Elon Musk, the new CEO of Twitter, said that the company will continue to use cryptocurrencies.
Musk went to the “Twitter Space” event hosted by Mario Trumpal, the founder of the IBC Group. There, he talked about why people should use Twitter and what the main purpose of cryptocurrency is.
Musk said that Twitter wants to use cryptocurrencies to become a “super app.”
He said, “WeChat has a lot of things that Twitter should have.”
WeChat, a Chinese messaging app, is an “all-in-one platform” that helps users in China with things like real-time conversations, digital payment services, travel, and social media. In particular, it has made sure that about 260 million people in China use digital yuan (e-CNY) by installing it this year.
Musk said that Twitter’s move to use cryptocurrencies was because of how important they will be in the future financial system.
Musk said, “Cryptocurrency can help keep the global financial system, including the central banks of each country, honest so that the financial system doesn’t get messed up.”
He also said what he thought about CBDC and other cryptocurrencies competing with it.
“A lot of the money system has already been made digital,” he said. “I don’t think CBDC will be all that well-liked.”
“Even if central banks make digital currencies, I think people will use the money they think is most valuable,” he said.
Musk did not say which digital currencies Twitter will accept.
Musk’s comments about cryptocurrencies, especially the ones he made on Twitter that confirmed the use of cryptocurrencies, are very important.
Jane Manchun Wong, who works on the Twitter app, posted an image with the word “coin” in the “tip” function and an image code of a Twitter coin on her Twitter account on May 5 and then quickly deleted it. The fact that the post included a “vector image” with a math formula made people think that Twitter was making its own coin, and the market went crazy.