Elon Musk became Twitter’s owner late Thursday after his $44 billion deal to take over the firm officially closed, marking a new era for one of the most influential social media platforms in the world.
Bloomberg Media on Saturday suggested Musk is an influential crypto-influencer globally and there are several ways he could bring more cryptocurrency into Twitter.
Bloomberg says that Musk could choose to take a greater role in crypto on Twitter. There are many ways to do this, according to Bloomberg.
Musk was concerned about bots and spam on Twitter, which led to a contentious legal battle that threatened his acquisition of the company. This issue is critical in cryptocurrency as spam accounts often impersonate well-known personalities such as Musk to promote scams that involve fake crypto giveaways.
Bloomberg reports that Musk could be a crypto enthusiast and advocate for blockchain technology to help reduce bots on Twitter, as well as authenticate all users on social media.
Freedom of speech is a priority for Musk, and he intends to lift the company’s lifelong bans on users. These values are in line with the beliefs of many crypto believers who support the decentralization ethos promoted by blockchain.
Bloomberg reports that Musk could implement a token-based voting mechanism that would allow users more control over the content of Twitter. Musk could also include more crypto elements in Twitter in order to increase decentralization and mainstream digital asset usage.
Musk has already expressed ambitions of turning Twitter into a “super app.” In the past, he expressed admiration for China’s WeChat platform, which can handle things like messaging, games, payments, and video streaming.
Just like other aspiring super app creators, such as the Revolut fintech firm, expanding into crypto, Musk’s vision would like to include digital assets on Twitter, allowing more cryptocurrencies for tipping, and with Dogecoin much likely to be included, as Musk has been a major supporter of DOGE.
Instagram and other major social media platforms are joining the NFT trend. Musk could introduce more NFT features on Twitter to ensure Twitter doesn’t fall behind other social media giants in terms of cryptocurrency adoption.
With renewed determination and brutal efficiency, Elon Musk purchased Twitter Inc on Thursday. The executive hasn’t provided any detail on how he plans achieve the goals he has set for Twitter, nor who will manage the firm.
The Tesla CEO and self-described “free-speech absolutist” said that he wanted to prevent Twitter becoming a platform for hatred, division and polarization. Other goals include destroying spam bots on social networks and making the algorithms that decide how content is presented to users publicly available.
Users are curious about how Twitter will embrace cryptocurrency, as his support and presence in the crypto space is well-known.