The CEO of Tesla and SpaceX, and the man with innovation in his name, Elon Musk, has yet again made headlines by purchasing the popular social media platform, Twitter. Elon Musk purchased Twitter for $43.4 billion and will bring some changes to the platform to accommodate the crypto space.
Elon Musk has been “Unofficially” using Twitter to drive up the price of his favorite Memecoin, Doge, and to drive down the price of other currencies such as Bitcoin. Following his actions, Elon has been in trouble with the SEC yet fails to change his way of operations.
With this shift in dynamics, Musk is aiming to launch new features, increase trust by converting Twitter algorithms to open source and defeat spam bots by authenticating humans. These changes have been proposed by the man himself, and the crypto community is already proposing a new name for the social media platform, called “Crypto Twitter.”
What can you expect?
While Musk has not revealed all his cards yet, people are expecting this shift in ownership to be elemental for the growth of cryptocurrencies. Twitter can become the official social media channel for everything crypto and innovation, considering Musk’s love for the digital currency ecosystem.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” said Elon Musk in a tweet.
Musk is a controversial character that has been boosting development using his aerospace company SpaceX and EV company Tesla. However, he has also been famous for being too direct and pissing the community by posting memes and comments. For the crypto community, you can expect the following changes.
Musk aims to remove spam bots to reduce scams and thefts happening due to social media or a lack of dedicated social media space. Moreover, by converting the algo to open-source, Musk will instill more trust toward crypto-like concepts. Additionally, the crypto community can finally have a dedicated social media platform for everything crypto.
However, on the flip side, Musk might introduce authentication that can lead to a breach of privacy and anonymity. It would be interesting to note the changes to come and how this move will shape the future of cryptocurrencies.