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The bitcoin price has climbed over $20,000 per bitcoin since late October, boosting the ethereum price and other major cryptocurrencies (including Elon Musk’s “fave,” which has almost doubled)—despite Coinbase’s chief executive admitting he “overestimated” bitcoin’s potential this year.
Now, as Musk experiments with different ideas for Twitter, the billionaire chief executive of bitcoin and crypto exchange Binance, Changpeng “CZ” Zhao, has said he expects 90% of new Twitter features to fail after investing $500 million in Musk’s acquisition.
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Binance chief executive Changpeng “CZ” Zhao bet $500 million on Elon Musk’s Twitter bid even amid a … [+]
“I would actually say probably the majority of [the new Twitter features] will not stick,” CZ said on stage at the Web Summit tech conference in Lisbon, Portugal, it was first reported by Insider. “[But] that’s how you figure out the rest of the 10% of the features that will stick … by defining a lot of new features.”
The biggest change announced by Musk since taking the company private is that Twitter will soon begin charging users who want their account to be “verified,” a proposal Musk said is “essential to defeat” bots and scams on the platform.
Some have suggested users should be able to pay with the meme-based cryptocurrency dogecoin, with Musk’s car company Tesla and rocket company SpaceX also accepting dogecoin for some purchases.
The dogecoin price has rocketed higher over the last week, doubling in price as traders bet Musk’s public support for dogecoin will help the tongue-in-cheek bitcoin rival.
“I think the most bullish outcome for dogecoin could be for Twitter to never actually integrate it into the platform,” Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, wrote in an emailed note.
“If Elon Musk continues to tease the crypto community for years, people’s imaginations about the potential opportunities will be far greater than the actual reality of dogecoin being integrated.”
CZ, who’s “not bothered by short-term” issues at Twitter, said he was “a little surprised” when he heard Musk had decided to acquire Twitter on the original deal terms after months of legal wrangling.
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The bitcoin price has firmed up over the last month, finding a floor at $20,000 per bitcoin and … [+]
“It’s very hard to predict what Elon will do next,” CZ said. “The deal was on, the deal was off, the deal was on. It’s OK, we’re committed on our support.”
Binance, the world’s largest bitcoin and crypto exchange by trading volume, was among 19 investors that agreed to back Musk when his $44 billion bid for Twitter was first announced in April.
Since then, an almighty bitcoin, ethereum and crypto price crash has wiped $2 trillion from the crypto market’s value and plunged many fast-growing crypto companies into crisis.
Read More:‘Very Hard To Predict’—Binance CEO Reveals ‘90%’ Failure Rate Fear After $500 Million Elon Musk Twitter Bet Amid
2022-11-03 12:15:20
