An overview of the relationship between Elon Musk and digital currencies; Buying Twitter will benefit the market?

مروری بر رابطه ایلان ماسک و ارزهای دیجیتال؛ خرید توییتر به نفع بازار خواهد بود؟

According to many people, the beginning of Elon Musk’s ownership of the Twitter social network is a development for the digital currency industry; The billionaire owner plans to remove annoying cryptocurrency spam bots from Twitter and perhaps add asset-based payments to the platform. However, the way Musk has influenced the cryptocurrency market has not always been positive in the past.

To Report Crypto Briefing Elon Musk’s controversial acquisition of Twitter was finally finalized yesterday. The CEO of Tesla and SpaceX also posted a video on his Twitter page showing him walking into the Twitter headquarters while holding a bathroom sink. Shortly after, he wrote a letter addressed to active Twitter advertisers and published a picture of himself in the cafe of the Twitter headquarters, which showed that he was meeting with employees of the company.

As you probably know, Elon Musk has a special relationship with digital currencies. One of the early examples of this special relationship can be mentioned the purchase of 1.5 billion dollars of Bitcoin by Tesla in the beginning of 2021. “In retrospect, it was inevitable,” he wrote on Twitter on the same day Tesla’s purchase of Bitcoin was announced. However, it didn’t take long for the richest man in the world to sort of turn his back on Bitcoin and its fans and start supporting Dogecoin instead; A project that seemed much more fun to him. He even joked with Dogecoin during the Saturday Night Live (SNL) program of NBC, which was broadcast in May 2021 (May 1400), which of course led to the fall in the price of this digital currency.

Shortly after appearing on the controversial SNL show, he announced that Tesla will no longer accept Bitcoin as a payment method for the sale of its products, citing environmental concerns related to Bitcoin mining. This news had a significant impact on the entire digital currency market, causing the price to experience a sharp fall. Although Musk said that if Bitcoin mining became a greener industry, he would start accepting it again at Tesla, this never happened, and the relationship between Musk and Bitcoin was never the same. A year later, in July 2022 (July 1401), Tesla revealed that it had sold 75% of its bitcoins at a loss.

Elon Musk’s relationship with cryptocurrencies has had many ups and downs, but his ownership of Twitter is largely considered a breakthrough for the third generation of the web (Web3). One of the positive aspects of this event is Musk’s view on the issue of censorship and freedom of speech. He has repeatedly emphasized that his main motivation for buying Twitter is to promote freedom of expression and foster dialogue around the world. This is good news for the digital currency space; Because this social network has become the center of cultural activities related to this field in recent years. Elon Musk’s libertarian approach can ensure that the digital currency industry can use this social network for its development in the future.

An overview of the relationship between Elon Musk and digital currencies;  Buying Twitter will benefit the market?
The presence of Elon Musk among Twitter employees.

Musk has previously talked about paying with fiat currencies and digital currencies on Twitter. Although he hasn’t mentioned the specifics yet, he believes working on Twitter’s payments side could enable him to make the social network a “platform for everyone”; To the extent that it becomes difficult for people to imagine life without it.

Interestingly, new reports indicate that the Twitter team is working on adding digital wallets to the social network, which means they’ve already been developing tools in line with Musk’s approach. Although Musk has mentioned accepting Dogecoin as a payment method on Twitter on several occasions, it would still be surprising if the social network did.

Another priority of the mask is to remove bots. Bots have given Twitter some notoriety, and since they are used to spread malicious links related to software scams, cryptocurrency users are not happy about bots either. Moreover, even Twitter’s blue verification tick has not stopped the scams on the social network, and so far a bewildering number of user accounts have managed to spoof the identities of famous and verified ticks for their own benefit.

Elon Musk has personally made a lot of noise in this regard. At one point, he even claimed that the Twitter team did not provide him with clear information regarding the problem of spam in this social network, and that is why he decided to abandon the purchase of Twitter.

One of the solutions offered by Musk to remove bots from Twitter is to release the possibility of reviewing the bot algorithm on this platform to the public. The next suggestion was to add a user level that is associated with payment and people can use it to prove their identity; A similar mechanism can be seen in blockchain systems. Regardless of the method used to deal with the problem, Elon Musk’s fight against bots will likely make the cryptocurrency space users’ experience on Twitter safer and more enjoyable.

Finally, it is not bad to pay attention to the creativity and mental abilities of Elon Musk. Not all of his projects have been as successful as Tesla and SpaceX, but this character is known for coming up with new ideas at high speed. With the start of his managerial tenure at Twitter, it will not come as a surprise that more digital currency-related products will enter this social network. For now, we can be happy that Elon Musk, despite his unpredictable personality, is emerging as an ally of the cryptocurrency industry.


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