As is traditional, let’s start with an explanation. Elon Musk does comment regularly on the topic of cryptocurrencies and praises decentralised assets. However, in general, the billionaire’s stance can be divided into two periods, which replaced each other in the spring of 2021.

Initially, Musk actively supported BTC, put a mention of the largest cryptocurrency in the description of his own Twitter profile, and endorsed Tesla’s investment in the first coin earlier this year, which included accepting bitcoins as payment.

This then changed, and Ilon took to criticising Bitcoin. In particular, the coin was hit hardest by the use of non-renewable energy sources, after which Musk’s generally open stance towards BTC deteriorated. Now the entrepreneur mostly keeps mentioning Dogecoin, joking about the coin and trying to find more convincing uses for it.

To recap, Tesla has even started accepting DOGE as a means of payment for the company's branded merchandise. This option for Bitcoin is not supported.

Tesla CEO Elon Musk

And now Ilon has decided to invest some of his own money in Twitter stock. And here’s what that could mean.

Cryptocurrencies on Twitter

News of the stock’s purchase led to a surge of more than 22 per cent in a short period of time. The price of the Dogecoin altcoin (DOGE), which Musk himself actively promoted last year, has similarly jumped.

Ken Lee, director of investments at Binance Labs, told Cointelegraph that Musk’s investment could help integrate more initiatives with crypto and blockchain into Twitter. The billionaire might even look into integrating DOGE. Here’s the expert’s rejoinder.

Ilon Musk’s investment in Twitter could help accelerate the adoption of cryptocurrencies on Twitter. Ilon has always been very public about the concept of a more decentralised and censor-resistant social platform. This is something that blockchain and Web 3 technologies can help realise.


It is important to note that Ilon's attitude towards the so-called Web 3.0 - that is, a decentralised internet using blockchain, decentralised finance, NFT and other components - is rather ambivalent. In particular, he reacted negatively to the introduction of NFT in the paid version of the service Twitter Blue, which in January 2022 allowed users to put non-exchangeable tokens as avatars. As Musk noted at the time, in this case the company was "wasting engineering resources on nonsense". You can read more of his point of view at the link.

Billionaire Elon Musk

Musk used the event to post an amusing poll on Twitter. Specifically, he asked readers if they wanted a long-awaited edit button for tweets, and purposely made an error in spelling out the answer choices.

Changpen Zhao, chief executive of cryptocurrency exchange Binance, responded to the publication. He said that “getting rid of spam is a much higher priority”. To recap, we are talking about scammers who copy popular people’s accounts and try to make readers believe their actions are true and lure them to various websites. The purpose of such a thing is to steal money from gullible users.

Overall, Musk has not made any official statements regarding his plans for the company. However, given the history of the Tesla CEO and the social network’s relationship with cryptocurrencies, we can assume that this event will serve to further Twitter’s ambitions for digital assets and blockchain. At the very least, it may try to introduce Doge, which is suitable for micropayments and transactions because of its tiny fees, to the platform.

By the way, Twitter co-founder Jack Dorsey has endorsed what is happening. He said he was very happy to have Ilon on the company’s board of directors. According to Dorsey, Musk, “cares about the world and Twitter’s role in it”. Ilon responded to the tweet with a thank you.


We think Elon Musk's new phase of close association with Twitter could indeed benefit the platform and even end up with a deeper integration of cryptocurrencies. How exactly that will happen is unknown, but the ground is already there for development. As a reminder, Twitter allows you to provide the addresses of your Bitcoin and Etherium wallets for donations. In this way, readers can reward authors of their favourite content.