What Does Twitter's Future Hold for Crypto Fans?
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In the past week, Twitter has seen a lot of changes. Elon Musk, CEO of Tesla, first bought Twitter for $44 billion. Numerous tales were spread across the neighborhood, and Elon himself tweeted several things, including "the bird is liberated." He also wants to change several things that will change Twitter's direction during this process. The thought that he would allow banned users to reappear worries a lot of people. The marriage of Twitter and bitcoin, however, is eagerly anticipated by cryptocurrency enthusiasts. How will the scenario impact the Twitter community and what is the future of Twitter? Can it impact the market for cryptocurrencies?
New Twitter Features and Their Effect on the Crypto Market: Recent Projects
Elon Musk's love for cryptocurrency is well known. He also adores spacecraft and is a staunch supporter of free speech. On occasion, he could also be quirky. When all of these elements are taken into account, Twitter may undergo significant changes that have an impact on the cryptocurrency market. Let's start by discussing some recent changes.
Twitter's "Tips" function, which allows users to reward their favorite accounts with bitcoin or cash, became live on September 23, 2021.
The NFT verification feature was made available by Twitter in January 2022, allowing paid Twitter Blue subscribers to upload their NFTs as a profile image.
NFT testing is now taking place at Twitter. A project called NFT twitter tiles was introduced, which is a unique panel within a tweet exhibiting NFTs. They are working with well-known NFT markets including Rarible, Dapper Labs, Magic Eden, and Jump.trade to boost user engagement. Additionally, Tezos, Flow, Polygon, Solana, Immutable X, Ethereum, and Immutable X will all be supported by this new feature.
Impacts on the cryptocurrency industry
Despite all of these efforts, some people still think Elon's attempt won't succeed. One to take a stand was Binance CEO Changpeng "CZ" Zhao. In his lecture at the Web Summit Tech Conference, he said that 90% of Elon Musk's ideas will fail. The inventor who invested $500 million in the acquisition believed it was a great idea, but the results might not have been up to pace. CZ has a vision for the next 10 to 20 years and thinks that Twitter's future is largely headed in the correct manner.
Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, added that Elon's constant recommendations to combine dogecoin with Twitter are really making the market worse. He made mention of:
“I think the most bullish outcome for dogecoin could be for Twitter to never actually integrate it into the platform.”
“If Elon Musk continues to tease the crypto community for years, people’s imaginations about the potential opportunities will be far greater than the actual reality of dogecoin being integrated.”
Marcus wasn't far from the truth, sincerity be damned. The market is not moving as swiftly as it once did, despite the fanfare surrounding Elon's purchase and rumors that Dogecoin may one day be utilized on Twitter. Unless something drastic is changed, it will continue to lose power.
Elon, on the other hand, talked about his plans to replace the outdated blue checkmark system with one that is paid for by everyone. CEO of Strike Jack Mallers suggested implementing the Bitcoin Lightning System in response, saying: "Power to the people!" and making the claim that $8 USD per month will provide users access to a new system.
Mallers stated that:
“My company (Strike) partnered with Twitter to enable Lightning tips. We even offer the ability to settle these payments in USD, so there is no extra lift for Twitter (settles and reported like a card payment). This can be implemented in days, given we already have a partnership.”
Closing Thoughts
As we can see, market speculation on Twitter's position on cryptocurrency is not very positive. A billionaire seems to be trying to be different and have fun at first glance. In all honesty, the impact of macroeconomics on the bitcoin market and its users is less significant than previously believed. Although Twitter does advocate NFT, they also hint at the possibility of full cryptocurrency integration. But how far can it advance? Even though optimism can be a strong motivator, excessive optimism without action will only damage credibility, which is where Twitter is currently going.