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Digital currency market forecast after Elon Musk buys Twitter

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It’s been a few days since we learned that Elon Musk, the richest man in the world and the owner of several companies, has bought Twitter.

This could mean a step forward and a positive development in the crypto industry in the larger Twitter space.

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Among other positive things that the billionaire has done is to eliminate spam bots in the crypto space and integrate crypto payments into the platform.

Elon Musk said that these measures are his priority.

History of purchase of digital currency by Elon Musk

According to the news that has been published, the process of ownership of Twitter by Elon Musk is in its final stages.

Elon Musk, who is also currently the CEO of Tesla and SpaceX, yesterday posted a video from Twitter’s headquarters on the social media site, which showed Zayn as the official owner.

In the past, Elon Musk had purchased an amount equivalent to 1.5 billion dollars of Bitcoin through his Tesla company. This stream became one of the most important news in January 2021. Of course, Elon Musk thought this was impossible and impossible according to his tweet. But after that, at the insistence of Elon Musk, he went to promote Dogecoin and announced that this type of digital currency is much more interesting than Bitcoin. He even made jokes about the crypto while hosting Saturday Night Live.

But a little later, the situation changed! Elon Musk endured intense environmental concerns; Of course, the impact of digital currency was not without reason. He announced that Tesla would no longer be able to pay bitcoins, causing the entire digital currency market to collapse.

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He explained that Bitcoin should become an environment-friendly market, that is, it can have a good effect on the environment and not cause harm to it! In that case, Tesla will re-enter the field and be willing to accept payments through Bitcoin. Of course, this initial love that he had for digital currency never returned. The following year, in July 2022, Tesla announced that it had sold a large portion of the company’s Bitcoin assets at a huge loss, this amount included 75% of all the company’s Bitcoin assets.

Elon Musk’s future plans for Twitter

As we explained above, Elon Musk has seen many ups and downs in the digital currency industry, but this time it must be said that buying Twitter can be largely seen as a positive development for Web3.

One of his plans is to take measures in the field of censorship. The richest man in the world has told the designer many times that his main and important purpose of buying this great messenger was only to develop the freedom of speech and conversation around the world. So it can be said that he also hates information and news censorship. Of course, this news can be considered very good news in the space of digital currency and crypto. If you don’t know the reason for this, it should be said that Twitter has become the cultural center of digital currency. This industry can thrive and grow on such a social media platform.

There were also discussions on Twitter about the launch of fiat currency payments (fiat is the current currency in any country) and digital currencies. Although there are no more details about this, Musk has announced that this plan could allow people to turn the platform into an all-in-one app; In such a way that you cannot live without it.

Elon Musk plans to implement all his thoughts of several years in the field of Twitter and digital currency in this space. As a result, it’s no surprise to see Twitter working on incorporating crypto wallets. Elon Musk has mentioned many times that Dogecoin payments can also be used in this space.

As we mentioned at the beginning of the article, one of Elon Musk’s priorities is to eliminate robots in the field of digital currency. Because these robots caused fraud to increase and by clicking on the link sent by the robots, a lot of damage was done to the users in this area. Even the presence of blue check could not destroy these robots. Accounts of many verified users such as Vitalik Buterin, creator of Ethereum and Changpeng CZ Zhao, CEO of Binance, also suffered fraud and damage such as impersonation.

One of the solutions that Elon Musk proposed during the purchase of Twitter for the issue of sending spam was that everyone could see Twitter’s anti-bot algorithm. Another solution was to add an optional paid service so that people could prove their authenticity. This technology is like the new technology used in blockchain.

Even thinking that the bot will no longer be a nuisance in the Twitter space and will not harm users can provide a very safe and enjoyable experience for users active in the field of digital currency and crypto.

Finally, we must mention that all of Elon Musk’s projects may not be as successful as Tesla or SpaceX, but he is known for generating new ideas. In any case, we hope that Elon Musk can apply all his useful ideas and thoughts in the field of Twitter and digital currency and create a safe environment for users in this field.

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Adib

Adib Zahedi is the CEO and Founder of mazhd.com. He has nearly a decade of experience in IT, including two years spent working on a Youtube Chennal. He is also an author and writes articles for mazhd.com. Has articles include tutorials and covers everything from Windows PCs to smartphone's software.

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