Following Elon Musk’s claims of wanting to transform the X app, previously known as the Twitter app, into the best online space to earn a living, Twitter users have been left perplexed as to how Elon hopes to achieve his quest.
Meanwhile, in a recent development and what could be a suggestion or a proposal for Elon, Brendan Berry, the Head of Payments Products at Ripple, took to Twitter to drive the need to push for an increased crypto adoption if Elon Musk’s desires for his X app are to be actualized.
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He also stressed how crypto assets such as Bitcoin (BTC), Ethereum (ETH), and XRP could help make Elon’s dream a reality.
In response to Brendan’s assertion, Monica Long, Ripple’s president, seemed delighted about the prospect of crypto adoption, especially XRP. She responded with a light bulb emoji.
— Monica Long (@MonicaLongSF) August 4, 2023
Brendan’s Full Proposal
Brendan’s proposal was centered mainly on the challenges associated with making international payments, especially when it involves insignificant amounts. Per Brendan, Twitter’s operational costs and international wire fees, when combined, in some cases might exceed the actual payment for content creators.
In addition to expanding its reach beyond the United States and disbursing payments for content creators worldwide, Brendan emphasized the need to pay these content creators in their preferred local currency via crypto.
Furthermore, Berry shared a seemingly strong sentiment about the possibility of the global population owning bank accounts that could process international transactions seamlessly with no hindrances.
“To be the ‘best’, you can’t think US-only. The universe of creators needs to be paid in the currency/country of their choice. If I were a creator, this would be at the top of my wish list,” Brendan noted.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Brendan Explains How XRP Hopes To Resolve The Raised Payment Issues
According to Brendan, instant payments could get disbursed seamlessly with unmatched currency flexibility, highlighting some significant benefits of adopting fiat-backed stablecoins, as well as digital assets like Ethereum (ETH), Bitcoin (BTC), and XRP.
Brendan noted, “If X were to leverage crypto to pay creators, X would be able to pay creators instantly, while providing an incredible amount of currency flexibility. Fiat-backed stablecoins, as well as public crypto (BTC, ETH, XRP, etc), have various upsides, and all are broadly accessible.”
Brendan noted that the primary difference that could arise from adopting crypto as a payment option would be shelling out payment at every convenient schedule, even on an hourly basis.
Finally, Berry added that collaboration with firms that run crypto-to-fiat conversions would be crucial in converting crypto revenues to any local currency.
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