The journey of Tesla and the newly appointed Twitter CEO Elon Musk has been pretty interesting. From the rise of the most well known meme coin, DOGE to Elon being the reason for pumping in its value; the path so far has been pretty eventful for the crypto natives. That journey has led to Twitter being the source to introduce payment method which will eventually be able to include crypto as well; as stated in the report from Financial times. Twitter CEO is still pushing the payments on the platform.
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The crypto in interest of the news, Dogecoin; which saw a jump of 94% in weekly gains back in October 2022 when Elon Musk acquired Twitter; saw a rise in its value after the announcement from Twitter CEO Elon Musk of Twitter payment methods which is to be primarily in fiat currencies.
Doge and Mask go wild https://t.co/Hoj9fV9W7v pic.twitter.com/RNMHQd7siv
— db (@tier10k) January 30, 2023
According to CoinGecko data, the news had sent the value of DOGE from $0.08 to $0.09 on Monday and has since settled back to roughly $0.08.
With the relationship that DOGE has had with Elon Musk, the price of the token sees a rise when Elon Musk is succeeding with a venture and endures a drop in its value when Elon struggles; similar to how the crypto asset saw a 11% drop in value when the Twitter poll suggested Elon to not continue to be the CEO of Twitter.
Should I step down as head of Twitter? I will abide by the results of this poll.
— Elon Musk (@elonmusk) December 18, 2022
Ever since acquiring Twitter, Elon Musk has been looking into different angles to reimagine Twitter as a social payment platform. Stating his thoughts behind the purchase, there has also been tweets about Twitter being registered as a payments business back in November 2022.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
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It has also been confirmed that there is an ongoing project where Twitter is working on coin feature which will allow users to pay with fiat. The payment will give the users virtual Coins that they will then be able to redeem to get “Awards” for content, similar to Reddit. Users will be able to pay for Coins; on Twitter; using the payment platform Stripe.
Twitter is also working on a “Coins” menu item that takes you to the purchase screen pic.twitter.com/tSG8msWBGe
— Jane Manchun Wong (@wongmjane) January 10, 2023
While Twitter Coins is not going to have crypto option in its initial stage, Musk has not remove the possibility entirely.