well even though Bitcoin ether and Selena have dominated the headlines for months,
it was dog coin that was barking most loudly yesterday,
The moments after news broke of Elon Musk,
billion Twitter?
The price of
Bitcoin is skyrocketing by more than 25% in just a matter of minutes.
But while we know most twitter acquisition is a game changer for social media,
can the same be said about crypto
joining me now is channel news reporter Alex
Hello Alex always good to see you
as they talk to me more about how the crypto world is
responding to this takeover and what they're hoping for from musk.
Hey kristen in general the crypto community has been very celebratory that
many see him as generally being supportive of the crypto community.
As you mentioned, you know a simple tweet from musk and send the price of
Bitcoin skyrocketing and earlier this year
musk mentioned that Tesla would even accept
Bitcoin as a form of payment
for select merchandise of course musk in the
past has waffled on allowing Bitcoin as a
form of payment for Tesla but overall the
crypto community sees him as someone who is open
to the technological possibilities of crypto and Blockchain and they're hoping
that he leans into that as the new head of twitter.
Um I would not be surprised at all Alex,
I think this is really good information of course for the average twitter user?
The average investors certainly in the crypto space,
what steps has twitter taken so far to integrate
with crypto and how might musk impact those efforts,
yep. So twitter has taken steps previous to this takeover, They included allowing
tips to be made in Bitcoin, back when twitter announced its tip jar,
they allowed certain users to use N. F. T. S.
For their profile pictures and more recently they struck a partnership with stripe
to allow certain users to get paid in. Usd see uh stable coins.
However, I spoke to some people in the crypto community including
dan roberts editor in chief of decrypt,
who kind of saw these measures of being somewhat half hearted.
He also said that they highlighted one of the big differences between musk
and Jack Dorsey, the former ceo of twitter
in that Jack was a what's called a Bitcoin maximalist did
not have much interest in other cryptocurrencies while must clearly,
uh as is evident in his support for doggie coin is much more open to other kryptos.
Well of course, another big question hanging over this deal,
$44 billion dollar deal is how musk will monetize the platform
as a private company. And so how does crypto fit into that?
And what would it mean for users?
So that's really the biggest question here, you know,
musk has said that he did not make this purchase for the reasons of profitability.
Uh, and if that's true, we could see a lot of experimentation and that, you know,
given his interest in crypto in the past,
that would likely be a part of that, But again,
it's not clear yet if will follow through on that, if he does pursue monetization,
crypto could also be a part of that,
but it's again, it's not exactly clear which direction will go
well,
must also signaling Alex said he plans to make twitter source cord source code,
excuse me, more accessible.
How is the crypto community responding to that?
So, you know, this may sound a little counterintuitive,
given the fact that in many ways twitter is about
to become a whole lot more centralized as a private company
that doesn't have to deal with, you know, shareholders.
Uh many in the crypto community are hoping that uh musk
is going to make it more decentralized by treating it more like
a protocol than a social media platform that could be
used flexibly in all different kinds of ways,
and he has hinted that he might do that by putting the twitter source code on get hub,
which is sort of a hosting platform for developers,
so that is a sign that he might be moving in that direction,
which could lead to some decentralized applications on twitter.
Alright, great reporting from cheddar Reporter,
Alex Volo and viewers be sure to follow
Alex's continued coverage of this story by logging onto
cheddar dot com what it means for you as
a twitter user and potentially as a crypto investor