Did Musk Buy Twitter To Remake Banking Via Crypto?

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Last Updated on 2 November 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Earlier this week I listened to a Financial Times podcast which pointed out that the banks who lent Elon Musk the capital to purchase Twitter were not too amused. In essence, as the US is readying for a downturn and tech companies will have to make cuts, it will probably take a while before Musk can turn Twitter profitable again and the banks recoup their investment.

On the other hand, crypto twitter is convinced that Musk aims to remake the banking world altogether with the help of crypto payments, and that this is the real reason he bought Twitter.

The social media platform could be used with a tip jar in Dogecoin (hence the bullrun of the ultimate memecoin we’ve witnessed in the past week) or payment to keep your blue checkmark. This last one is an issue he first discussed with author Stephen King and then presented to all his followers.

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Romania

Last week, Musk is believed to have hosted a Halloween party in Bran castle, Romania. Also in attendance were his old friend, PayPal co-founder Peter Thiel as well as Google’s co-founders Sergei Brin and Larry Page.

Thiel and Musk of course go back a long way, ever since they were both part of the so-called Paypal mafia. Crypto Twitter, the Bitcoin influencers with a large following, are therefore convinced that Musk is working on a crypto payment plan for Twitter, and that Google will follow suit if this would work.

An investor document obtained by the New York Times claims that Musk convinced the banks to lend him part of the $44 billion needed to purchase Twitter by predicting it would bring in $1.2 billion in payment revenue by 2028, which would also achieve his stated goal of making the platform less dependent on advertisers.

It will be interesting to see if crypto twitter is correct. If the course of Dogecoin is any indication, the first signs are very positive already.

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