Robert Steinadler, 2 months ago

When DOGE? Twitter is transforming into a trading desk

Elon Musk made it clear that he would not only change several policies after acquiring Twitter but also seek out new opportunities and business models. Since the day he bought the company, many have speculated that crypto and specifically Dogecoin could play a huge role in his plans. While there is still no clear indication that DOGE is becoming the world's new reserve currency, there are more details available on how Twitter is going to be transformed by its new master.

How is Twitter going to shift away from being a social media platform and becoming something new?

One app to rule them all

Musk already laid out that he believes that America and Europe are both missing out on having one application that serves many purposes. Such as news, social media, payments, and messaging to name a few examples.

It appears that WeChat serves as some form of example for an everything app since it offers a similar variety of features. This is a big transformation and not easy to achieve since so many different talents are needed to excel in every field. Each one of them is very different and requirements are also varying. For instance, Facebook had to bury Libra which was later rebranded into Diem. There were too many concerns among politicians over Facebook becoming a monetary network that Diem failed.

It remains to be seen if Musk can push Twitter and its staff to achieve these goals and convince customers and regulators that one single app can host all of these services.

Twitter becoming a trading app

It was this week when it was revealed that the company behind Twitter is now called “X”. From a legal standpoint the company seized to exist and only three holdings remain. This is another hint that Musk is working indeed on the Everything app that he once called the X app.

For now, Twitter announced a partnership with eToro and advances in the field of stock and cryptocurrency trading. With “Fin Twitter” and “Crypto Twitter” there are already two strong communities on the platform and the new service might be appealing to both of them.

It remains to be seen if Dogecoin will also become part of the grand plan. Many traders are speculating that Musk could do something more than just publicly endorse DOGE. It was last week when Twitter changed its logo and presented the famous Shiba Inu instead of the bird. This could be a hint that Dogecoin could indeed become part of the new X platform.

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