We have some big news to talk about in the crypto market today. So, we’ll be talking about Elon Musk and we’re going to talk about these developments that have been happening with the Twitter potential takeover.
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What has Vitalik been saying? What is the CZ of Binance? What does it mean for cryptocurrency? We are going to cover some other crypto news and we’re also going to take a look at the crypto prices today. What cryptos perform well and which ones haven’t? Where they can potentially go in the future?
We have this tweet coming out of the chairman over on Twitter and this person has nearly 1 million followers on Twitter and Elon Musk has actually responded to this tweet and he says that the Twitter Board excluding JACK DORSEY only owns 0.12 of Twitter. They have not only behind closed doors rejected Elon Musk’s offer to purchase the company 20 above market value. They have threatened to dilute their shareholders’ stakes in the company’s criminal negligence. What is going on right here? You can see the board members and how much stock they actually own.
So, this is a lot different from cryptocurrency. So, a lot of the time in crypto you may not know who the whales are in crypto, but in this company, you should know how much exactly the board members own. Let`s have a look at these board members.
They really do not own much on Twitter! Mimi’s got zero holdings in Twitter. The only person who has a big influence on Twitter is Jack Dorsey with 2.25 percent right there. So, this guy founded Twitter and Elon Musk currently has 9.1 percent. You can see right here that Vanguard has 10.3 percent. So, what is Vanguard? He invests on behalf of other people, so you can buy into ETFs on Vanguard. They are institutional investors there. So Vanguard’s got 10.3. Elon Musk has responded to this and he says right here in fairness to the Twitter board. This might be more of a concern about other potential bidders versus just me.
So, potentially who are these other bidders? CZ of Binance has asked that exact question and no one’s really sure exactly who these other bitters are right now.
But one thing is for sure – the current board members of Twitter do not want to lose control of Twitter. So, Twitter is not just a company for making money. It’s an influence company. You can set all the policies, you take over Twitter, and what people can say. It is about those big aspects of freedom of speech and things like that. These directors do not want to lose control of Twitter to Elon Musk because Elon Musk is pro-crypto. He’s pro-freedom of speech.
Vitalik’s actually chimed into this. So, the founder of Ethereum has actually said “Don’t oppose Elon running Twitter (at least compared to the Status Quo), but I do disagree with more generalized enthusiasm for wealthy people organizations hostile-takeover social media firms. That could easily go *very* wrong (eg imagine and ethically challenge a foreign government doing it)
So, he brings up an interesting point, but CZ of Binance is actually chimed into Vitalik right here and he says “This is how capitalism works, right? The “poison pill” on the other hand, sounds unfair. The board seems to be protecting itself (power/control) over the interest of all the investors. Anyway, I am sure there is more than what’s on the surface.
You know literally, that’s how capitalism works? If you have enough money you can go into the market, you can buy up assets and that’s why billionaires are influential. The reason they’re influential is they start to buy up media companies, they buy up new stations, they can buy up Twitter and they can compound their influence. That is what we call capitalism. And that’s literally, how the system, we operate in, works. But some fun things are going on with this Twitter takeover. But the takeaway is the board of directors of Twitter probably does not want Elon Musk to take over it and it is very interesting. So, what could potentially happen if Elon Musk could take over Twitter? People are speculating about it in this article, but you could potentially see the massive integration of cryptocurrency into Twitter.
Twitter integration with crypto hasn’t really taken off that much. There are a huge amount of potential things Elon Musk could do if he took over Twitter. He’s a fan of Dogecoin and a fan of the ENU coins. You’d see a possible price rise in them if Elon Musk does get his way and he does increase the utility of some of those cryptos that are just considered Meme coins like Dogecoin and the ENUs and it would be very bullish for you. Out there, who do hold altcoins and Elon Musk is a fan of those altcoins right there.
We also have some other positive news coming out of CZ of Binance right here. He’s saying that:
El Salvador at the moment does have a gang problem and sometimes crime is linked to unemployment and things like that you have seized out of Binance creating jobs in El Salvador.
So, that is great to see and that we did also have this interesting news earlier this week from Cathie Wood. It’s about her Ark fund dumping PayPal in favor of a Bitcoin-friendly Cash App. Wood believes that Venmo is merely a follower of Cash App which has generated more than double Venmo’s revenue from almost half the number of users. So, if you do not know Cathie Wood – she is the founder of Ark investments which looks at very innovative stocks to purchase related to cryptocurrency. Cathie Wood has gone out of PayPal in favor of a cryptocurrency Bitcoin-friendly Cash App right there. So that is pretty good to see.
Let’s talk about cryptocurrency prices today. What cryptos have been big winners on the market in the last 24 hours and how is the market going? So, you can see the crypto bubbles chart right here.
This one’s called filecoin – it’s up 10 today. Congratulations to filecoin holders!
GMT seems to be doing quite well in the last couple of days too. So GMT is doing well and HEX is doing well. I’m interested – does anyone own any hex? It is performing well and KNC is doing good. Kyber is up 5%. Overall, if we do go to the Coingecko charts today, it is a relatively flat market on the day for cryptocurrency. So, not a huge amount of movement in Bitcoin does, looks like it was down-pointed 4%. but again I would classify this as a bit of a flat day on the market.
So, not too much crazy news happening, not too much volatility in the prices – just a calm flat day on the market. So far, you know crypto can change very-very rapidly. I do think in the long run, you know, a lot of them do have potential. so Shiba is building up that big metaverse. So, you have a coin as well which has some nice potential in the future, and, of course, you’ve got the king itself – Bitcoin. So, currently trading around the 40 000 mark today, but again if you do take those long-term looks at cryptocurrencies and think about the big picture – inflation the world debt cycles, and things like that I do think bitcoin has a lot of potential. I do know there are a lot of people out there who believe in bitcoin and I do think potentially, it will go to you know 100 000 and more in the future, but as always make your own decisions in the crypto market.
[This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/AebZ30mKjck]