NEW YORK, USA – Elon Musk, the billionaire entrepreneur behind Tesla and SpaceX, is no stranger to making headlines or influencing markets.
According to Charles Gasparino of Fox Business News, a leak suggests that Musk is in talks to transform Twitter into an “updated version of PayPal,” on Saturday, August 26, 2023.
This comes after a U.S. Securities and Exchange Commission, SEC, insider warned Bitcoin and other cryptocurrency buyers to be cautious of Binance.
New Payment System for Twitter?
According to Gasparino, Musk has been in discussions with top Wall Street executives regarding the future of Twitter.
“It seems to be settling on a new-fangled payment system, an updated version of PayPal. It will offer low transaction costs and monetize user info,” Gasparino posted.
Earlier this month, reports later denied by Musk claimed that Twitter was considering integrating a trading platform within the app.
Musk was also adamant that Twitter would never launch its own cryptocurrency to rival Bitcoin, Ethereum, XRP, or Dogecoin.
PayPal’s History and Influence
Musk’s interest in payment systems is not new. He was involved in the creation of PayPal through a merger between X.com and Confinity in March 2000.
PayPal’s support for Bitcoin and other cryptocurrencies in late 2020 catalysed Bitcoin’s price surge, reaching close to $70,000.
Just recently, PayPal introduced a U.S. dollar-pegged stablecoin, PYUSD, as a next step in the growing crypto ecosystem.
Stablecoins and Financial Services
Gavin Michael, the CEO of Intercontinental Exchange-owned Bitcoin custody company Bakkt, mentioned that PayPal’s stablecoin acts as a stamp of approval for cryptocurrencies.
He also noted BlackRock’s plans to create a U.S. spot Bitcoin ETF as another significant endorsement.
“We’re starting to see people settling transactions over stablecoins. It shows that the technology is improving conventional financial services,” said Michael.
Wall Street Earthquake and Bitcoin’s Volatility
Amidst Musk’s potential moves, traders are preparing for what is referred to as a “$15.5 trillion September Wall Street earthquake.”
This comes as Bitcoin prices have fluctuated considerably due to economic and regulatory pressures.
Musk’s influence has already been felt in these markets, and his involvement in a new payment system could further alter the landscape.
Elon Musk’s venture into revolutionizing Twitter’s payment system could have a considerable impact, not just on Twitter but on financial systems as a whole.
As a key player in shaping technology and markets, all eyes will be on Musk and Twitter’s next steps.
