How Musk Will Lead the Crypto Twitter Change

    Pathik Bhattacharya
    Pathik Bhattacharya
    Published on November 4, 2022 10:17 AM

    Updated on January 25, 2023 5:52 PM

    Musk could also possibly implement more NFT features as he previously mocked the same.
    How Musk Will Lead the Crypto Twitter Change
    Source: unsplash

    Elon Musk's acquisition of Twitter appears to be moving forward, barring a change of heart and the fulfilment of particular conditions, leading to the question as to whether any or all of the changes he previously hinted at for the platform will become a reality.

    According to BitInfoCharts, the site is a popular networking and news source for crypto fans, users, and investors, as well as crypto fraudsters, with over 120,000 tweets each day on Bitcoin alone.

    Musk, a frequent tweeter, has had a mixed relationship with cryptocurrency, appearing to embrace it one minute and dismiss it the next. That hasn't prevented industry supporters from anticipating 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 building up to his eventually closing the sale.

    People already started commenting on the latest acquisition as Twitter could persuade towards a more crypto-philic approach.

    Decentralised exchanges are also trying to accumulate with Elon to get along with the new acquisition to expand the word “Crypto” in the whole social media space. 

    Recently, Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, stated Thursday at Forbes' Iconoclast Summit that he met with Elon Musk about joining his $44 billion Twitter acquisition, expressing excitement about Musk's plans for the social media business even if Bankman-Fried did not join the business himself.

    The statement is sufficient alone to prove how big the Blockchain space is going to be after the deal.

    Bots and spam on Twitter are big sore points for Musk and helped launch a protracted court fight that placed his takeover of the business in danger. The issue is particularly critical in crypto, as spam accounts imitate notable persons like Musk in order to promote frauds involving bogus coin giveaways. 

    However, some cryptocurrency aficionados feel that adopting blockchain might help minimize Twitter bots.

    In a recent update on the Microblogging site, the firm is going to charge a little fee for a verified account which is around $8. Raising their voice against the charge, many big personalities thrashed Musk. But in a sarcastic manner, Musk gave a befitting reply to those who were against it.

    In a response to an American politician, Musk made it absolutely clear that he is serious about his choice to charge $8 per blue tick.

    In support, Cz Binance stated in a reply that, “Freedom and free (in price) are different concepts. You can choose not to pay and still use Twitter, or not use it at all.”

    Musk shared more meme tweets to mock people who were trolling the billionaire for charging for blue tick.

    Musk has previously stated his desire to make Twitter into a "super app" and praised China's WeChat platform, which can handle messages, 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 as well. Allowing new cryptocurrencies for tipping might be the first step, with Dogecoin a potential frontrunner given Musk's fondness for the asset.