We finally witnessed Elon Musk complete the deal and become the social media platform Twitter owner. However, he did not do it alone, but with the largest cryptocurrency exchange, Binance. Binance invested $500 million in equity financing to help Elon Musk buy the bluebird, a symbol of free speech, gossip, politics, and social movements worldwide.
As we know, not everything is as easy as it seems at first glance because many people now see Twitter as a social platform for introducing cryptocurrencies. But this is actually not bad because Elon Musk is famous for playing with memes on Twitter to raise the price of this or that cryptocurrency. And, of course, Musk was and remains to be an open supporter of cryptocurrencies because our millionaire and CEO of Tesla has more than one Bitcoin, Ether, and Dogecoin in his cryptocurrency wallet. Moreover, it is also a fact that Musk also pushes his companies to be at the forefront of cryptocurrency adoption.
And as we all know and understand by now, after the Twitter deal was finalized last Friday, there have been a lot of theories about how Musk will integrate cryptocurrency into his new social network. Although these are just theories, the main theory is that Twitter could buy Bitcoin for its corporate coffers and then use crypto, whether, in peer-to-peer transactions or micro-transactions, that will verify users to secure the platform against bots, which made Musk not want to buy our poor bluebird for almost half a year.
But the biggest cryptocurrency exchange Binance has its own plans for Twitter. It believes that Twitter could lead innovation in “Web3,”-a vision of the next generation of the Internet with decentralization at its core, including cryptocurrencies as a foundational currency in the digital economy instead of our old proven fiat currency.
As Patrick Hillman, chief strategist at Binance, said in a video interview with CoinDesk on Tuesday, “We see this as a huge, historic opportunity for R&D – a chance to take the prestigious Web2 platform to Twitter and use it as a sandbox. For us, the key thing is to have cryptocurrency as a major player.”
And what will this innovation Twitter get to us, then? As Hillman says, all the problems associated with the old-generation Internet will be solved if you move the social network to the new level of “Web3”. For example, you will be able to use non-playable tokens, or NFT, to verify yourself on Twitter or use Twitter as a payment system. Wouldn’t that be so cool? We think so.
Changpeng Zhao, founder, and CEO of Binance, aka CZ, also spoke out about the deal after it closed, saying that the first of many reasons they supported Musk’s funding was to support Twitter as a platform for free speech and as an opportunity for cryptocurrency to further infiltrate our daily lives.
But unfortunately, those who are involved and interested in magical crypto coins probably shouldn’t expect digital assets to be introduced on Twitter as quickly as they would like. After all, Musk probably has much more important things to do, such as developing plans to charge verified users or dealing with the possible consequences of layoffs. And as we know, Elon Musk is quite a busy man, and he is not one to quit halfway through.
CZ commented on this situation and made it clear at the Web Summit conference in Portugal that Musk is setting Twitter’s priorities right now. “Elon Musk is probably a tough guy for me to predict. I’m not the CEO of Twitter. We are an investor in Twitter, but I don’t run it”, added CZ.