It should be noted that Twitter’s purchase was facilitated by the cryptocurrency exchange Binance, among others. As it became known last week, in this way the platform wants to promote digital assets among users of the social platform.

Binance chief executive Changpen Zhao in a FC Porto uniform

Well, the introduction of a cryptocurrency sending feature would also help boost the number of its users. For now, however, the prospect of such plans remains hazy.

Will cryptocurrencies appear on Twitter

The news of the social platform’s purchase was clearly reflected in the DOGE chart, with the coin’s price roughly doubling the week the deal between Musk and Twitter’s board of directors was completed. The coin’s rise in value so far has been driven by its association with memes and Ilon himself, who has been actively tweeting references to DOGE since early 2021.

DOGE exchange rate over the past 30 days

Just three days before the deal closed – that is, on October 24 – the popular insider Jane Manchun Wong’s Twitter page revealed that the social platform was developing a “prototype crypto wallet” that could allow users to deposit and withdraw crypto directly on Twitter. According to Decrypt’s sources, Wong has a good reputation, with insider information from Twitter having been shared in the past that turned out to be true.

Now, however, journalist Casey Newton of Platformer has claimed a change of plans within the company under the new leader. According to him, “recently disclosed plans to develop a cryptocurrency wallet have allegedly been put on hold for now”. Most interestingly, within hours of this news being published, the value of DOGE plummeted by around 10 percent. Still, it was the cryptocurrency that was considered the main contender for Twitter transactions. In addition, Musk had previously figured out how to integrate Dogecoin into The Boring Company’s tunneling system.

Twitter’s new CEO Ilon Musk

Then again, Elon himself has hinted more than once in the past at the possibility of integrating Dogecoin as a payment medium within the social platform. In June, for example, the billionaire held a Q&A session with Twitter employees. It was closed, but some information about it still leaked online. During the event, Musk cited the integration of cryptopayments as one of the platform’s new priorities under his leadership.

Musk’s tweet hinting at the possibility of DOGE payment integration

Musk also considered creating a blockchain-based social platform that could replace Twitter. This was revealed in leaked correspondence with his brother Kimball. In April, Ilon shared with his brother the idea of a platform that would require tiny payments in DOGE to post information, but days later such an idea was abandoned.

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Correspondence between Musk and former Twitter executive Jack Dorsey has also been leaked online. In it, Dorsey, who is also a flamboyant Bitcoin-maximalist, urged Musk to turn Twitter into a decentralised protocol, with Ilon agreeing to such a move. If Musk really wants to integrate cryptopayments into the platform, then the creation of a wallet should be at the heart of the initiative. But if that plan is “on pause” for now, then deeper integration of crypto may not be part of the billionaire’s plans for the near future.

There is also the possibility that a deal to buy Twitter would seriously aggravate the relationship between Musk and some influential people in the US government. Even US President Joe Biden criticised the acquisition of the platform during his speech at a charity event in Chicago. Here’s his quote, cited by Cointelegraph.

So what are we all worried about? Elon Musk goes and buys an organisation that sends out and spreads lies around the world.

US President Joe Biden

Although the Biden administration has previously clarified its position on promoting the suppression of public insults and misinformation on social platforms, the president has stressed the lack of control over Twitter’s leadership. Here’s another of his quotes.

There are no editors there anymore. There are no editors. How can we expect children to be able to understand what they are talking about.

Biden’s outrage probably stems from the sacking of Twitter management and the return of the “freedom of speech” that Elon Musk promises. He also does not rule out that some celebrity accounts blocked on the platform may soon be restored – in particular the account of former US president Donald Trump.

However, new Twitter bans have already taken place. Kathy Griffin’s account, for example, was blocked last night. The reason for the ban was the fact that Kathy had changed the account’s signature to “Ilon Musk”. Apparently it was a joke that didn’t fit into the current botfighting framework.

Kathy Griffin’s banned Twitter account


We think that the temporary withdrawal of the introduction of a cryptocurrency wallet on Twitter is a fairly predictable event. Still, Musk is now facing massive criticism for wanting to charge $8 a month for the blue verification tick box that the platform used to provide for free. And while this is being pitched as a way to combat bots, Ilon's decision wasn't to everyone's liking. So for now, the appearance of crypto within the platform will have to wait.


Look for more interesting things in our millionaires’ crypto-chat. There we will discuss other important developments in the blockchain world.