Musk’s Twitter Acquisition a Win for the Crypto Community

The acquisition of the one of the world’s most influential social media platforms by the world’s richest man shows how increasingly integrated crypto is in the economy.

Elon Musk closed on his acquisition of Twitter and took it private on Thursday, and Binance, the world’s largest crypto exchange by trading volume, is a major equity investor, according to MarketWatch.

Overall, Musk’s plans for the social media platform auger well for the crypto community.

Potential crypto plans for Twitter remain unclear. In June, Musk discussed the logic for Twitter integrating digital payments into its service, while Twitter previously added bitcoin tipping in 2021 under then-CEO Jack Dorsey and added ether wallets to the feature earlier this year. Twitter also became the first company to try out a new program from payments processor Stripe, which in April announced a feature enabling payments in USDC via Polygon.

Overall, Musk's takeover is being touted as a win for the crypto community.

"In the last few years, Elon has been very vocal about his stance on crypto and blockchain. Musk understands Web3 and understands the potential of blockchain technology which will be instrumental in propelling adoption forward," Ben Weiss, CEO of Bitcoin ATM company CoinFlip, told CoinDesk.

"Decentralization is a real possibility for Twitter," Weiss also noted. "In recent years, shutdowns and bans have become more prevalent. Regardless of your stance on the matter, decentralization takes the power away from corporations and gives it back to users."