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Elon Musk buys Twitter – the latest point of debate for the world. On Monday, the richest man in the world signed a contract to buy the social media platform for $44 billion. The Tesla Boss says he wants to promote free speech on Twitter. This has instigated mixed reactions. Some believe it’s a takeover by a rich kid of his favorite microphone, while others say Musk is the only solution if it’s inevitable that Twitter must have an owner. To be more specific, this is the opinion of the founder and former CEO of Twitter, Jack Dorsey.
While the whole world is speculating on the potential impact of Musk’s takeover of social media platforms, the crypto market was quick to show its effects. Dogecoin, the meme-based token and Musk long-time favorite cryptocurrency, has experienced a sudden rise in its value.
The Dogecoin price has again jumped back to CoinMarketCap’s top ten. The meme token is now the 10th-largest cryptocurrency by market cap.
Last month, the SpaceX CEO said that he has no plans to sell his Dogecoin, Bitcoin, or Ether.
Meanwhile, Tesla added Dogecoin as a payment option for merchandise purchases on its website. Now, Musk’s leadership can mean more such developments and use-cases for dogecoin, which is what Dogecoin holders are hoping for.
On the other hand, Bitcoin and other cryptocurrencies also increased as of Tuesday. However, at the time of writing, the flagship currency was exchanging hands at $38,626.81, down 4.67% in the last 24 hours.
Here is what the Bitfinex Trading Team has to say on Bitcoin, Dogecoin post Musk bought Twitter:
“Bitcoin and Ether both fell in line with US equities, as the US dollar reached a 2-year high. The surprising exception was with Dogecoin, which soared on news that Elon Musk’s bid for Twitter was successful, buoyed by a belief that Musk would continue to publicly support Doge. As Musk shows devotion to both being a social media influencer and bitcoin enthusiast, his purchase of Twitter can be viewed as a bullish sign. If it achieves nothing else, It will surely bring entertainment, or Panem and circenses if you like.”
Bitfinex is a digital asset trading platform that offers crypto trading services to digital asset holders and global liquidity providers around the world. Founded in 2012, Bitfinex also provides access to an OTC market, peer-to-peer financing, and financed trading for a variety of cryptocurrencies. Bitfinex aims to provide support, tools, and innovation for experienced traders and liquidity providers around the world.
The Bitfinex Trading Team, meanwhile, has years of valuable experience in the crypto field.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
