Elon Musk Reportedly Wants Twitter Payments to be Fiat-Focused with Crypto in Mind

Joshua Ramos
Is Twitter Increasing the Character Limit on Tweets?
Source: Aestland

It was reported yesterday that Twitter has begun entering the necessary channels to adhere to regulatory requirements for eventual payment services. With many in the digital asset industry interested, it has been reported that Elon Musk wants Twitter payments to be fiat-focused with crypto in mind.

The billionaire Twitter CEO’s long history with DOGE is well documented, as is his appreciation for crypto. Conversely, Blockworks has noted that his vision for Twitter payments is “fiat, first and foremost,” with crypto as a later addition.

How Much Is Twitter Blue?
Source: Reuters

The reports from yesterday stated that Twitter had begun the process of the license application to register the social media platform as a payment service. Moreover, it was noted that the creation of the necessary software has begun under the Musk regime. Subsequently leading many to wonder just what that looks like for the platform.

Now, we have insight from various reports that have noted Elon Musk views Twitter payments as fiat-focused, with crypto to come later. The reports state that the development is all a part of his vision of Twitter as an “everything app,” as stated previously.

Elon Musk-Twitter Takeover Follows Several Firms Halting Their Twitter Ads
Source: BGR India

Developing Twitter payment capabilities is not Musk’s first foray into that industry. The Tesla founder is credited as the pioneer in the digital payments industry, creating X.com in 1999. That company would eventually become PayPal.

The report stated that Twitter employee Esther Crawford is the lead developer on the software needed for the payment services. Yet, nothing else has come to light in terms of what the program could entail. However, it would make sense for Musk to present a program focused first on fiat and eventually transitioning to supporting digital assets.