Twitter payments registration prompts crypto speculation

Accepting Dogecoin wasn’t strictly mentioned, but this could put Twitter on PayPal’s radar.

Twitter has issued a filing with the US Treasury Department Financial Crimes Enforcement Network (FinCEN) to become a money services business (MSB), prompting crypto rumors.

Twitter’s official filing on November 3 stated that its MSB activities will amount to being a “money transmitter”. The platform made no mention of crypto anywhere but speculation about its inclusion is running rampant.

There are two main reasons why it would be unwise to dismiss the possibility of crypto payments on Twitter entirely.

One is Elon Musk himself. He dubbed himself the “Dogefather” and in simply tweeting it out made people invest money in what was considered a joke cryptocurrency by many at the time.

His tweets have often had a big impact on the crypto market, not only on Dogecoin (but mostly), sometimes causing seismic shifts.

So, his Twitter acquisition was already loaded with expectations to completely change the future of Dogecoin (DOGE). He even went as far as asking McDonald’s to accept DOGE, promising to “eat a Happy Meal on TV” at one point.

The huge breakthrough that many expected hasn’t materialized yet. However, some short-lived changes did occur, and some gains, but nothing earthshattering.

DOGE isn’t the only reason Musk’s name is being associated with crypto, however. His Twitter acquisition was sponsored by Binance, amid others, which by itself speaks volumes about the future of crypto on Musk’s platform, further fueling the expectations for a crossover.

Other than that, let’s not forget that Musk’s the actual creator and founder of the online bank X.com, which merged with Confinity to basically give birth to PayPal.

The other reason for crypto still being a viable possibility is that Twitter itself – in its pre-Musk days – was already mulling over potentially finding a way to include crypto.

It eventually did it through its Twitter tips feature. The implementation was somewhat restrictive but the feature is once again a prime candidate to receive an overhaul.

The registered company is named Twitter Payments LLC, and its future could affect at least two industries in profound ways, which seems to be the leitmotif when Musk is involved in the conversation.

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Written by Kyamil Nasuf

Reporter

Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.

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