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‘Twitter Coin’ Could Free Social Media Giant from Advertiser Pressure
Now this is just a rumor but a reasonably sourced rumor: Chief Twit Elon Musk is looking to create a crypto “Twitter coin” that may be unrelated to Dogecoin. We will see if this comes to pass but if so, it demonstrates the potential power of decentralization.
Even before Musk closed on Twitter for $44 billion on Oct. 28, powerful interests in the media and government have been sounding alarms about the danger a Musk regime could pose at the previously curated and controlled social media giant because the world’s richest man dares to have a commitment to the idea of free speech.
The mainstream media has declared free speech could endanger users and even get people killed. Sitting senators and congress members have threatened the platform now that one party doesn’t get favored treatment. The White House considers it a potential national security matter. The Anti-Defamation League has outright threatened Twitter’s advertiser base and Twitter itself, joining other liberal interest groups in pushing for boycotts.
Under its current model, and despite the new verified $8 charge Musk instituted, most of Twitter’s revenue comes from advertising. So long as that is the case, interest groups have a pressure point to push for censorship.
Should Musk proceed with creating a successful Twitter cryptocurrency, this could be a game changer. Absent the boycott means of coercion, aggravated factions would have the choice to either fight for their ideas on a level playing field where money and political pull will find no purchase, or else retreat to siloed, safe-space social media platforms. Win-win for everyone.
Twitter is reportedly working on monetization tools and “Twitter Coin”. App researchers Nima Owji and Jane Manchun Wong revealed the “Coins” section in hidden “Tips” settings on Twitter. Elon Musk earlier hinted at implementing Dogecoin (DOGE) for Twitter payments.
However, it’s unclear whether Dogecoin or other cryptocurrencies will be used for the new rumored coin. Dogecoin price skyrocketed almost 6% after the news, hitting a high of $0.111.
Jane Manchun Wong also revealed instructions for enabling the feature and checking the changes. Moreover, the code doesn’t clearly state what “Twitter Tips” and “Twitter Coin” are or mentioned whether it’s related to Musk’s favorite meme coin DOGE.
Twitter CEO Elon Musk has confirmed working on introducing payments accepting fiat and cryptocurrencies. Moreover, Musk has several times hinted at integrating Dogecoin into Twitter after he took over the social media giant. Despite recent rumors of “Twitter Coin” and being active on Twitter, Elon Musk hasn’t confirmed the news yet.
Moreover, Jane Manchun Wong deleted her Twitter account immediately after tweeting about Twitter Coin and DOGE rallying over 6%. Some claim she has totally disappeared from the internet including Discord, Instagram, Reddit, LinkedIn, Twitter, Facebook, etc.
Elon Musk has been working on bringing back some accounts banned by Twitter. Musk has lifted bans from a dozen Dogecoin-tweeting accounts in the last week. He has also remained bullish on Dogecoin saying “Dogecoin to the Moon”.