5 Ways Crypto Fan Elon Musk Could Change Twitter

Elon Musk has turned his sights on Twitter. In recent weeks, Musk started by tweeting out a poll asking his 81 million followers about potential changes to the platform. Shortly after, he announced the purchase of a 9.2% stake in the company, then turned down a seat on the board of directors after discovering that joining the board would prevent him from buying more of Twitter. .

Now Musk has made an outright offer to buy Twitter. Its offer values ​​the company at around $43 billion in cash, while Twitter’s market capitalization currently sits at $37 billion. Musk’s net worth is estimated at $260 billion. The news sent Twitter’s stock price up more than 13%.

Although Musk’s takeover is far from complete — Twitter employees and board members have expressed reservations about handing the company over to Musk — it could mean big changes ahead. for Twitter. Musk suggested he would make Twitter private in order to make a number of unspecified changes to the business.

What would those changes be? Musk has hinted at some of his intentions, including allowing users to edit their tweets and giving paid Twitter Blue users a verified check mark on their accounts. But a bigger transformation may be in store, especially given Musk’s history of campaigning for wider cryptocurrency adoption with his Twitter account.

Here are 5 potential ways Elon Musk could use his takeover to transform Twitter and make the platform a frontrunner for the crypto economy.

1. Accept Crypto Payments

It seems likely that one of the first changes Musk will make to Twitter is to make crypto payments standard on the platform. Already, Twitter allows users to exchange tips in Bitcoin and Ethereum. Musk could expand the coin lineup to include his beloved Dogecoin as well as a wide range of Ethereum competitors.

It also seems likely that Musk will allow users to pay for Twitter Blue and other Twitter products with crypto. If Musk really wants to push crypto adoption, he could offer discounts for paying in crypto instead of cash. It might even tip the scales in favor of a specific crypto – like Dogecoin – by offering more discounts for paying with that coin.

2. Move Twitter to the Blockchain

A more transformational move Musk could make is to move Twitter onto the blockchain. This could be done in different ways, but essentially tweets would be treated as transactions are currently for cryptocurrencies. Each time a user tweets, this data is recorded on a personalized Twitter blockchain.

Notably, it has the potential to end something Musk hates – Twitter spambots. Validation of tweets on the Twitter blockchain could include checks to see if the user’s account has the characteristics of a bot, making it much harder for spam to make their way through the network.

3. Free a Twitter Coin

It seems like it would only be a matter of time before an Elon Musk-run Twitter releases its own cryptocurrency. Having a cryptocurrency makes Twitter an integral part of the crypto economy.

Crucially, this coin could also be used to provide voting rights in a potential Twitter DAO (decentralized autonomous organization). In a world where Twitter is private, a Twitter coin could give users a say in what changes Musk makes to the platform in the future.

4. Offer rewards for activity on Twitter

Another benefit of launching a native cryptocurrency for Twitter is that it opens up the possibility of rewarding users. Every time a user tweets, for example, they can earn Twitter Coins. Twitter Blue users could earn more rewards, and Twitter may introduce more premium products that users can spend their Twitter Coin to purchase. Twitter would transform into a tweet-to-earn network, similar to play-to-earn crypto games.

The advantage of this approach is that it encourages more activity on Twitter. Although Twitter has never been inactive, rewarding users motivates superusers like Musk to stay on the platform — and people who have been on Twitter for a long time but haven’t said much to tweet their ideas.

5. Start a crypto exchange

Musk could also turn Twitter into a crypto exchange. There’s a good reason to do so — adding exchange functionality would add a potentially significant new revenue stream for Twitter while encouraging widespread cryptocurrency adoption.

A Twitter crypto exchange would go hand-in-hand with major exchanges like eToro, Coinbase, Binance, and others. But it would have some advantages. Twitter’s social network is ready for crypto traders and investors. Also, people who have never bought or sold cryptocurrency before are already on Twitter. Adding exchange functionality to a platform they already use might be just the boost they need to buy crypto.

Whether Elon Musk’s bid to take over Twitter will succeed remains to be seen. If so, big changes could be in store for the social platform, including the introduction of transformative new crypto features.

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5 Ways Crypto Fan Elon Musk Could Change Twitter

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