Elon Musk Now Owns Twitter. What Does That Imply for Crypto?

Key Takeaways

  • Elon Musk is finalizing his Twitter takeover.
  • Although Musk’s relationship with crypto has had its ups and downs, he’s largely seen as an ally of the area.
  • Musk has advised integrating crypto funds and combating bots to enhance customers’ Twitter expertise.

Elon Musk’s acquisition of social media large Twitter is a optimistic growth for the crypto trade. Amongst different issues, the billionaire has prioritized combating crypto spam bots and integrating crypto funds into the platform.

Musk’s Crypto Historical past

Elon Musk’s Twitter takeover seems to be in its closing phases.

The Tesla and SpaceX CEO posted a video on Twitter yesterday of him strolling into Twitter headquarters with a sink; the video was captioned “Getting into Twitter HQ – let that sink in!” Musk has since penned an open letter to Twitter advertisers and retweeted a photograph of himself assembly with staff on the Twitter HQ espresso bar. For all intents and functions, it now looks like Musk owns the place.

Musk has had an odd relationship with crypto. Tesla’s resolution to purchase roughly $1.5 billion price of Bitcoin in January 2021 made international headlines: Musk himself tweeted, “on reflection, it was inevitable” on the day it was introduced. Nonetheless, the world’s richest man appeared to rapidly transfer on from Bitcoin and commenced selling Dogecoin as a substitute, insisting the venture was way more enjoyable. Musk even joked in regards to the meme coin when he hosted Saturday Evening Reside in Could 2021.

However it’s not all the time been rosy. Quickly after his SNL skit, Musk introduced that Tesla would not settle for Bitcoin funds, citing environmental issues. The information despatched your complete crypto market crashing. Regardless of later stating that Tesla can be open to accepting Bitcoin funds once more as soon as Bitcoin mining turns into a greener trade, Musk by no means confirmed the highest cryptocurrency the identical love he initially did. A 12 months later, in July 2022, Tesla revealed that it had bought 75% of its Bitcoin holdings at a loss.

The Billionaire’s Twitter Plans

Musk’s relationship with crypto has had its ups and downs, however his acquisition of Twitter is basically seen as a optimistic growth for Web3. One of the vital apparent points of that is Musk’s intentions regarding censorship. The billionaire has repeatedly acknowledged that his main motive for buying Twitter was to advertise freedom of speech and foster dialogue worldwide. That is excellent news for the crypto area, as Twitter has turn out to be an epicenter of crypto cultural exercise. Musk’s permissiveness all however ensures the trade will have the ability to maintain utilizing the social media platform to develop.

Musk has additionally mentioned implementing fiat foreign money and cryptocurrency cost options into Twitter. Whereas he’s been coy about particulars, he has advised that funds would allow him to remodel the platform into an “the whole lot app” that may be “so compelling that you may’t reside with out it.” Curiously, it seems that Twitter is engaged on integrating crypto wallets into its infrastructure, suggesting the social media large is already growing instruments according to Musk’s imaginative and prescient. It could hardly be stunning, in fact, for Twitter to finally allow funds in Dogecoin—as Musk has alluded to on a number of events.

One other of Musk’s priorities is the elimination of bots. Twitter has turn out to be notorious for them, and so they trigger actual hurt to crypto customers by scamming them into clicking malicious hyperlinks. Even Twitter’s “blue test” has been unable to forestall bot multiplication, as a bewildering variety of accounts have been in a position to impersonate verified customers akin to Ethereum creator Vitalik Buterin and Binance CEO Changpeng “CZ” Zhao. 

Musk has been notably vocal about this difficulty, even initially strolling away from the Twitter acquisition deal over claims that the corporate wasn’t being clear about its spamming issues. One of many options Musk floated for this was to make Twitter’s anti-bot algorithm open to public assessment; one other was so as to add an non-obligatory paid-tier service for individuals to show their authenticity—a sybil-resistant mechanism that resembles programs used on blockchains. Whatever the type it finally takes, Musk’s campaign towards bots will likely make Twitter a safer and extra pleasurable expertise for crypto natives.

Lastly, it’s price maintaining Musk’s impulsiveness and famed productiveness in thoughts. Not all of his initiatives succeed as spectacularly as Tesla or SpaceX, however he’s identified for churning out new concepts quickly. As he establishes himself at Twitter, it wouldn’t be stunning for him to announce additional crypto-related merchandise. For now, we are able to respect that he’s an ally of the trade, if an unpredictable one.

Disclaimer: On the time of writing, the creator of this text owned BTC, ETH, and a number of other different crypto property.

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