Unless you’ve spent the last few days locked in a cave, you probably already know that Twitter is now owned by Elon Musk (and his investors). Indeed, after a series of twists and turns, the takeover was finalized on Thursday.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
Now we are waiting for the changes that the American billionaire will bring. With regard to moderation, for example, he has already mentioned the creation of a council, which will make the major decisions. In the meantime, no changes have yet been made to the platform’s moderation policy.
Musk also plans to resuscitate the social network Vine, acquired by Twitter, then closed by it. At least, that is what is suggested by a survey published recently.
Bring back Vine?
— Elon Musk (@elonmusk) October 31, 2022
And for cryptos?
Otherwise, Elon Musk’s takeover of Twitter could also be good news for cryptocurrencies. No announcement has yet been made. But the conclusion of the acquisition was enough for the value of a cryptocurrency, Dogecoin, to soar.
On Saturday, the value of this crypto, which had stabilized around $360, approached $600, an increase of more than 70%. As of this writing, Dogecoin is worth $506. A week ago, Dogecoin was worth $252.
— Dogecoin (@dogecoin) October 29, 2022
Why this increase?
Twitter has always been crypto-friendly. Jack Dorsey, the platform’s founder and former CEO, is an avid Bitcoin supporter.
Under his leadership, Twitter introduced support for NFTs. And today, the microblogging platform also allows creators to receive donations in cryptocurrencies.
And under Elon Musk’s leadership, Twitter could go even further in supporting crypto as a means of payment. Indeed, since this year, Tesla already accepts payments in Dogecoin for certain products, such as belt buckles.
Now that Twitter is owned by Musk, the social network could do the same. For example, Twitter could accept payments in Dogecoin for its Twitter Blue subscription, which provides access to exclusive features.
It should also be noted that Musk’s long-term ambition is to integrate Twitter into his super-application project, called X. The idea is to create an app similar to WeChat in China that would integrate as many features as possible, including payment .
Binance is among Elon Musk’s investors
In addition to the fact that Elon Musk is in favor of Dogecoin, it should also be noted that among the entities that financed the takeover of Twitter at 44 billion dollars, there is Binance. This company is now the world leader in crypto trading.
Binance funded the acquisition with $500 million. And he intends to actively participate in the development of the platform.
According to a Bloomberg post, Binance is creating an internal team that will be tasked with finding “ways blockchain and crypto could benefit Twitter.” Binance is also looking for plans and strategies to help Musk achieve his vision for the platform. The crypto exchange has also indicated that it wants to use blockchain to help Twitter combat the proliferation of bots.
For the moment, all this remains vague. But the fact that a leader in the crypto market is among Elon Musk’s partners is good news for the ecosystem.