Elon Musk will not lead Twitter. How it will affect cryptocurrencies

Elon Musk will take over as CTO, focusing among other things on the integration of payments into this social network

Elon Musk will leave the post of CEO of Twitter. He announced this in his account on the social network. He has been Twitter’s CEO since the social network’s $44 billion acquisition in 2022.

Musk uses Twitter’s polling interface to get followers’ opinions on the social network’s various policies. Late last year, he launched a poll about whether he should resign as head of the service. By a relatively small margin, most of the votes were positive. Musk joked that he would leave when he “found some crazy person” to replace him. And then he himself will move to the development team.

That “madman” eventually became Linda Yaccarino, head of advertising at NBCUniversal, which owns a network of TV channels and several movie studios. Musk specified that she would start working “in about half a month.” He himself will take over as chairman and CTO of Twitter.

Integration of cryptocurrencies into Twitter social network interface, opinions of Crypto-Upvotes experts

Judging by the history of Musk’s statements, he really does not give up hope of integrating cryptocurrencies into the interface of the social network Twitter. If we take into account his previous global goals to develop a “super-application” X (similar to China’s WeChat). Then it is possible to assume the creation of some ecosystem with internal support of cryptocurrencies. And of which Twitter would be a part, our expert thinks.

But if we consider Twitter separately, at the initial stage Musk could introduce a function of sending money through personal messages. And paying for subscriptions to paid content or Twitter Blue status for cryptocurrency. Any kind of coin could be suitable for these purposes. And so Bitcoin and Dogecoin (DOGE) could potentially benefit from such integration.
Introduction of a payment function in Twitter is one of Musk’s key objectives, according to our experts.
In their opinion, it will turn the social network into a more predictable and stable source of income. It will also add features which are absent in other social networks. And by doing so, it will attract new users and make the social network a more profitable asset in Musk’s portfolio.

Technically, the integration of cryptopayments into Twitter could be done in partnership with a third-party cryptocurrency company. For example, Coinbase, which already has a developed infrastructure – wallets, exchange, business solutions and payment gateways.

Or another option – Musk will buy a payment gateway operator. In any case, the main task is not just to introduce cryptocurrencies. But to allow those who don’t have them to conveniently buy cryptocurrencies and just as conveniently spend them within the social network.

Despite Musk’s plans, the likelihood of introducing cryptocurrencies is still in question. Because of the “witch hunt” by the U.S. regulators, which has already provoked many large cryptocurrency companies to leave for other jurisdictions. Perhaps one of the tasks of the new CEO will be to find a way to find legal loopholes for the safe introduction of cryptocurrencies into Twitter, but this is just our guess.

Influence on cryptocurrency prices

As the head of Twitter, Musk organically joined the cryptocurrency community. Which settled on the platform at the stage of crypto-business birth. Musk participates in Twitter Spaces broadcasts with opinion leaders from the cryptosphere and comments on high-profile news in his personal account.

It’s not uncommon for Musk’s tweets to cause significant spikes in the price of crypto-assets. Which he mentions to them directly or indirectly. The most popular of these is Dogecoin (DOGE). In his May 2021 tweet, Musk said he was working with the developers of Dogecoin to make the system more efficient. This immediately led to a 22% increase in the Dogecoin exchange rate.

In December of that year, DOGE jumped 33%. When Musk announced that electric car maker Tesla would begin accepting the coin as payment for goods at its online store. Typically, such price spikes are fleeting as traders and automated bots start buying up tokens. Which were mentioned by Musk within seconds of his comments on Twitter. And to quickly sell them at a profit afterwards.

Musk gained a reputation as an influencer in the cryptocurrency community long before he bought Twitter. The change of position, will not have a negative impact on this reputation according to our experts. Rather, we can expect a positive impact, as the position of CTO is “more in line with Musk’s role as an eccentric innovator.