Twitter Under Elon Musk and the Implications for the DeFi World
It is no longer news that Elon Musk, the CEO of Tesla, had bought Twitter for $44 Billion. Earlier, Musk had referred to Twitter as the digital townsquare for the discussion of more topical and relevant issues. Among his many intentions is to make the social media company a free speech platform. Also, Musk is a frequent tweeter and would probably reinstate the Twitter account of former US President- Donald Trump -if he had the Veto power to do so. However, this writeup examines the takeover of Twitter by Elon Musk and likely implications for the Crypto space as well as the Web3 ecosystem in general.
Musk’s Twitter Management: Implications
Twitter is a widely used platform, and perhaps the most perfect spot for professionals who like to share valuable information with people. Crypto Twitter hashtag for instance, can be used to find all the information on the latest crypto trends in one place. Even at that, there are three key implications that are likely to accompany the Musk-Twitter saga.
· Increase Adoption: Elon Musk has always supported the concept of decentralization and free speech similar to the melody of decentralization that crypto sings. Using Twitter platform therefore, Musk will likely promote crypto potential and decentralization to the core. This could lead to the emergence of a censorship-resistant social media platform. It will also accelerate Twitter’s crypto adoption with the help of Web3 and blockchain technology.
· Integration of DOGE Coin: Elon Musk has always shown his love for Memes and his connection with DOGE. He has made several tweets on the bull run of the asset price in addition to his declaration in 2021. Yes, Musk declared that DOGE is a better payment option than BTC and to this end, there is every tendency that he will integrate this asset class into the Twitter platform.
· Eliminate Scammers and Spammers: Elon Musk reacted differently when Twitter launched a feature — the NFT avatar. He stated that Twitter spends its engineering resources while scammers keep dropping spambot block parties in every thread. He believes in building a strong, resistant, and secured community.
In the final analysis, Elon Musk would be less likely to ban people for violating the policies of the Twitter platform. Why? With the introduction of decentralization, members of the Twitter community would become the policy and decision-makers.
