The year 2022 has not been that of crypto billionaires’ favorite. But the $44-billion Twitter takeover by Elon Musk has made it look promising as it’s nearing its end. Even as a speculation, the Musk-Twitter extravaganza has birthed aspects of crypto-integration into one of the most famous social networks. While the deal sparked debate and outrage among different groups, crypto billionaires, ideologically and financially, look forward to what’s to come. So they back up Musk heavily.
Existing Problems with Twitter and How They Can Be Solved
Besides the fact that Twitter had a net loss of $221 million in 2021 and struggled with profitability issues, the last few years have shown it to promote a rather “politically-motivated censorship.” That is a vivid “no” for decentralized online ecosystems operating on blockchain and most of the human beings sustaining them.
Hence, the crypto billionaires have expressed their readiness to support Musk in healing Twitter’s wounds. Not only do they slam the companies that have pulled advertising dollars from Twitter since the changes, but they also endorse blue check fees.
After sharing his enthusiasm for becoming a board member of Twitter after Musk’s takeover, Binance CEO Changpeng Zhao invested $500 million to help Musk make Twitter private – in hopes of bringing free speech to Twitter and Twitter to Web3 space. The latter, as stated by CZ, “will broaden the use and adoption of crypto and blockchain technology.” A Web3-friendly Twitter will enlarge the crypto ecosystem. In addition, a crypto-oriented social media platform that encourages NFT companies to advertise and sell on Twitter means taking a cut of sales in the future and profiting more. Word on the (digital) streets is that Twitter might also incorporate micropayments (tipping your favorite accounts).
Some are less enthused about Musk’s Twitter deal because of the vagueness of Web3-oriented development. Nevertheless, they look forward to seeing how the platform will find its way to Web3. The expansion a controversial yet visionary Elon Musk will bring to the social network is also interesting.
Twitter’s new owner, the “chief twit,” and the Dogefather Musk, has been an outspoken crypto advocate for several years. So even though he has not tweeted anything about the crypto-twitter romance yet, the company’s future will be cryptolicious.
Free speech sounds appealing, and crypto’s starting to taste good again. But there’s no certainty in how the story will unfold. We can undoubtedly infer that the #1 problem to be solved by Musk with Twitter is to make it freer. Making the platform cryptoer probably comes right after that. Until then, investors will have to go either the CZ way or sit back and practice the wisdom of patience.