How Elon Musk's Twitter Acquisition Will Affect Crypto

Elon Musk's recent acquisition of a majority stake in Twitter has big implications for the cryptocurrency markets. Speculators have predicted that the platform may adopt Dogecoin as it’s native currency and have prompted the token to see a sharp uptick. With this move, Elon Musk has become one of the most influential figures in the crypto world and his influence can no longer be ignored. His presence will give more credibility to the digital asset space and could lead to an increase in institutional investment.

In a recent tweet, the Twitter CEO revealed a series of slides that give an insight into his plans for Twitter 2.0 as he calls it.

According to charts given by Musk, as of November 16, there were 2 million signups per day on average over the course of seven days, an increase of 66% from the same week last year. A seven-day average of 8 billion user active minutes each day was obtained, a 30% increase from the previous year.

Despite having peaked around the time Musk took over the company, hate speech impressions appeared to be marginally lower than they had been a year earlier, according to another graph Musk posted. According to earlier reports, racist epithets and hate speech spiked right after the coup.

How does this relate to crypto?

Although Musk didn't name DOGE in the tweet or the slides that were attached, this didn't seem to deter some investors from hoping that Dogecoin would somehow be involved. He recently tweeted "Dogecoin is the people’s crypto," which caused a surge in its price. His tweets have made him an unofficial spokesperson for the meme based cryptocurrency, and his public support could lead to increased market adoption.

The integration of Dogecoin with Twitter is indeed possible. In fact, earlier this year, the first Twitter tip bot for Dogecoin was released to allow users to send Dogecoins over tweets. The bot allows users to easily and quickly transfer small amounts of Dogecoin directly to other Twitter users without having to use a wallet or exchange. This could potentially be a great way for businesses and organizations to reward customers or supporters, allowing them instant access to rewards with minimal effort on their part.

The CEO and co-founder of decentralised exchange (DEX) TideFi, Daniel Elsawey, recently added that although integration is conceivable, Dogecoin’s use on Twitter would likely be restricted to payments only.