Whenever Elon Musk does something on Twitter, the crypto market moves in response. Publishing a tweet, changing his profile picture or adding “#Bitcoin” on his bio affects the markets — the latter even more so, sending Bitcoin (BTC) price up by 20%. This is why the community lies in anticipation of what Musk‘s Twitter investment could mean for the crypto industry.
Recent filings show that Tesla CEO Elon Musk purchased a 9.2% stake on Twitter. This makes him the largest stakeholder in the platform. The news instantly pumped Twitter shares by more than 22% in early trading and sent Dogecoin (DOGE) near its two-month highs.
Ken Li, investment director at Binance Labs, told Cointelegraph that Musk’s investment can help push the platform’s crypto initiatives forward and even lead to the integration of DOGE within the platform.
According to Li, “Elon Musk‘s investment in Twitter could help to increase the acceleration of Twitter‘s crypto adoption. It remains to be seen whether Twitter will begin adopting Elon‘s beloved Dogecoin moving forward.” He also explained that:
“Elon has always been very public about the concept of a more decentralized and censorship-resistant social media platform, and this is something that blockchain and Web3 technology can help enable.”
Apart from Musk using this event to tweet a funny poll, there was no official announcement regarding the billionaire’s plans for the company. However, given the history of both the Tesla CEO and the social media company with crypto, one feasible hypothesis would be that the event will further Twitter’s exploration of more crypto and blockchain-based features.
Musk’s love-hate relationship with crypto is not a secret. In February 2021, a filing showed that Tesla purchased 1.5 billion BTC. In March 2021, the celebrity businessman started a frenzy when he announced Tesla‘s plans to accept BTC as a means of payment for Tesla cars. However, the market tumbled down a few months…
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