Monthly Archives: May 2022

What Elon Musk’s Investment Could Mean For Twitter’s Crypto Plans?

Elon Musk’s statements on Twitter cause the cryptocurrency market to respond. His tweets, profile photo change, and bio addition of “#Bitcoin” all had an influence on the markets, with the latter in particular propelling the price of Bitcoin (BTC) up by 20%. This is why the cryptocurrency community is interested in seeing what Musk’s investment in Twitter means for the sector.

According to recent reports, Tesla CEO Elon Musk bought a 9.2 percent interest in Twitter. As a result, he is the platform’s largest shareholder. In early trade, Twitter’s shares jumped more than 22%, while Dogecoin (DOGE) hit fresh two-month highs as a result of the announcement.

Musk’s investment “may help move the platform’s crypto activities ahead and maybe lead to the acceptance of DOGE inside the platform,” according to Ken Li, investment director at Binance Labs.

According to Li, Elon Musk’s investment in Twitter ” may assist in hastening Twitter’s crypto adoption.”

Musk’s investment “may help move the platform’s crypto activities ahead and maybe lead to the acceptance of DOGE inside the platform,” according to Ken Li, investment director at Binance Labs.

Musk tweeted a hilarious poll during the ceremony, but no official announcement was made about the billionaire’s aspirations for the firm. Given both the Tesla CEO’s and the social media company’s experience with cryptocurrencies, it’s feasible that the event may inspire Twitter to experiment with new crypto and blockchain-based services.

Musk has a love-hate relationship with bitcoin. According to a February 2021 document, Tesla purchased 1.5 billion BTC. In March 2021, the celebrity businessman ignited a frenzy when he revealed Tesla’s plans to accept BTC as payment for Tesla automobiles. However, the market collapsed a few months later after Musk said that the business had dropped the plan owing to the alleged environmental impact of Bitcoin mining’s energy use.