- Elon Musk may be planning to transform Twitter into an “updated version of PayPal,” offering low transaction costs.
- Musk’s conversations with Wall Street executives hint at the possibility of Dogecoin becoming the native currency of this revamped platform, potentially driving its price to $0.20.
In an electrifying turn of events reported by Forbes Digital Assets news, Tesla billionaire Elon Musk is speculated to take Twitter to a whole new level by transforming it into an “updated version of PayPal.” After shaking up the crypto market earlier this month, Musk seems to be setting his sights on revolutionizing online payment systems. But the real kicker? Dogecoin, Musk’s favored cryptocurrency, might become the native currency of this newly conceived platform.
The Whisperings on Wall Street
“Musk continues to have conversations with top Wall Street executives on the future of Twitter,” revealed Charles Gasparino of Fox Business Network.
According to insiders, Musk is leaning towards implementing a “new-fangled payment system” that mimics an updated PayPal model. This platform aims to offer lower transaction costs compared to traditional credit card payments and potentially monetize user information.
Dismantling Previous Speculations
“Twitter will never launch its own cryptocurrency to rival existing giants like Bitcoin, Ethereum, or XRP,”stated Elon Musk, effectively shutting down earlier rumors of an in-app trading platform.
Instead, his affinity for Dogecoin hints at the meme coin potentially becoming the flagship currency of this new system.
PayPal’s Cautionary Tale
PayPal, originally created by Musk’s X.com after merging with Confinity in 2000, rolled out a U.S. dollar-pegged stablecoin, PYUSD, earlier this month.
“On the surface, there’s a lack of demand from crypto users for PYUSD when other alternatives exist,” warned analysts at Nansen, indicating a possible lack of enthusiasm.
Dogecoin: A Natural Fit?
Could Dogecoin, Musk’s so-called “fave” cryptocurrency, become the native currency of Twitter’s new financial ecosystem? If the whispers and speculations are to be believed, the integration could not only legitimize Dogecoin but also potentially propel its value to $0.20. It’s a daring notion, given Dogecoin’s meme origins, but not an entirely far-fetched one in the fast-evolving landscape of cryptocurrencies.
Ripple Effect on Crypto Market
“We saw PayPal introduce its stablecoin—that also acts as a stamp of approval,” noted Gavin Michael, the CEO of Intercontinental Exchange-owned bitcoin custody company Bakkt.
If Musk’s revamped Twitter does adopt Dogecoin as its native currency, the crypto market could see another seismic shift, possibly setting the stage for Dogecoin’s price to reach unprecedented heights.
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