In a Wednesday gathering on Spaces, Twitter's live audio feature, Elon Musk laid out plans for Twitter's business since taking over the firm less than two weeks ago, according to a New York Times report.

Musk discussed a vision for Twitter to process payments, replete with linked bank accounts and debit cards and echoing PayPal, the online payment start-up Musk helped build.

 According to a filing with the Financial Crimes Enforcement Network, or FinCEN, of the Treasury Department, the social media behemoth has filed registration paperwork in the past week to clear the way for it to receive payments.

Here's where Dogecoin's utility starts

Elon Musk, CEO of Tesla and SpaceX, has invariably supported Dogecoin, even allowing its use as payment for Tesla's merchandise and his related businesses. He also allowed Dogecoin payments for his recently released "burnt hair" fragrance.

According to Musk, Dogecoin is better suited for transactions, giving it an advantage over Bitcoin and other cryptocurrencies.

"Fundamentally, Bitcoin is not a good substitute for transactional currency,” Musk told Time Magazine last December after being named Time's 2021 Person of the Year. "Even though it was created as a silly joke, dogecoin is better suited for transactions."

Immediately following Twitter's acquisition, the price of DOGE increased due to speculations about its integration on the social media platform. In a similar vein, Musk's tweet from last week featuring a photo of a Shiba Inu dog wearing a Twitter T-shirt fueled speculation that he may permit cryptocurrency transactions using dog coins.

However, since Musk has not spoken about or mentioned Dogecoin since the acquisition, it is unclear what exactly he plans to do with the cryptocurrency as regards Twitter.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.