Musk wants to change the world of the payment system through Twitter.
There’s Twitter and Elon everywhere, and this week, it’s all about it.
Ever since Elon Musk tweeted that Twitter would be charging a monthly subscription of $8 for the blue tick verification, people have been sharing their opinions everywhere on internet.
What’s Elon Saying?
The real reason why Elon Musk bought Twitter is much more than what you can imagine.
Seems like everyone is obsessed with his motive.
In one of his recent tweets, notice that he said,
“The reason I acquired Twitter is because it is important to the future civilization to have a common digital town square, where a wide range of belief can be debated in a healthy manner, without restoring to violence.”
He said he didn’t do it because it would be easy. He did it to help humanity whom he love.
To find out the real reason why he bought Twitter, we have to go back to the beginning and see what he and his team were doing.
He started with some small stuff but let go straight to the big one, PayPal. Peter Thiel and Elon knew that tech would change money.
In one of his speeches back in 1999, Peter predicted that tech would move physical dollars to electronic dollars. And the number of internet users on the mobile phone would increase from 10 million to 1 billion in 5 years.
Here’s how accurate his prediction is.
According to Statista the number of smartphone users in the world in 2022 is 6.648 billion, which means 83.32% of the world’s population owns a smartphone.
How many people have smartphones in the world now?
How many people have mobile phones in the world now?
Peter Thiel also predicted that when we have our phones connected to the internet, we can use that phones to manage our own money and transfer money to each other without the need for banks.
And the government won’t be able to stop it until they shut down the entire internet.
This was one of the goals of PayPal.
They couldn’t achieve this because the technology at that time was not so advanced.
Ok! But what the heck is Elon Musk really trying to do with Twitter?
Payment is in Elon’s blood.
Elon had the idea to create a payment system called X, and it was a part of PayPal.
They had the domain x.com which was owned by PayPal, and when he left the company, the domain name stayed with PayPal.
On July 10, 2022, Elon thanked PayPal for allowing him to buy back x.com and here’s the tweet.
Then on May 7, 2022, a report came out that Elon wanted to launch a new Twitter product called ‘X’, which he projects would have 104 million subscribers by 2028.
He wants to launch Project ‘X’ in 2023, pojecting 104 million users by 2028.
He’s also predicting that Twitter will bring in $1.2 billion in payment revenue by the same year.
Team Project X
- The co-founder of Twitter – He has experience in digital payment, and also co-founded a payment company called Square. Yes, he’s Jack Dorsey, and he’s a true believer in Bitcoin.
- The founder of one of the top crypto exchange platforms, Binace. Yes, CZ is in the team.
- David Sacks from PayPal Mafia who’s also a big believer in crypto.
- Another member from PayPal Mafia, Sriram Krishnan, will be joining the team.
Yes, Elon is assembling a team to make the payments bankless and easy for humanity.
Mark Zuckerberg tried to do the same through Libra using Facebook, but it failed because the government didn’t allow it.
But X can succeed where Libra failed because its payment backbone is the Bitcoin Lightning network.
It’s a mostly decentralized structure that doesn’t have the same political rules and regulations as Libra does.
Yes, Elon wants to change the payment system using Twitter and blockchain technology, and he’s assembling the best team to do it.
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