Whenever Elon Musk does something on Twitter, the cryptography market moves in response. Publish a tweet, modify your profile photo or add “#bitcoin” to your biography affects the markets – the latter even more, sending a Bitcoin (BTC) price of 20%. This is why the community lies in anticipation of what Musk’s Twitter investment could mean for the cryptography industry.
Recent documents show that Tesla CEO Elon Musk bought a 9.2% stake on Twitter. It makes him the greatest stakeholder in the platform. The news instantly pumped the Twitter shares of more than 22% at the start of negotiations and sent Dogecoin (DOGE) near its peaks of two months.
Ken Li, director of investments at Binance Labs, told Cintelegraph that Musk’s investment can help advance crypto initiatives of the platform and even lead to the integration of DOGE within the platform.
According to Li, “Elon Musk’s investment in Twitter could help increase the acceleration of the adoption of Twitter cryptography. It remains to be seen if Twitter will begin to adopt the beloved of Elon Dogecoin in the future.” He also explained that:
“Elon has always been very public about the concept of a more decentralized and resistant censorship social media platform, and this is something that Blockchain and Web3 technology can help activate.”
Apart from Musk using this event to tweet A fun survey, there was no official announcement concerning the billionaire’s plans for the company. However, given the history of the CEO of Tesla and the Social Media Society with Crypto, a possible hypothesis would be that the event will continue the exploration by Twitter of more features of crypto and blockchain.
Musk’s romantic relationship with crypto is no secret. In February 2021, a file showed that Tesla had bought 1.5 billion BTC. In March 2021, the businessman Celebrity began a frenzy when he announced Tesla’s plans to accept BTC as a means of payment for Tesla cars. However, the market dropped a few months later after Musk revealed that the company had abandoned the plan due to the alleged environmental impact of Bitcoin Mining energy consumption.
Besides BTC, Elon Musk was affiliated with Doge. Due to his love for memes, Musk’s Doge’s Tweets were linked to the price of the active price, letting Musk be accused of manipulation of prices. The billionaire also said later in 2021 than DOGE is better than the BTC in terms of payments. In January 2022, Tesla began to accept DOGE as payment for her goods.
Despite this, official files show that the Musk electric manufacturing company owned $ 2 billion in BTC at the end of 2021. Part of BTC Holdings of Tesla was also sold in March 2021 to test the liquidity of such a volume. This created gains made of at least $ 128 million.
On the other hand, Twitter has also cut into blockchain -based technologies such as non -fistible tokens (NFTS). In January 2022, Twitter opened the support for NFT Avatars for Twitter Blue subscribers, a paid subscription service that costs $ 2.99 per month. However, Musk responded negatively to the function.
Twitter spends engineering resources on this BS while cryptographic crooks are organizing a spambot block party in each wire!?
– Elon Musk (@elonmusk) January 21, 2022
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Apart from that, Twitter also supports tips with the crypto via its tilting pot function. In September 2021, the platform allowed BTC tilting, allowing users to use third-party applications to receive advice. In February 2022, the platform added Ether (ETH) to its tilting payment options.
Due to its tweet, the community can speculate This musk will first push a solution for the problem of cryptographic crooks spammer threads on Twitter. Bitcoin lawyer Michael Saylor proposed a suggestion to solve this problem:
Twitter can solve the problem of crooks and spambts if they allow real humans to publish ~ 50,000 SAT ($ 20) via Lightning⚡️ and be checked with an orange check. Then we can limit the comments / DMS to the accounts verified. The bad players lose their security deposit and @Twitter monetizes malice.
– Michael Saylor⚡️ (@saylor) January 21, 2022
“Crypto Twitter” is a term for a reason. With its rapid flow and its rich interaction options, the “microblogging” platform formerly known as a “microblogging” platform has turned into an essential debate center for the cryptographic community. It is therefore natural for opinion leaders (with deep pockets) to be part of it.
After the purchase of Musk, Twitter now has at least two celebrities of cryptography among its shareholders, including the former CEO of Twitter Jack Dorsey. There is almost no limit to the expansion of this list.
