A big tech company has been making waves in our headlines this week with its CEO and visionary, Elon Musk, acquiring the social

A big tech company has been making waves in our headlines this week with its CEO and visionary, Elon Musk, acquiring the social media platform, Twitter.

Safe to say that the impact was heavy, with redundancies and alterations to the management at Twitter HQ. This was expected - Its certainly not new knowledge that Musk has little love and trust for the platform, sparking the mass EXODUS in redundancy's.

We can only speculate on the roadmap ahead for Twitter, and has been greeted with a mix of feelings from crypto enthusiasts, with some excited, and some others for Elons free speech policy for the platform. 

What does this mean for the crypto market, Twitter, and the future of the social media platform? Let's jump in. 

TWITTER & THE FUTURE

The $44 billion handover took place last Thursday (28/10), with Musk firing staff shortly after, including top executives and the chief censor for the platform. 

For Twitter staff, the redundancy's are expected to continue. With up to 70% of staff switching to a work from home lifestyle, Musk has expressed displeasure for this business model and prefers an office presence, however his focus seems to be more related with the content moderation of the platform. Staff have been confirmed to receive compensation however. 

Mr Musk has told investors that long term plans includes taking Twitter private, reducing the workforce, and finding new revenue streams, potentially by bringing cryptocurrency to Twitter.

The idea of cryptocurrency being adopted by Twitter is exciting, exposing audiences to cryptocurrency for the first time. The following blockchains have been confirmed as options to feature on the platform:

• Solana (SOL)
• Flow (FLOW)
• Polygon (MATIC)
• Tezos (XTD)
• Immutable X (IMX)

It is expected that the 'dogefather' will bring in DOGE at some point, however this is unconfirmed by the man himself. This speculation sent DOGE on a huge price hike, invoking a 150% surge increase in price. Dogecoin is considerably overbought, and sits at 0.11 GBP at the writing of this article. Its gains are speculated to be short-lived however, and without announcement from Twitter, DOGE price is expected slowly decline.

Exchange giant, Binance, have expressed interest in Musks proposed developments, stating that they are happy to co-operate and assist Musk with his ambitious takeover. This resulted in a spike for BNB price, achieving a new ATH this week. 

The future remains unclear for Twitter, as Musk mentioned paying to keep your 'blue tick' on Twitter. Major influencers and big time Tweeters have already considered leaving the platform as a result, supporting the argument content creators should be paid.

MARKET IMPACT & EARNING POTENTIAL

As seen with DOGE, it's expected that when Twitter finally does adopt Crypto, an increase in price is expected. The addition of Immutable X is huge, as it bridges connections with the GameFi industry, creating potential avenues for content creators to earn more.

Impact on Dogecoin over the last 7 days.

Supporting blockchain giants, Ethereum, is another big move as the currency is used heavily across a wide variety of NFT blockchain projects and developments. Twitters adoption is certainly exciting, however still remains unclear how the system will work. 

Musk has suggested that a 'tipping' system' would be integrated for content posted on the platform.

CENSORSHIP

Elon has plans to make Twitter a free speech platform. However this concerns many, as the platform could be used for hate speech. Further developments have suggest Musk will bring in a council for content moderation and censorship.

Engineers from Tesla have been brought in by Elon Musk to review code related to the censorship of the platform. This intends that Musk has no minds for hanging around. Product leaders worked along side Tesla engineers to asses the code, and understand the upgrade and implementations it would need to go through, in order to achieve Elons vision. 

CONCLUSION

Obviously this is a massive step in bringing crypto adoption closer to social media platforms. Although it's obvious to see where concern is with the censorship and free speech that Elon plans to enforce on the platform. 

That being said, theres far more pro's to con's here and leads to creating a wider audience, on a platform used by millions. It's a step in the right direction at least.

Thanks for your time! Don't forget to follow and like for more Crypto content. Peace. 

Information:

https://www.carscoops.com/2022/10/elon-musk-leverages-tesla-engineers-to-review-twitter-code-in-early-stages-of-takeover/

https://www.euronews.com/next/2022/10/28/will-elon-musk-s-twitter-become-a-beacon-of-free-speech-or-a-soap-box-for-hate-speech

https://www.nytimes.com/2022/10/28/technology/twitter-changes.html

https://www.nytimes.com/2022/10/29/technology/twitter-layoffs-musk-jobs.html

Screenshot from Coinmarketcap.com