The crypto market is also closely following Elon Musk’s official takeover and dominance of Twitter. Will Elon Musk include cryptocurrencies among payment options on Twitter? What will these lucky coins be? It is among the questions that the crypto community is curious about. Consulting firm Motley Fool has announced 3 cryptocurrencies with the potential to explode under the influence of Musk.
“Elon Musk is changing Twitter, your portfolio can benefit from it”
cryptocoin.comAs you follow, Elon Musk now owns Twitter. Like most of his other companies, Musk dreams of a product that adds value to people’s daily lives. He wants Twitter to become a modern ‘digital public square’ where people can discuss opposing views without falling into an echo chamber.
As this vision is realized, it would be foolish to expect the Twitter of the future to look the same as the Twitter of today. Changes are coming. Elon Musk has already fired four of the company’s top executives to usher in the new era. So what else awaits Twitter? How about blockchain compatibility and the addition of cryptocurrencies?
Given the long list of investors that helped Musk raise enough funds to complete the $44 billion acquisition, it seems inevitable. For example, crypto exchange Binance contributed $500 million to support Musk’s new acquisition. Binance CEO Changpeng Zhao said:
We’re excited to help Elon realize a new vision for Twitter. We aim to play a role in bringing together social media and Web3 to expand the use and adoption of crypto and Blockchain technology.
Still, this isn’t a big surprise. Elon Musk has long been a vocal advocate for crypto. “Paper money is disappearing,” he said. He said cryptocurrencies like Bitcoin are ‘ingenious’. In addition, Musk says that he owns popular cryptocurrencies such as Bitcoin, Ethereum and Dogecoin.
Top crypto candidates for Twitter
So what would the crypto-Twitter integration look like? And which cryptos are positioned to benefit the most? First, let’s take a look at the crypto functionality that Twitter already has. Users with the appropriate settings enabled are currently able to receive and send payments from others in Bitcoin or Ethereum. Additionally, users have the possibility to set Non Fungible Tokens (NFTs) as their profile picture.
Current Bitcoin and Ethereum compatibility make these two the most obvious candidates to benefit from Musk’s takeover. Both have strong and diverse communities making Twitter the social media platform of choice for discussion of all things recent events, new updates and price speculation. Also, the two most valuable and widely used cryptocurrencies today. So it’s reasonable for them to prioritize additional functionality over other cryptocurrencies.
Of course, there is another cryptocurrency that is positioned to benefit: Dogecoin. Over the past few years, Musk has repeatedly promoted his popular meme coin on Twitter. It also caused it to peak at 8,000%. He even said, “The most amusing outcome would be for DOGE to become the global new world currency.” It is possible that his recent acquisition of Twitter will make that dream a reality.
The possible future of Twitter with Elon Musk
The new functions are likely to come in various forms. Imagine your Twitter profile synced with your digital wallet. With this synchronization, users can subscribe to and support their favorite journalists or artists by logging into their Twitter account. Also, Elon Musk has hinted at tackling Twitter’s notorious bot problem with the help of crypto. In April 2022, tech billionaire Mark Cuban tweeted the idea of beating bots and spam by offering a way of staking with Dogecoin. It caught Musk’s attention, calling the possible solution ‘not a bad idea’.
Meanwhile, in a press release about supporting Musk’s acquisition, Binance also announced that it has formed a team that is exploring ways to leverage blockchain technology to reduce the ‘proliferation of bot accounts’. Musk also expressed interest in diversifying Twitter’s revenue streams. The Tesla CEO suggested the possibility of adding a monthly subscription to Twitter, rather than relying on advertisers. He claimed that charging users $2 per month could generate enough revenue to reduce advertisers’ dominance over the platform. There are also plans to pay $8 per month to maintain the coveted status of verified accounts.
What are the opportunities available?
Musk has high ambitions for Twitter. They won’t happen overnight. However, they will likely appear in the coming years. Musk’s past success in revolutionizing industries and his adoption of new technologies greatly raises the possibility of some kind of crypto-Twitter integration.
The best part is, you can now invest in that future. For those looking for a less risky option, investing in Bitcoin or Ethereum makes the most sense. If you are more risk-averse and believe that Musk will do his best to make Dogecoin the world’s reserve currency, then it is not unreasonable to invest in meme coin at today’s prices.
The opinions expressed in the article belong to the consultancy firm and are definitely not investment advice. It should be noted that the cryptocurrency market is quite volatile and uncertain. Therefore, make sure to do your own research for investment and trade.
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