Key Takeaways
- Elon Musk is finalizing his Twitter takeover.
- Although Musk’s relationship with crypto has had its ups and downs, he’s principally seen as an ally of the house.
- Musk has instructed integrating crypto funds and combating crypto bots to ameliorate Twitter customers’ expertise of the platform.
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Elon Musk’s acquisition of social media large Twitter is a constructive 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 last 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 determination to purchase roughly $1.5 billion value of Bitcoin in January 2021 made world headlines: Musk himself tweeted, “on reflection, it was inevitable” on the day it was introduced. Nonetheless, the world’s richest man appeared to shortly transfer on from Bitcoin and commenced selling Dogecoin as an alternative, insisting the venture was way more enjoyable. Musk even joked concerning the meme coin when he hosted Saturday Evening Reside in Could 2021.
Nevertheless it’s not at all times been rosy. Quickly after his SNL skit, Musk introduced that Tesla would now not settle for Bitcoin funds, citing environmental issues. The information despatched your complete crypto market crashing. Regardless of later stating that Tesla could 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 offered 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 constructive growth for Web3. Some of the apparent facets of that is Musk’s intentions regarding censorship. The billionaire has repeatedly said that his main motive for buying Twitter was to advertise freedom of speech and foster dialogue worldwide. That is excellent news for the crypto house, as Twitter has turn into an epicenter of crypto cultural exercise. Musk’s permissiveness all however ensures the trade will be capable of preserve utilizing the social media platform to develop.
Musk has additionally mentioned implementing fiat forex and cryptocurrency fee options into Twitter. Whereas he’s been coy about particulars, he has instructed that funds would allow him to rework the platform into an “all the pieces app” that might be “so compelling which you can’t stay with out it.” Apparently, it seems that Twitter is engaged on integrating crypto wallets into its infrastructure, suggesting the social media large is already growing instruments consistent with Musk’s imaginative and prescient. It could hardly be shocking, 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 into notorious for them, they usually 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 equivalent to Ethereum creator Vitalik Buterin and Binance CEO Changpeng “CZ” Zhao.
Musk has been significantly vocal about this subject, 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 elective 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 satisfying expertise for crypto natives.
Lastly, it’s value protecting Musk’s impulsiveness and famed productiveness in thoughts. Not all of his tasks succeed as spectacularly as Tesla or SpaceX, however he’s recognized for churning out new concepts quickly. As he establishes himself at Twitter, it wouldn’t be shocking for him to announce additional crypto-related merchandise. For now, we are able to admire that he’s an ally of the trade, if an unpredictable one.
Disclaimer: On the time of writing, the writer of this text owned BTC, ETH, and several other different crypto belongings.
