Twitter’s Plan To Create “Efficient” Financial System Likely To Include Crypto• May 20, 2023 2:59 pm • Comments
Elon Musk has recently shared on Twitter that he believed that a lot of traditional financial platforms are highly inefficient and need to be improved.
Musk has stated in the past that “money is just information” and that he plans to use Twitter as a way to implement a much more effective financial system that can solve a lot of the existing problems today.
This is part of the overall plan that he has which is to turn Twitter into an everything app called “X” which means that the app will have its own financial system.
Investors and speculators believe that it will use crypto in some shape or form in order to facilitate payments on the platform.
After all, Twitter has given many clues in the past about its intentions such as the fact when it replaced its own logo with the Dogecoin logo for a brief period of time.
ELON MUSK‼️ Twitter will create a more efficient financial system compared to traditional banking. pic.twitter.com/1YR0AN40fy
— Radar🚨 (@RadarHits) May 17, 2023
In a recent Twitter space, Elon Musk went on to highlight how existing traditional finance platforms are not up to the mark and have a lot of scope for improvement. He outrightly bashed the existent system and labeled it to be “very inefficient.”
He called out the system for being centralized and heterogeneous.
With several problems plaguing the traditional financial landscape, a new system with tailor-made specifics may elevate convenience for consumers.
Musk also stressed that it doesn’t make sense to unnecessarily disrupt things. “If there’s a better product, that’s great,” he said.
However, the need of the hour is to create a much more well-equipped system. Elaborating on the same, he said that to fill that real-time, it’s possible to have an even more efficient, homogenous real-time data system. Musk went on to exclaim that “money is just information.” He added,
“That’s the only thing that’d be poetic to fulfill automatically the vision that I have for X.”
There is a lot of evidence now that this is likely the path that Twitter will go on although the exact details have not been revealed yet.
Twitter had recently hired Linda Yaccarino as the new CEO who has been noted to be very pro-crypto and likely shares Musk’s visions.
Additionally, there have been designs that have been shared in the past by some online sources that claim that they are close to the internal Twitter teams.
The designs detail information about how crypto payments would function on the social media platform, but the information has not been confirmed yet by an official source.
Just yesterday, Elon Musk commented on the inefficiencies of the financial system.
Elon said "there's potential to create a more efficient financial system."
Twitter entering the financial system would promote a whole new realm of innovation.pic.twitter.com/Bvy9a17Q4f
— The Kobeissi Letter (@KobeissiLetter) May 17, 2023
Yaccarino left her job as head of advertising at NBCUniversal on Friday morning to take on the job of helping Musk transition Twitter into X, his envisioned “everything app” that will incorporate social media and payments (possibly including crypto) along the lines of China’s WeChat.
Musk is also pro-crypto. His electric car company Tesla is currently one of the largest institutional HODLers of Bitcoin, even after it sold three quarters of its original holdings.
He is a fan of Dogecoin, and his frequent tweets about it often pump the price.
He even replaced Twitter’s blue bird logo with the Doge meme for a few days, so a potential crypto integration is conceivable, especially as a payments option.
Elon Musk says there are plans for Twitter to become a more efficient financial system than traditional banking
— whalechart (@WhaleChart) May 16, 2023
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