completely open. Thus, anyone will be able to participate in finding bugs, criticizing and improving the technical part of the platform.

As a reminder, the deal to buy Twitter by Ilon Musk is still standing - it is estimated to be worth at least $43 billion. One of the main conditions by which things will move forward will be the site's team's intensified fight against fake information, bots and scammers. Unfortunately, this is not a quick process, and behind all the bureaucracy, direct integration of cryptopayments is unlikely to happen in the coming weeks.

Elon Musk and Dogecoin


We believe that integration of digital assets awaits all major social platforms sooner or later. This way they will not only be able to support a modern asset category and attract new users, but also expand their own functionality. And knowing Musk's love of Dogecoin, the lack of promotion of this cryptocurrency after acquiring such a large platform would be hard to imagine.

In any case, follow the news about the platform and the crypto market in general in our chat room. There we discuss other important developments in the blockchain world as well.