"It's Gonna Be Great," Elon Musk Says of Upcoming Twitter Payments & Crypto Integration

Replying to a user who had posted the meme of an edited pic of Elon Musk back in his PayPal cofounder days, in which the computer screen reads “Twitter Payments,” Musk stated simply: It’s gonna be great.

What’s notable about the Twitter chief executive and owner is that unlike some other billionaire supporters of cryptocurrency such as Twitter cofounder Jack Dorsey (former CEO) and MicroStrategy’s Michael Saylor is that Musk does not appear to be a “Bitcoin maximalist.”

A reply to a user stoked renewed hopes that Elon Musk’s Twitter will have a prominent place for the cryptocurrency community.

A so-called maximalist is one who prefers Bitcoin above all other cryptocurrencies. Instead, Musk has favored Dogecoin in the past — a technical relative of Litecoin — and has also said favorable things about Ethereum.

His taking the helm at Twitter — and affirming an interest in launching payments on the platform — has some in the “alt coin” community excited for the possibilities that may lay ahead.

In his years as CEO, Jack Dorsey was unable it seems to integrate crypto into the social media giant in any meaningful way. Musk is almost sure to do better in this area, and when he does, again he might take an agnostic approach, rather than favoring Bitcoin only.

Some have criticized Musk in recent days for spending time on Twitter’s renaissance instead of continuing to focus on Tesla Motors — yet it’s hard to see how owning a social media platform wouldn’t benefit Tesla long-term: the cross-promotion possibilities are endless.

Further, attaching Musk’s focus on reviving the blue bird to a recent mild decline in Tesla’s stock price seems intellectually unfair, as smaller rivals Lucid Group and Rivian Automotive have weathered nearly identical declines in recent days.

— FULCRUM Research