It’s official Elon Musk now owns Twitter. The deal, that had been repeatedly on again and off again, successfully closed today and Musk has wasted no time. Immediately after taking control of the company, he fired CEO Parag Agrawal along with several other executives that are openly hostile toward free speech. It is being reported by Bloomberg that Musk will now assume the role of CEO, at least until he gets the company heading in the right direction. It is reported that he will also be reversing lifetime bans and so in the following weeks, or even days, we are likely to see many previously banned individuals return to the platform. Musk celebrated his acquisition by updating his bio to “chief twit”, tweeting out “the bird is freed” as well as posting a longer message that detailed his motivation. He said it was “because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner”. “That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try help humanity, whom I love”. With Musk now at the helm of Twitter, this leaves many in the crypto space begging the question: what are the implications for Dogecoin and crypto in general?
We know that Elon is an ardent supporter of Dogecoin. Whether you think he is fully serious or just taking the piss, there is no denying that he has followed through on delivering Dogecoin payments in the Telsa merchandise store and he has promised that for SpaceX as well. I personally tested it out and bought the Giga Texas belt buckle with Dogecoin. Unfortunately, they are not yet at the point of accepting Doge for their main product, cars. Prior to accepting Dogecoin, Tesla did accept Bitcoin as payment for their cars. But that was short-lived, as the company immediately came under attack due to the “environmental concerns” surrounding Bitcoin mining. This was extremely disappointing, but still it all shows that Elon and his companies are testing the waters when it comes to cryptocurrency, and they haven’t given up on it yet. In April when Musk took a 9.2% stake in Twitter, becoming the largest shareholder, he immediately began pushing for Twitter to accept Dogecoin for its Twitter Blue subscription service. Now, with his acquisition of Twitter, the Dogecoin price has surged by up to 43% in the last 4 days. It is looking increasingly likely that, under the leadership of Musk, Twitter will soon implement Dogecoin payments and for more than just Twitter Blue.
A year ago Twitter launched tipping functionality on the platform, which included support for the two biggest cryptocurrencies; Bitcoin and Ethereum. Users who have tipping enabled will have a cash icon appear on their profile, that followers can tap on to copy their crypto wallet address. This is far from native cryptocurrency support, and it’s pretty clunky but cool nonetheless. I would like to see this improved by moving the tip button onto tweets themselves, right next to the like and retweet buttons. This could be real big boost to crypto economic activity and get it into the hands of more people. This seems increasingly likely as just 3 days ago, news broke that an actual crypto wallet, with support for deposits and withdrawals, was under development at Twitter. While there has not been an official announcement about this, the researcher who made this claim is known for obtaining her information from public code. Given that Twitter has been introducing various other cryptocurrency features, including the NFT profile pictures, it seems credible. Work on this will no doubt be continuing under the leadership of Musk and I am willing to bet that all the existing cryptocurrency features will soon support Dogecoin. We could very well see support for more coins than just Doge, Bitcoin and Ethereum as Binance is said to have contributed $500 million dollars towards the $44 billion Twitter purchase. This equates to a 1.13% stake in the company and I’m sure CZ will push to have his BNB and BUSD coins to be adopted by Twitter. Perhaps Twitter users will soon have the native ability to buy and sell cryptocurrency through Binance? We’ll just have to wait and see.
Overall, I’m extremely optimistic about Elon Musk being the new owner of Twitter and what it means for both free speech and crypto. To say the addition of a fully-fledged crypto wallet on Twitter is huge, would be an understatement. In doing this, Elon and Twitter would be putting cryptocurrency into the hands of hundreds of millions of users. This is bullish for not only Dogecoin, but crypto in general and it could very well be the catalyst that kicks off the next crypto bull market. That’s all for this video guys, please leave me a thumbs up, subscribe to the channel, and I’ll see you all next time.