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.

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.



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