The billionaire has previously repeatedly stated his mission as head of Twitter: to support freedom of speech, cancel the banning of accounts of celebrities with unpopular opinions and fight with bots. Given the fact that Ilon has often posted about his support for cryptocurrencies in the past, he will be paying a lot of attention to this issue in his new post as well.

The situation in the cryptocurrency market today looks like this. The leader of the week’s growth is precisely DOGE with 92 per cent. Although Dogecoin has dipped more markedly than other coins in the top ten by market capitalisation over the past 24 hours, it was the one that was most active in bringing in money for its investors last week.

Ranking of the top ten cryptocurrencies by market capitalisation

What will happen to the social media platform Twitter?

As we noted earlier, the violent reaction to the news is clearly visible in the graph of Dogecoin, which Musk promoted heavily at the beginning of last year. Now its price has almost doubled in just a few days.

DOGE exchange rate over the past week

Crypto market celebrities also shared their enthusiasm for the news. For example, MicroStrategy CEO Michael Saylor posted an illustration of Musk releasing the Twitter mascot bird from its cage. It’s a reference to the billionaire’s recent tweet – “the bird is freed” – with which he confirmed the changes taking place.

“The bird is freed.”

Musk has previously stated that he will reduce the company’s workforce by 75 per cent after taking office, although so far there have been relatively few redundancies – and that of former chief executive Parag Agrawal among them. Musk is also expected to reinstate previously blocked accounts on the platform. Recall that in January 2021, former president Donald Trump was permanently banned from using Twitter for his publications. It is possible that Ilon Musk will take action to restore the former president’s account on the platform.


It should be noted that Donald Trump has previously spoken out against Bitcoin and cryptocurrencies in general, with Twitter being the place to do so. In July 2019, the former US president said that crypto is not money, with its value created out of thin air and also very volatile. Trump also quite predictably reminded that crypto is being used for illegal activities like drug trafficking, among other things. You can recap that story here.


But back to Seylor. The day before his aforementioned publication, he responded to one of Musk’s tweets with the following quote

We will have freedom of speech if Twitter can protect citizens from the establishment from above and bots from below.

And here’s the very video of Elon entering the company’s office. It was published by Ilon himself as well.

Bot-driven accounts are one of the main problems of Twitter, which has been poisoning the lives of crypto-enthusiasts for several years now. Bots are used by attackers for spamming, phishing attacks, misleading, vote tampering and many other things that make it difficult for aspiring cryptocurrency owners to use the social platform. That’s too bad, as Twitter is hardly the most popular source of quick information about crypto.

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According to Decrypt’s sources, Elon Musk is about to launch an anti-bot campaign inside Twitter. The billionaire already has at least one major ally in it – cryptocurrency exchange Binance. A team is being set up within it, whose main task will be to help eradicate bot activity on the social platform. This was announced by a Binance spokesperson in an interview with reporters. Here’s the relevant line.

Binance is setting up an internal team to focus on how blockchain and cryptocurrencies can be useful for Twitter. The exchange is also actively brainstorming plans and strategies that could help Ilon Musk realise his vision. For example, how we can solve some of the social platform’s problems with blockchain – the proliferation of bot accounts in recent years. We are at an early stage now and are still developing a plan.

Recall that the deal to buy Twitter cost Ilon Musk $44 billion. About 7 billion of that amount was raised through equity investors, one of them being the cryptocurrency exchange Binance. Binance chief executive Changpen Zhao also confirmed on Twitter that his company invested $500 million in the deal. In other words, this makes the crypto exchange one of the influential co-owners of the social platform, so Twitter will clearly be used more heavily in the future to educate users about crypto.


We believe that Twitter's new social network owner will integrate cryptocurrencies into it sooner or later, with DOGE being the one in question. Right now, the platform allows users to specify their own Bitcoin or Etherium addresses, which popular users use to collect donations. Perhaps eventually it will come to full-fledged quick value transfers within Twitter.


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