{"id":46222,"date":"2022-05-20T06:24:40","date_gmt":"2022-05-20T10:24:40","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/crypto-boost-may-be-focus-for-elon-musk-as-he-acquires-twitter\/"},"modified":"2024-07-19T12:22:10","modified_gmt":"2024-07-19T16:22:10","slug":"crypto-boost-may-be-focus-for-elon-musk-as-he-acquires-twitter","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/crypto-boost-may-be-focus-for-elon-musk-as-he-acquires-twitter\/","title":{"rendered":"Crypto boost may be focus for Elon Musk as he acquires Twitter"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0023e370832]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0023e370832'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Crypto boost may be focus for Elon Musk as he acquires Twitter<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0023e377fb6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">May 20, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0023e37b486'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>Bloomberg Market Specialists Daniel Davies and Clay Eltzroth contributed to this article. The original version appeared first on the Bloomberg Terminal<\/i><i>.<\/i><\/p>\n<h2>Background<\/h2>\n<p>Elon Musk has a history of moving markets for digital assets \u2014 and for using Twitter to make his opinions known.<\/p>\n<p>So far in 2022, his tweets include that he recommends crypto instead of dollars when inflation is high, would eat a Happy Meal on TV if McDonald\u2019s Corp. accepted Dogecoin, wants to wipe out spambots and accepts crypto for Tesla merchandise.<\/p>\n<p>Musk allowed Tesla customers to buy electric cars with Bitcoin last year, helping send the crypto market soaring to record highs. Tesla later suspended the program because of environmental concerns over Bitcoin mining.<\/p>\n<p>When news broke in April about Musk\u2019s agreement to buy Twitter for $44 billion, cryptocurrency leaders began urging him <a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2022-04-26\/crypto-twitter-may-have-ideas-for-elon-musk-bloomberg-crypto\">to implement \u201cdecentralized principles\u201d<\/a> on the social media platform.<\/p>\n<h2>The issue<\/h2>\n<p>Elon Musk uses Twitter to share his opinions on improving cryptocurrencies, and he has received plenty of suggestions from crypto influencers on how to change the social media platform for their possible mutual benefit.<\/p>\n<p>Musk\u2019s tweets on April 25 revealed some of his thoughts about Twitter \u2014 the need for new features, open-source algorithms and authenticated humans, as well as an end to spambots.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Crypto market analysis, data, and insight, delivered monthly to your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4806893721564973497\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/account\/newsletters\/crypto\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>As for crypto influencers? Bitfinex was bullish on Musk buying Twitter, or felt the endeavor was at least potentially entertaining. Coinbase CEO Brian Armstrong celebrated the potential acquisition.<\/p>\n<p>CoinDesk, Zerohedge, DealBook and whitehatNFT also mentioned what Musk\u2019s acquisition of Twitter might do for crypto. The social media platform currently accepts Bitcoin for tips and authenticates non-fungible tokens.<\/p>\n<p>There is always price action when Musk and Bitcoin are mentioned together in social media posts. However, a rally in Dogecoin and other crypto faded quickly after Musk showed his Twitter interest.<\/p>\n<p>Other recent events have been favorable for cryptocurrency acceptance. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-28\/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb?sref=s4jM8V8F\">Bitcoin was declared a legal currency in the Central African Republic<\/a>, and Finland selected two brokers to sell seized Bitcoin.<\/p>\n<h2>Tracking<\/h2>\n<p>To see what the crypto world has been tweeting about Musk:<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"479\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitfinex.gif\" class=\"bbg-single-image__image attachment-large\" alt=\"Check Suggested Searches Including Cryptocurrencies on SOCI\" title=\"bitfinex\" srcset=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitfinex.gif 800w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitfinex.gif 552w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitfinex.gif 100w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitfinex.gif 768w, https:\/\/assets.bbhub.io\/professional\/sites\/10\/bitfinex.gif 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Check Suggested Searches Including Cryptocurrencies on SOCI  &lt;GO&gt;\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Run <a href=\"https:\/\/bloom.bg\/381z5N4\" target=\"_blank\" rel=\"noopener noreferrer\">SOCI &lt;GO&gt;<\/a> again.<\/li>\n<li>Click Markets in the left-hand menu and tick Cryptocurrencies for a curated list of influential crypto handles.<\/li>\n<li>Type \u201cmusk\u201d in the amber box and select Elon Reeve Musk in the People section.<\/li>\n<li>Set In Addition To to Within at the bottom left.<\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on the Bloomberg Professional Service, <a href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\">click here<\/a> to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/em><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0023e3889f6]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0023e3889f6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0023e38da40'] = 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_834662640353104549\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk uses Twitter to share his opinions on improving cryptocurrencies, and he has received plenty of suggestions from crypto influencers on how to change the social media platform for their possible mutual benefit.<\/p>\n","protected":false},"author":1686,"featured_media":39893,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"3320","footnotes":""},"categories":[435,457,453,3661,444],"tags":[773,776,581,456,543],"series":[],"class_list":["post-46222","post","type-post","status-publish","format-standard","hentry","category-data","category-financial-services","category-markets","category-technology","category-trading","tag-773","tag-analyst","tag-cryptocurrency","tag-portfolio-management","tag-technology","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto boost may be focus for Elon Musk as he acquires Twitter | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Elon Musk uses Twitter to 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