Elon Musk’s acquisition of social media giant Twitter is a positive development for the crypto industry. The billionaire first prioritized fighting crypto spam bots and integrating crypto payments into the platform. Details are here.
Musk’s Crypto History
Elon Musk’s Twitter acquisition seems to have reached the final stages.
A video showing the Tesla and SpaceX CEO entering Twitter’s headquarters yesterday with a sink published; the title of the video is “Entering Twitter HQ – let it in!” was. Musk later retweeted a photo of him meeting employees at the Twitter HQ cafe bar. Considering all these developments, now Musk seems to “own the place”.
Musk has an interesting relationship with crypto. Tesla’s decision to purchase about $1.5 billion worth of Bitcoin in January 2021 made the headlines: Musk shared the tweet that “in retrospect, it was inevitable” on the day of this development. However, the world’s richest person quickly moved away from Bitcoin and began promoting Dogecoin, insisting it was much more fun. Musk even joked about the meme coin when he hosted Saturday Night Live in May 2021.
But the situation was not always this good. Shortly after the SNL move, Musk announced that Tesla would no longer accept Bitcoin payments, citing environmental concerns. The news caused the entire crypto market to crash. Despite later stating that Tesla would be open to accepting Bitcoin payments again once Bitcoin mining becomes a greener industry, Musk has never shown the best cryptocurrency as much love as he did in the first place. A year later, in July 2022, Tesla announced that it had sold 75% of its Bitcoin holdings at a loss.
Musk’s Twitter Plans
Musk’s relationship with crypto has had its ups and downs, but his acquisition of Twitter is largely seen as a positive development for the crypto market. The famous billionaire has repeatedly stated that the primary purpose of buying Twitter is to promote freedom of speech. This is good news for the crypto space as Twitter has become the epicenter of crypto cultural activity. Musk’s toleration assures that the industry can continue to use the social media platform to thrive.
Musk also discussed applying fiat and cryptocurrency payment features to Twitter. Interestingly, Twitter appears to be trying to integrate crypto wallets into its infrastructure, suggesting that the social media giant is developing tools that fit Musk’s vision. Of course, it wouldn’t be surprising, as Musk has hinted many times, that Twitter will eventually enable payments in Dogecoin.
Koinfinans.com As we’ve reported, another of Musk’s priorities is eliminating bots. Musk specifically expressed his support for this issue, even initially walking away from the Twitter acquisition deal after the company was allegedly not transparent about its spam issues. One of the solutions Musk offered for this was to make Twitter’s anti-bot algorithm available to everyone; another solution was to add an optional paid service for people to prove their authenticity. Whatever form it takes in the end, Musk’s battle against bots will likely make Twitter a safer and more enjoyable experience for the crypto community.
Finally, Musk’s productivity should also be considered. Not all of his projects are as successful as Tesla or SpaceX, but he is known for coming up with new ideas quickly. While he’s the “chief” of Twitter, it wouldn’t be surprising if he announces more crypto-related products.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.