Elon Musk confirms plans to monetize Twitter accounts – Will Dogecoin or Cardano (ADA) be the currency?

  • Will Elon Musk’s plans to monetize Twitter accounts positively affect Dogecoin or Cardano tokens?
  • Bloomberg reports that Elon Musk will unban Twitter users previously banned after becoming Twitter CEO.

The world’s richest man, Elon Musk, has started to reveal his plans for Twitter after his takeover of the social media platform. Musk resumes as the social media platform’s CEO following the takeover deal’s completion.

First, Musk wants Twitter advertisers to inform and entertain with their ads. He doesn’t want ads that would incite violence. Musk wrote, “I believe that the right advertising can inform, delight, and entertain. It shows you a treatment, service, or product you haven’t seen before or know about but which suits you.”

Popular Twitter influencer, Zuby Music, tweeted that the new Twitter CEO should find the means to offer financial compensation for Twitter content creators. The Twitter influencer further said that’s what other social platforms are doing. Musk commented with the word “absolutely” to Zuby Music’s request.

Twitter monetization and implications for Dogecoin

Monetizing Twitter creators’ content means they earn some financial compensation each time the platform sells an advertised product through their content. However, the platform will pay creators with fiats and other currencies it supports.

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Hence, the platform can pay content creators in fiat or any other supported payment method. When Twitter starts rewarding its content creators, cryptos will likely be one of its supported payment methods.

One cryptocurrency many are touting that Twitter will use to pay content creators is Dogecoin. Musk is one of the foremost advocates of Dogecoin and has made considerable contributions to the greater adoption of the meme-themed coin.

The influence of the world’s richest man contributed to DOGE’s price reaching an all-time peak of $0.73. Earlier in the year, Musk said he would create a new social platform that supports Dogecoin if his Twitter takeover bid fell through.

Adding Dogecoin as a payment method for content creators will significantly boost the leading memecoin. Twitter had previously added a bitcoin and Ethereum tipping feature.

After completing his Twitter takeover deal, Musk promptly fired three top-level executives of the platform, including the CEO – Parag Agrawal. However, these fired executives received huge compensations as severance packages.

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The popular media outlet, Bloomberg, states that Musk would reinstate the accounts of previously banned Twitter users, notably former US President Donald Trump. If Musk makes himself Twitter CEO as widely rumored, the probability of DOGE becoming a payment method on the platform increases.

The Musk effect on DOGE price is happening again as DOGE is up 29.85 percent and trades at $0.1058, according to the latest data. The DOGE price hike might be a response to a video (circulating on social media) of Musk entering Twitter’s office in San Francisco on Friday. The video confirms the completion of Musk’s Twitter takeover deal.

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Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.

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