Key Takeaways:
- The takeover gives up new opportunities for blockchain and other features
- Tesla CEO Elon Musk has delivered contradictory signals about cryptocurrency
Elon Musk has assumed control of Twitter Inc., sparking sentiments ranging from hope to fear among users waiting to see how the billionaire will stamp his mark on the social media network. Bitcoin Twitter is no exception. Fans of digital assets have long congregated on Twitter, where they have altered their profile photos to photographs of themselves with "laser eyes" to show their support for crypto, made hilarious jokes about growing (and then dropping) coin prices, and re-tweeted threads from their favorite entrepreneurs.
Musk, a frequent tweeter, has a tricky relationship with cryptocurrency. That has not prevented industry advocates from envisioning a broadening of Twitter's blockchain features under his leadership, which would increase general usage. Their joy is likely to have boosted interest in Dogecoin, Musk's preferred cryptocurrency, which has risen in the days that he eventually closed the sale. Dogecoin has grown drastically since the day billionaire Elon Musk took over Twitter, rising from $0.085 to $0.14 in one day, a 60% increase. Dogecoin was trading at about $0.124 at the time of writing, with almost 16 billion dollars in trade volume.
Musk appeared to waver on his commitment to cryptocurrency while putting up the Twitter deal. Binance Holdings Ltd., the world's largest digital-asset exchange, allegedly pledged $500 million to Musk's funding for the transaction in May and is putting together a team to investigate how crypto may benefit the social media firm.
User's Idenity Verification
Bots and spam on Twitter are significant irritants for Musk, and they contributed to a heated court fight that jeopardized his takeover of the firm. The problem is especially acute in cryptocurrency, as spam accounts imitate notable persons such as Musk in order to promote fraud involving bogus cryptocurrency giveaways. However, some cryptocurrency aficionados feel that adopting blockchain might help minimize Twitter bots. An NFT passport or a blockchain-based identity verification tool might be solutions for pushing Musk's objective of "authenticating all actual persons" on Twitter.
Key Takeaways:
- The takeover gives up new opportunities for blockchain and other features
- Tesla CEO Elon Musk has delivered contradictory signals about cryptocurrency
Elon Musk has assumed control of Twitter Inc., sparking sentiments ranging from hope to fear among users waiting to see how the billionaire will stamp his mark on the social media network. Bitcoin Twitter is no exception. Fans of digital assets have long congregated on Twitter, where they have altered their profile photos to photographs of themselves with "laser eyes" to show their support for crypto, made hilarious jokes about growing (and then dropping) coin prices, and re-tweeted threads from their favorite entrepreneurs.
Musk, a frequent tweeter, has a tricky relationship with cryptocurrency. That has not prevented industry advocates from envisioning a broadening of Twitter's blockchain features under his leadership, which would increase general usage. Their joy is likely to have boosted interest in Dogecoin, Musk's preferred cryptocurrency, which has risen in the days that he eventually closed the sale. Dogecoin has grown drastically since the day billionaire Elon Musk took over Twitter, rising from $0.085 to $0.14 in one day, a 60% increase. Dogecoin was trading at about $0.124 at the time of writing, with almost 16 billion dollars in trade volume.
Musk appeared to waver on his commitment to cryptocurrency while putting up the Twitter deal. Binance Holdings Ltd., the world's largest digital-asset exchange, allegedly pledged $500 million to Musk's funding for the transaction in May and is putting together a team to investigate how crypto may benefit the social media firm.
User's Idenity Verification
Bots and spam on Twitter are significant irritants for Musk, and they contributed to a heated court fight that jeopardized his takeover of the firm. The problem is especially acute in cryptocurrency, as spam accounts imitate notable persons such as Musk in order to promote fraud involving bogus cryptocurrency giveaways. However, some cryptocurrency aficionados feel that adopting blockchain might help minimize Twitter bots. An NFT passport or a blockchain-based identity verification tool might be solutions for pushing Musk's objective of "authenticating all actual persons" on Twitter.
Decentralized
Musk values free speech and aims to ease the company's lifetime prohibitions on users. Many crypto enthusiasts who are committed to the decentralized ethos advocated by blockchain share these beliefs. While Musk may adopt a token-based voting mechanism that gives people greater control over what occurs on Twitter, it is crucial to remember that his perspective embrace of crypto is a double-edged sword. While additional crypto components on Twitter may increase the widespread use of digital assets, it will further concentrate Musk's power over an industry many wish to be as decentralized as possible.
Twitter "Super Apps"
Musk has previously stated his desire to transform Twitter into a "super app" capable of handling communications, gaming, payments, and video streaming. With other aspiring super app producers, such as Revolut Ltd., venturing into crypto, Musk's vision would make sense if it incorporated digital assets.
Integrating NFTs
Other prominent social media sites, such as Instagram, are expanding their use of NFTs. Though Musk has previously mocked these assets, including Twitter's decision to allow authenticated NFT profile pictures, he could introduce more NFT features, such as a marketplace or the ability for users to create a profile represented by an NFT, giving them greater ownership over their content - a practice already implemented by decentralized social media platform Lens Protocol. These steps might prevent Twitter from falling behind other social media heavyweights in terms of cryptocurrency adoption.
Summary
After Musk took over Twitter, there will undoubtedly be numerous changes soon. The use of blockchain in Musk's Twitter is especially plausible because the billionaire has a specific interest in blockchain in general and crypto in particular.
Disclaimer:
The information, statements and conjecture contained in this article, including opinions expressed, are based on information sources that Holdstation believes those are reliable. The opinions expressed in this article are personal opinions expressed after careful consideration and based on the best information we have at the writing's time. This article is not and should not be explained as an offer or solicitation to buy/sell any tokens/NFTs.
Holdstation is not responsible for any direct or indirect damages arising from the use of this article content.
Source: Bloomberg
