Dogefather is on the cusp of owning Twitter — here's what this could mean for the crypto universe
Elon Muskhas put up a bid of $43 billion to buy
- The SpaceX and Tesla CEO’s Twitter takeover has already caused a rally in the price of
Dogecoinand other meme coins.
- Coming at the helm of Twitter, Musk has made no secret of the fact that countering scam bots will be the first item on his to-do list after taking over the social networking platform.
Dogecoin — the cryptocurrency that earned Elon Musk the nickname of ‘
@emilysouy if only elon bought twitter every day— Shibetoshi Nakamoto (@BillyM2k) 1650906737000
Fewer crypto spam bots on Twitter
Cryptocurrency scams have been a bane of Musk’s existence on Twitter for as long as anyone can remember. Fraudsters have been using the Dogefather’s good name to promote crypto-based scams since he first mentioned his love for
And coming at the helm of Twitter, the Tesla and SpaceX CEO has made no secret of the fact that rectifying this situation is the first item on his to-do list after taking over Twitter.
A top priority I would have is eliminating the spam and scam bots, and the bot armies that are on Twitter.
According to him, Twitter’s spam problem is the “ single most annoying problem” with using the service. Earlier this year, he even launched a questionnaire on Twitter asking his followers, “How long must this go on?”
@Erdayastronaut @Twitter @jack @TwitterComms Seriously. How long must this go on?— Elon Musk (@elonmusk) 1645347100000
Building crypto-like concepts to counter hate speech
Content moderation is a complicated maze to maneuver and is hardly a problem restricted to Twitter. Other social networking sites like Facebook and YouTube have faced similar challenges.
Musk’s solution is to make the social network’s algorithm open to all. With Twitter’s governing principles laid bare for all to see, the tech billionaire’s next move will most likely be dictated by the public response, according to analysts.
On the one hand, the kind of trust that going open-source generates, may drive more crypto-like concepts to the platform. On the other hand, it may also raise a call for know-your-customer (KYC)-type authentication, which would take away from the privacy and anonymity that makes Twitter stand out from its counterparts.
The task for Musk will be to balance the importance of privacy versus the need for free speech.
The future of crypto remains uncertain with Musk at the helm
Musk’s love for crypto assets isn’t in question. “The true battle is between fiat and crypto. On balance, I support the latter,” he replied when someone asked him about people being mad at him for his influence over the crypto markets. Moreover, his appearance on Saturday Night Live (SNL) in May last year boosted Dogecoin’s price to its all-time-high of $0.73.
But, that doesn’t mean he loves everything crypto on Twitter — like, NFT profile pictures. He famously said that the hexagonal verification feature for NFT HODLers is “annoying.”
This is annoying https://t.co/KAkDl29CTX— Elon Musk (@elonmusk) 1642756361000
This begs the question around how much of Musk’s agenda will focus specifically on crypto assets and how much will focus on the nuances of sharing information on Twitter. Many on Reddit and Twitter hope that Musk’s $43 billion Twitter takeover may finally turn the crypto markets around. Others aren't so sure.
Either way, everyone is expecting unpredictable announcements from Musk over the next few weeks that is bound to impact the crypto market.
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