At which point does he just come out and announce that Twitter is going Subscription only?

Seems to be the logical conclusion to the saga.

People are already addicted to the platform and have a community. They will pay to continue that.

It also becomes a paywall for all th bots.

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his strategy is deliberate - he wants blue checks to think they are making their own choice - it is working - they defend him and his actions since it defends "their choice" to verify identity and get the check - pure cope from blue checks but clever on elon's part

"I paid for this tracking device! I see you're too poor to pay for a blue check"

Imagine being a blue check. Sad!