Amid the doom and gloom in the crypto world, Elon Musk is ready to provide it a shot in the arm. The world’s richest man hinted that he would introduce crypto payments on Twitter to maximize the utility of the service. Elon Musk’s $44 billion Twitter deal is not moving forward, and he is accusing Twitter of a material breach in their agreement for the merger. However, in larger schemes of things, today’s collapsing crypto market is in dire need of businesses accepting it is a valid currency.
Crypto Payments on Twitter May Reignite a Comeback
On January 31, Musk started purchasing Twitter shares in almost daily installments and acquired a 5% stake by the middle of March 2022. After the first acquisition of Twitter shares, there have been ups and downs in the deal. But in the latest all-hands meeting with Twitter, Musk opened up about his plans. Elon Musk is known for his ability to inspire the audience through his Tweets, especially about cryptocurrencies. Elon Musk’s love affair with Dogecoin catapulted the price of the meme coin to a whole new level. So, it is in line with his vision that he promotes cryptocurrencies on his favorite social media medium, Twitter.
In the meeting with the Twitter board, Musk mentioned digital currency and the word cryptocurrency a few times. Besides mentioning crypto, Musk raised his concerns about spam and bot accounts plaguing Twitter and lowering its integrity. Musk also vouched for transparency, which is precisely what blockchain-based technologies like cryptocurrency offers. So, if the deal goes through, we can expect cryptocurrencies like Bitcoin, Ethereum, and Dogecoin to become an integral part of Twitter.
Crypto Acceptance may Soar After Twitter Acquisition
Currently, the crypto world is not in great shape as cryptocurrency prices are decreasing rapidly. One of the biggest reasons for the fall of cryptos is that not many companies accept it as a valid payment option. Although cryptos like Bitcoin are accepted by many major companies like Microsoft and Wikipedia, meme coins like Shiba Inu have few takers, which means limited valid business use cases. For instance, SHIB only has roughly 500 business institutions accepting it as a payment option. The situation is better for Dogecoin, but it is not so great overall. But with support from a gigantic social media platform like Twitter, things can change decisively in favor of cryptocurrencies.
In a recently conducted survey that featured many business owners, only 27% of entrepreneurs said they would accept cryptocurrency as a payment option. When we look at cryptocurrencies one by one, the highest acceptance rate was for Bitcoin at 41.02%, and the lowest was for Solana at 5.39%. However, with Elon Musk becoming the CEO, and Twitter joining the party, things are expected to get better for cryptocurrencies. So, if Elon Musk’s Twitter acquisition succeeds, it could be great news for crypto investors already holding cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin.