American Billionaire and Entrepreneur, Elon Musk has recently announced that he will be purchasing the social media platform Twitter for a whopping $43 billion. Twitter becomes another piece to Elon Musk’s collection of multi-million dollar companies. He also owns electric car giant Tesla, SpaceX and as of last year the Cryptocurrency company Bitcoin. The Bitcoin and Crypto Community are very active on Twitter, and now that the platform’s new owner is an outspoken advocator for Bitcoin, many people are wondering if changes can be made to assist these digital assets under Musk’s new ownership.
What Changes Can Be Made?
A potential strategy that has been circling since the announcement was made is Twitter purchasing Bitcoin as a Treasury Asset. This would mean that Bitcoin would be on Twitter’s balance sheet. This has to the potential to cause ripples in the Bitcoin community due to the cultural platform of Elon Musk. The Finance Chief of Twitter said in a statement last year that it is not in the company’s best interest to invest in Crypto Assets.
Dogecoin
In April of last year, prices of Dogecoin increased by 70 percent after Elon Musk tweeted that he would put a Dogecoin on the moon. After the Twitter deal was announced, the coin managed to rally more than 30%, as this Cryptocurrency is one that Musk is extremely supportive of. This has led to speculators buying Dogecoin simply because Elon Musk supports it, which opens up lots of room for potential in the eyes of some investors.
Integrating Crypto Payments?
Some experts believe it to be likely that Crypto payments will somehow be integrated into Twitter under Musk’s ownership. Twitter already has a tipping function that allows users to send Bitcoin to content creators. Some other companies that are owned by Musk already accept forms of crypto as payment, such as Tesla allowing Dogecoin to be used in purchases of their merchandise. Crypto investors are very hopeful that this will somehow make its way onto the Twitter space.
Crypto Community Optimistic
Word on Wall Street is that the crypto community is very bullish when it comes to the Twitter deal. There are hopes that this purchase will lead to an even wider adaption and integration of crypto worldwide. Being that Musk is outspoken about his ownership of Bitcoin, Dogecoin, and other digital assets, it is fair to say that he does have motivations to further push cryptocurrency into the mainstream.
Wrap Up
Musk has not made any mention of integrating cryptocurrency yet, but the deal is still very fresh. He said the main focus for Twitter right now is getting rid of bots in the comment section. As more details regarding the deal between Musk and Twitter surface, feel free to contact your advisor with any questions and be on the lookout for more news from us related to this manner.