Twitter has now entered a new era, in which it is fully controlled by Dogecoin’s largest fan, Elon Musk. After Twitter approved Tesla CEO Elon Musk’s US$44 billion deal to buy the social media site, Dogecoin has now re-emerged in the crypto top ten. Following the announcement of the deal, Dogecoin is now up 26% as of this writing, hitting $0.1675. Bitcoin and Ethereum, on the other hand, were up 1.6 percent and are now 2% respectively. Clearly, Elon Musk’s accomplishments have a tendency to affect the price of Dogecoin.
The prospect of Musk taking over the social networking platform has stimulated the interest of the cryptocurrency community, including Dogecoin creator Billy Markus. “Can Elon Musk also buy the SEC now?” he wondered, referring to the regulator’s notoriously sluggish approval of a spot market Bitcoin ETF. MicroStrategy CEO Michael Saylor, one of the world’s top Bitcoin whales, congratulated Musk on Twitter, citing the First Amendment of the United States Constitution, which states that the Government cannot restrict a citizen’s right to free speech.
Musk’s decision to purchase the company was based on a pro-free speech argument. In a recent SEC filing, he hailed Twitter’s potential to become a “platform for free speech around the globe,” but he said he didn’t believe that would be possible if it remained a public corporation.
However, while in control, Musk has promised to “fight the spambots,” a problem that has plagued millions of Twitter users in the past. In a statement, Musk continued, “Twitter has tremendous potential. I look forward to working with the company and the community of users to unlock it.”
Saylor has recommended using Bitcoin’s Lightning Network to solve Twitter’s spam problem. He advocated that Twitter users be able to load a particular amount of satoshis (BTC’s smallest unit) onto their accounts in order to unlock an orange checkmark. Human users may be validated swiftly in this fashion, without the need for the present know-your-customer (KYC) procedures that are required to earn the coveted blue checkmark.
Twitter already has the technology in place to accept Bitcoin and Ethereum payments, and there is speculation that Dogecoin functionality may be added soon under Musk’s leadership.