The acquisition of Twitter by Elon Musk is currently causing a lot of ink to flow. While for some this is simply a $44 billion whim, for others there is an economic opportunity as brilliant as it is sneaky. But what are the real intentions of the famous American billionaire? Is it reasonable to think that the businessman behind Tesla and SpaceX started this initiative with such an idealistic goal as the freedom of speech?
Elon Musk and Twitter, a question of money?
Caitlin Long, founder of the Custodia Bank, is one of the major players in the cryptosphere to have reacted very strongly to the announcement of the takeover of Twitter. According to her, Musk has an idea in mind and it is certainly not going to please the banks.
On Twitter, she suggests that the entrepreneur sees the blue bird as a real opportunity to enter the money transfer market. Although this is just a guess, it may explain why Binance, the leading cryptocurrency exchange, is so involved in this purchase.
Banks should be wary
Still according to Long, PayPal’s original team is being rebuilt and now includes new talent. In effect, they would work together on the development of a new technology which should completely eliminate the involvement of banks in the existing payment processes. That said, the new solution would provide for the participation of licensed money transfer service providers. This should allow him to circumvent potential legal barriers. For Long, this technology will mark the end of banks and the beginning of disintermediation.
In addition, Musk should use it as a springboard to make Twitter a complete ecosystem where it will be possible to chat with loved ones, pay expenses, play video games, etc. In short, a replica of WeChat!
As a reminder, Musk has long praised the merits of this application. In May he told that he could draw inspiration from it for his projects. The question now is what percentage of blockchain and cryptocurrencies will be involved in this new Twitter version.
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