Elon Musk blows hot and cold in the crypto sector and his recent decisions have made the bigwigs make their voices heard.
Elon Musk gets the crypto world talking
Elon Musk continues to make news after making the long-awaited acquisition of the social network Twitter. The South African billionaire continues to rock the platform, coming back with a vengeance and has already announced its next initiatives, while blowing hot and cold in the crypto sector. Despite some support, crypto bigwigs tend to question some of his decisions.
After thanking Twitter’s board of directors, Elon Musk intends to change the social network’s moderation system on the bluebird. As a self-proclaimed defender of freedom of expression, the entrepreneur would like to reopen the platform’s doors to controversial personalities like Donald Trump, allowing any user to benefit from validation.
So, for an $8 monthly subscription, any volunteer could see the little blue checkmark displayed next to their name. Although an identity verification is obviously imposed, this decision raises many questions among the big names of crypto. As celebrities and other public figures come forward to give their opinion on Elon Musk, Vitalik Buterin was quick to raise the problem that such a system might create. According to him, this initiative should be accompanied by increased moderation and, above all, an in-depth investigation of the applicant.
For the influencer Dogecoin Matt Wallace, the measure should be tougher so as not to allow all users, including fraudsters, to pass themselves off as a reliable organization at the expense of Internet users.
Finally, on the side of one of the billionaire’s biggest supporters, opinion is divided. Binance CEO Changpeng Zhao, who invested about 500 million in the purchase of the platform, share Elon Musk’s thoughts on platform monetization and the importance of freedom of expression. For him, the implementation of a payment verification system would make it possible to curb them bots who regularly usurp his identity since this summer.
Industry between fear and excitement
However, CZ seems to be taking Twitter’s new owner’s decisions with a grain of salt. During a conference held at the Web Summit Technology currently being held in Lisbon, the entrepreneur expressed his uncertainty regarding further operations.
Elon Musk is probably a tough guy for me to predict. I’m not the CEO of Twitter. We’ve invested in Twitter, but I don’t run it.
Excerpt from CZ’s talk at Web Summit Technology
This fear of not having a voice seems to have spread throughout the cryptosphere. Since the arrival of Elon Musk at the helm of Twitter, the latter insists that the Tesla CEO keep his promises and bring digital currencies to the platform. A phenomenon that has caught even the big bosses of the industry since that of Circle, has also called on the billionaire to examine the problem.
However, the wind may turn for the sector. So, at least, part of the community thinks as they speculate on one of the entrepreneur’s latest comments. Asked about integrating Dogecoin into Twitter, it would have hinted that he would take a look.
However, nothing is confirmed at the moment and excitement is all around DOGE seems to be running out of steam little by little, with a loss of 11% in 24 hours.
Therefore, the delay of the long-promised option will have gotten the best of the crypto community, leaving it more insecure than ever.
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