The decision was finally made this week: Elon Musk bought Twitter. Musk previously said in a statement that he went beyond the platform to “help humanity.” This is also good news for us crypto enthusiasts.
Twitter is important for cryptocurrencies
Twitter is a social media platform where you can share short messages with the world. Politicians, scientists and your neighbors have the freedom to do so. More recently, however, free speech has been heading in the wrong direction. For example, we all know the story of Donald Trump being blocked.
Whether you agree or not, according to Musk, a lot of social media is in danger of “splitting into far-right and far-left echo chambers.” There is often no more room for healthy debate, and society will only further polarize. While Twitter doesn’t play a big role in this in the Netherlands, there aren’t many users here.
However, more and more Dutch people are using the platform to keep up to date with the latest developments in crypto. I do this myself now. I share these developments on my Twitter channel from time to time (follow me).
For cryptocurrencies in particular, Twitter provides an important platform. Here, CEOs, founders, developers and projects in the cryptocurrency space have the opportunity to share their ideas and progress with the world. This is underscored by the fact that major cryptocurrency exchange Binance was among the investors that helped Musk buy Twitter.
Musk is a Bitcoin fan
There are a lot of people who hate Musk, others are big fans. I’m kind of in the middle. Musk often had smooth pitches, but that turned out not to be the case. Consider, for example, his overzealous prediction that by 2020 there will be more than 1 million robotaxis on the road. The counter is currently still 0.
Musk, on the other hand, has enormous influence, and he certainly does something. So, interestingly, he is a fan of crypto. We know he is the “Godfather” and of course he also owns Bitcoin (BTC), both privately and Tesla.
The platform with an estimated 340 million users is now in his hands, which I think is very good crypto news. I expect the exposure of all good encryption to reduce friction. More people will be exposed to Bitcoin and other projects that allow its adoption to grow further. In short, Musk’s acquisition is a victory for crypto.happy weekend
Source of information: Compiled from CRYPTO-INSIDERS by 0x information.The copyright belongs to the author Timo Bult and may not be reproduced without permission