Apr 26, 2022
Elon Musk’s Twitter Buyout and What it Means for Crypto
In this week’s post, we will be discussing Layer-1 altcoins, crypto cards for Ukrainian refugees, Stripe’s crypto payments and, the hot story-Elon Musk’s Twitter buyout.
Let’s take a look at what you might have missed:
- Layer-1 altcoins have seen an influx of institutional investors: Investors stocked up on $3.5 million worth of Avalanche (AVAX), Solana (SOL), Terra (LUNA), and Algorand (ALGO) funds last week (ending on Friday), according to CoinShares’ Weekly Digital Asset Fund Flows report.
- Crypto cards for Ukrainian refugees: Binance is collaborating with several organizations, including Contis, a European banking-as-a-service platform, and Rotary and Palianytsia, to provide refugees affected by the Ukrainian conflict with a way to send and receive funds and make purchases within the European Economic Area (EEA).
- US payments giant Stripe is testing a system for a limited number of creators on Twitter to get cryptocurrency payouts. Creators who make money using the platform’s monetization tools may now get their revenue in USD Coin (USDC).
- The latest “Elon effect” on Dogecoin (DOGE) started a few days before the buyout, affecting the volume of transactions. After the Twitter buyout announcement, the volume of on-chain transactions reached over $100k, the highest since March 24th. Also, the coin’s price soared 25% to $0.15 on a 24-hour adjusted timeframe.
Elon Musk’s Twitter Buyout and What it Means for Crypto
Twitter has had a long relationship with the crypto world. Jack Dorsey’s Bitcoin endorsements already made headlines and when he stepped down as CEO, some said Dorsey “ditched Twitter for Bitcoin.”
But when Elon Musk started to appear on Twitter as a “crypto influencer”, it was a game-changer for the platform. Some dubbed his tweets about various cryptocurrencies-from Bitcoin to Doge and anything in between-the “Elon effect.” So, when Musk’s Twitter buyout was announced yesterday, it caused a lot of speculation about what his crypto strategy for Twitter would be.
One of them is that Musk will first push for a solution to the problem of crypto scammers and bot accounts spamming Twitter-something that has plagued the platform since its inception.
Another point is the better use of the “tipping jar” function used by Twitter. The platform had already announced BTC tipping and then ETH. Would Elon open the tipping function to other coins, especially Dogecoin? Well, at this point, it’s all speculation.
Have we missed out on any major news? Follow and Tweet your ideas to us @coin_panel!
Originally published at https://blog.coinpanel.com on April 26, 2022.
