Musk’s Twitter acquisition: At the end of October, 2022, Elon Musk, a known Dogecoin fan, took over as Twitter’s owner, firing senior staff he had accused of tricking him while providing little details on how he planned to implement the grand objectives he has for the decentralization of Twitter.
While many are not very happy with Twitter passing into Musk’s hands- as this does indeed spell uncertainty for most active users on the microblogging platform- it’s undeniable that Musk’s acquisition of Twitter can mean great things for the crypto space. The billionaire focuses on several fronts, including eliminating spam bots and accepting cryptocurrency payments on the platform.
What does the future hold now that Musk owns Twitter? It’s a question many are asking. Let’s explore what changes the crypto space may see with Musk at the helm of Twitter.
Cryptocurrency and Elon Musk: How Long has the Relationship Been?
Elon Musk’s plan to take over Twitter is well linked with his enthusiasm for the burgeoning crypto space. Why is that though?
Tesla and SpaceX CEO Elon Musk has been a vocal supporter of the cryptocurrency Bitcoin since its inception. But in 2019, when he started investigating the possibilities of cryptocurrencies, he made a significant commitment to the crypto world. Repeatedly, speculation has surfaced that Musk is the mysterious figure known only as “Satoshi Nakamoto,” the man behind Bitcoin. Despite denying this claim, Musk maintained his enthusiasm for the token and took it as payment at Tesla.
However, Elon Musk is most known for his part in Dogecoin’s meteoric climb to fame. The software entrepreneur’s lighthearted tweets about DOGE in early 2019 stoked widespread interest in cryptocurrency. The value of meme tokens quickly increased, opening up a new market segment in the cryptocurrency sector. The DOGE community promptly took a liking to Musk, with over 4,000 users voting for him as CEO.
Meanwhile, citing the negative impact on the environment that Bitcoin mining has as his reason, Elon Musk said in May 2021 that Tesla would no longer take Bitcoin as payment. In an exciting turn of events, however, the Tesla CEO said in January 2022 that the company would begin receiving Dogecoin as payment instead, further expressing his support for the meme crypto.
The Billionaire’s Great Plans for Twitter
Although Musk’s history with cryptocurrency is complicated, the consensus is that his purchase of Twitter was good for the web3 ecosystem. Musk’s stance on censorship is one of the most glaring features of this situation. The billionaire has frequently claimed he was motivated to buy Twitter to protect the users’ right to free expression. As a result, Twitter has evolved into a hub for the crypto community, which is fantastic news for the industry as a whole. Musk’s openness virtually ensures that businesses may continue to use the social media site for expansion. Let’s learn more about it in detail.
1. Dogecoin:
Dogecoin is Elon Musk’s favorite cryptocurrency, and his positive and negative statements about it have often triggered price spikes and dips. The famous meme currency recently saw a solid increase in value after Elon Musk recommended it be included as a payment option for Twitter’s premium membership, Twitter Blue. The announcement of his acquisition of the micro-blogging site was also accompanied by an almost 30% increase in the value of the cryptocurrency. All signs indicate that Musk’s Twitter conquest will eventually lead to the widespread adoption of meme currency. If Dogecoin is integrated with Twitter Blue, it will undoubtedly become a more broadly accepted payment option across other sites.
2. Crypto scam bots:
According to Musk, bots, more specifically crypto scam bots, are the worst thing ever happening to Twitter. Further, he has said openly that he would destroy them or die trying.
3. The Rise of Web3:
Elon Musk is a staunch supporter of web3 and the decentralized systems it brings. Many feel that Musk, with Twitter at his discretion, might improve confidence in the cryptocurrency market by making the Twitter algorithm code open source.
4. Potential $8 fee for verification:
Musk has suggested that verification on Twitter may be made available behind a paywall. The plan is to allow users to buy the blue-tick verified status on Twitter at $8 per month.
What Might the Future Look Like for the Crypto Space, With Twitter Now in Musk’s Hands?
Musk has proposed integrating both traditional and digital currency payment options into the microblogging platform Twitter. While he has remained tight-lipped on specifics, he has hinted that accepting fees will allow him to turn the service into an “everything app” that is “so compelling that you can’t live without it.”
Notably, Twitter focuses on incorporating crypto wallets into its infrastructure, indicating that the social media behemoth is already creating tools consistent with Musk’s ambition. Given Musk’s repeated hints, it’s not hard to imagine that Dogecoin payments could soon be an option on Twitter.
Historically, While not every one of Musk’s ideas have panned out as well as Tesla or SpaceX, he has a reputation for always coming up with new ones. It’s possible that when he becomes more well-acquainted with Twitter and is better accepted as the leading man on the social media site, he’ll reveal still more cryptocurrency-related offerings. With his crypto holdings branching out as far as the eye can see already, we can expect him to be an ally to the crypto community with his acquisition of Twitter- that is for certain. At Millionero, we for one absolutely can’t wait to see what new crypto implementations Musk brings out for Twitter!