Speculation has emerged on Twitter that Elon Musk is planning to introduce his own cryptocurrency—a Twitter Coin.
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The long-term implications of this for cryptocurrencies like Dogecoin (DOGE) and Bitcoin (BTC) are currently unknown.
Jane Manchun Wong, a blogger and active user of Musk’s social media platform, posted a screenshot of what appears to be the Twitter Coin logo. The account has now gone private.
A few minutes after it was posted, Wong made his tweets private. However, some users were able to capture the tweet in a screenshot. Elon Musk seems to have already made a Twitter coin logo.
In a second tweet, Wong indicated that the company was considering accepting cryptocurrency tips and payments in the near future.
An API leak reveals a “Coins” option under the discreet “Tips” menu.
In addition, Nima Owji disclosed the following plan for the social media platform’s future monetization. The screenshot demonstrates the tipping system based on the Twitter Coin.
The cryptocurrency industry is currently speculating on what this rumored revelation means for Bitcoin and Musk’s favorite cryptocurrency, Dogecoin (DOGE).
A Twitter-issued coin would be bad news for DOGE and Bitcoin (BTC) at first glance because it would render the need for their integration proceedings.
The API leak, however, may suggest that Musk is not concentrating on just one cryptocurrency. Twitter Coin may find DOGE and Bitcoin useful counterparts.
So, the Elon Musk-led platform adding support for cryptocurrency wallets would be a welcome boost for the entire industry.
Elon Musk Is Bullish On Dogecoin
Elon Musk, commonly known as the “Dogefather,” has been a consistent backer of the meme-inspired cryptocurrency known as Dogecoin (DOGE).
Although Musk seems more bullish about DOGE, he has never dismissed Bitcoin, the most widely used cryptocurrency. Musk says Bitcoin is superior to other currencies as a means of long-term savings.
However, Dogecoin “encourages people to spend rather than hoard as a store of value,” as he puts it. TheCoinRise reported in April that the co-founder of six companies had offered the social networking platform to allow customers of the company’s premium service to pay with Dogecoin (DOGE).
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