December 9, 2022

Dubai Week

Complete Dubai News World

Is Elon Musk using "Twitter" to support cryptocurrencies?

Is Elon Musk using “Twitter” to support cryptocurrencies?

Elon Musk’s acquisition of Twitter has sparked speculation about whether the world’s richest man will use the site to support cryptocurrencies, of which Musk is a key figure.

Musk’s leadership on Twitter says that “the use of cryptocurrencies in the economy may be strongly supported, especially if they are adopted on Twitter … which could take currency prices to a new level and revolutionize the valuation of businesses.” Managing partner at Disruptech Ventures, an investment fund that supports digital services based in Egypt.

On Thursday, Binance – the world’s largest cryptocurrency exchange – announced it would invest $ 500 million in the acquisition of Twitter by Elon Musk.

Musk has raised about $ 7 billion from a number of investors to support its acquisition of Twitter in a $ 44 billion deal, including companies operating in various sectors, including Oracle, one of the largest programming and database companies. The world.

“Investors who support Musk are mainly thinking about profitability, but the collaboration between Finance and Twitter could have mutual benefits in the future, which could lead to a quantum leap for cryptocurrencies,” Okasha said.

Musk, the founder of electric car company Tesla, will speak publicly about cryptocurrencies, especially “Dogecoin”, whose news has been negatively and positively affected by the news of the South African billionaire.

But Abdul Aziz al-Baghdadi, the governor’s director living in Qatar, believes that using the platform to write about cryptocurrencies will not transcend the effect of the currency’s bump and dump, but the cryptocurrency market it leads. Not by Bitcoin and the Dogecoin that supports it.

See also  Is Bitcoin Really a Hedge Against Inflation?

“Twitter is an American company and it is governed by the laws of the US market. Without clear legislation, cryptocurrencies would be much less likely to be handled,” Abdul Aziz told Javia Arabia.

He added, “All cryptocurrencies have already been in decline for several months, with Bitcoin down nearly 50% and the rest of the currencies down more than 90% … Moving the market Other pending news are currency issues or political or economic news from the Federal Reserve, but Elon Not Musk “.

The Twitter deal has attracted a lot of attention because it is shrouded in mystery about the reasons for the acquisition and the fate of the company that wants to turn Musk into a private company.

Okasha says the deal could indicate political intentions to capture Twitter-wide communications platform with the support of US parties, but the deal also has an important financial aspect, as “according to many analysts, Twitter is valued at a price below its true value, for two years or more.” Expectations of significant growth. ” Three “.

(Prepared by: Shaima Hefzi, contact [email protected])

# Quick analysis

Subscribe and subscribe to the daily roundup of economic and political news Here