Elon Musk is blowing hot and cold in the cryptocurrency industry and his latest decisions are pushing the big boys to make their voices heard.
Elon Musk makes the cryptocurrency sphere talk
Elon Musk continues to make headlines after making the long-awaited acquisition of the social network Twitter. The South African billionaire continues to rock the platform, returning with a vengeance and already announcing his next steps, as he blows hot and cold on the cryptocurrency industry. Despite some support, the crypto bigwigs intend to question some of his decisions.
After thanking the Twitter board, Elon Musk intends to change the social network’s moderation system to the blue bird. 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, while allowing each user to benefit from validation.
Thus, for a monthly subscription of $ 8, each volunteer could see the small blue check mark appear next to their name. Although an identity verification is obviously required, this decision raises many questions among the big names in crypto. As celebrities and other public figures come to express their views on Elon Musk, Vitalik Buterin was quick to raise the problem such a system could create. In his opinion, this initiative must be accompanied by greater restraint and, above all, by a thorough investigation of the applicant.
For Dogecoin influencer Matt Wallace, the measure should be stricter so as not to allow all users, including scammers, to pretend to be a trustworthy 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 has invested nearly 500 million in purchasing the platform, agrees with Elon Musk’s view on monetizing the platform and the importance of freedom of expression. For him, the establishment of a paid verification system would allow to stem the bots that have regularly usurped his identity since this summer.
The industry between fear and excitement
However, CZ appears to be making the decisions of the new Twitter owner with a grain of salt. During a conference held at the Web Summit Technology which is currently taking place in Lisbon, the entrepreneur expressed his uncertainty regarding the continuation of the operations.
Elon Musk is probably a hard guy for me to predict. I’m not the CEO of Twitter. We invested in Twitter, but I don’t manage it.
Excerpt from CZ’s speech at the Web Summit Technology
This fear of having no voice seems to have spread throughout the crypto sphere. Since Elon Musk’s arrival at the helm of Twitter, the latter has insisted that Tesla’s CEO keep his promises and bring digital currencies to the platform. A phenomenon that has also kidnapped the big names in the sector since that of Circle has also called the billionaire to investigate the problem.
However, the wind could turn around the sector. This, at least, is what part of the community thinks as they speculate on one of the entrepreneur’s latest comments. When asked about Dogecoin’s integration on Twitter, this would have implied that he would take a look at it.
However, nothing is confirmed for the moment and the enthusiasm around the DOGE seems to be running out little by little, with a loss of 11% in 24 hours.
The delay of the long-promised option will therefore have the better of the crypto community, leaving it more uncertain than ever.
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