The concept of decentralized and censorship resistant social media platform

 

Tesla CEO Elon Musk lately bought an a9.2 stake in Twitter, making him the largest stakeholder in the social media establishment Whenever Elon Musk does commodity on Twitter, the crypto request moves in response. Publishing a tweet, changing his profile picture, or adding “#Bitcoin” on his memoir affects the requests the ultimate indeed more so, transferring Bitcoin (BTC) price up by 20. This is why the community lies in the expectation of what Musk‘s Twitter investment could mean for the crypto assiduity.

Recent forms show that Tesla CEO Elon Musk bought an a9.2 stake on Twitter. This makes him the largest stakeholder in the platform. The news incontinently pumped Twitter shares by further than 22 in early trading and transferred Dogecoin (DOGE) near its two-month highs.

Ken Li, investment director at Binance Labs Musk’s investment can help push the platform’s crypto enterprise forward and indeed lead to the integration of DOGE within the platform.

According to Li, “ Elon Musk‘s investment in Twitter could help to increase the acceleration of Twitter‘s crypto relinquishment. It remains to be seen whether Twitter will begin espousing Elon‘s cherished Dogecoin moving forward.

Elon has always been veritably public about the conception of a more decentralized and suppression-resistant social media platform, and this is a commodity that blockchain and Web3 technology can help enable.

Piecemeal from Musk using this event to tweet a funny bean, there was no sanctioned advertisement regarding the billionaire’s plans for the company. Still, given the history of both the Tesla CEO and the social media company with crypto, one doable thesis would be that the event will further Twitter’s disquisition of further crypto and blockchain-grounded features.

Musk’s love-hate relationship with crypto isn't a secret. In February 2021, a form showed that Tesla bought1.5 a billion BTC. In March 2021, the celebrity businessman started a delirium when he blazoned Tesla‘s plans to accept BTC as a means of payment for Tesla buses. 

Still, the request tumbled down many months latterly after Musk revealed that the establishment had dropped the plan because of the alleged environmental impact of Bitcoin mining‘s energy operation.

Piecemeal from BTC, Elon Musk has been combined with DOGE. Because of his love of memes, Musk‘s DOGE tweets have been linked to the asset‘s price soaring, leaving musk to be indicted for price manipulation. The billionaire also declared latterly in 2021 that DOGE is better than BTC when it comes to payments. In January 2022, Tesla started accepting DOGE as payment for its wares.

Despite this, sanctioned records show that Musk’s electric auto-making establishment held$ 2 billion in BTC as of late 2021. A portion of Tesla‘s BTC effects was also vended in March 2021 to test the liquidity of a similar volume. This created realized earnings of at least$ 128 million.

On the other hand, Twitter has also been dabbling into blockchain-grounded technologies similar to nonfungible commemoratives (NFTs). Back in January 2022, Twitter opened support for NFT incorporations for subscribers of Twitter Blue, a paid subscription service that costs$2.99 per month. Still, Musk responded to the function negatively Twitter is spending engineering coffers on this bs while crypto scammers are throwing a spambot block party in every thread.

Piecemeal from this, Twitter also supports tilting with crypto through its tilting jar function. Back in September 2021, the platform enabled BTC tilting, allowing druggies to use third-party apps to admit tips. In February 2022, the platform added Ether (ETH) to its tilting payment options.

Because of his tweet, the community may presume that Musk will first push a fix for the problem of crypto scammers spamming vestments on Twitter. Bitcoin advocate Michael Saylor suggested to fix this issue Crypto Twitter” is a term for a reason. 

With its fast-paced inflow and rich commerce options, the formerly known as a “ microblogging” platform turned into the go-to debate mecca for the crypto community. So, it’s natural for study leaders (with deep pockets) to get some part of it.

Following Musk’s purchase, Twitter now has at least two crypto celebrities among its shareholders, including the former Twitter CEO Jack Dorsey. There's nearly no limit to the expansion of that canon.