“I hope he lives forever”

At a time when many people are criticizing Musk and his takeover of Twitter

, cryptocurrency’s richest entrepreneurs openly support the controversial billionaire. Their interests are both ideological and financial.

It’s been a rough year for cryptocurrency billionaires, who have seen their net worth drop over the spring and summer. But Elon Musk’s takeover of Twitter made them laugh again.

In Musk and his promises to bring “free speech” to Twitter, the libertarian-leaning leaders of cryptocurrency see a kindred spirit. In Musk’s enthusiasm for cryptocurrency (including his love of the meme token dogecoin), some see a glimmer of hope that Twitter will build cryptocurrency payments features or integrate other “Web3” elements.

Venture Capitalist and Bitcoin Investor Tim Draper “I think Elon is awesome and we are very lucky to have him on our planet” Forbes in the email. (Draper fell from the billionaire ranks earlier this year as bitcoin prices fell. “I believe he wants to save the planet with Tesla, make sure we can get out of this with SpaceX, and now with Twitter, let everyone have free speech, and he’s doing it in a cost-effective way, so he can do it successfully.” I hope he lives forever.”

Another of Musk’s biggest cheerleaders is Binance founder and CEO Changpeng Zhao. The cryptocurrency exchange invested $500 million this month to help Musk take Twitter private at a whopping $44 billion valuation (which Musk agreed to in part because he saw an opportunity for a joke).

“Twitter is a global free speech platform [and] very important,” CZ, as it is known, he said CNBC earlier this week. “We want to support strong entrepreneurs; Elon Musk is a very powerful entrepreneur.”

CZ, who Forbes Estimated to be worth $17.4 billion, there are other reasons to support Musk’s takeover of Twitter. “We want to make sure that cryptocurrency has a seat at the table for free speech,” CZ said CNBC. “We want to help Twitter get on Web3 when it’s ready.”

According to Owen Lau, an equity analyst at Oppenheimer & Co., Binance’s investment gives CZ a head start on influencing Twitter’s future cryptocurrencies. “CZ definitely has an advantage here,” says Lau. “TOP [else] Can he write a check for $500 million?”

CZ did not go into specifics on how Binance plans to work with Twitter, which is facing multiple investigations by various US authorities for allegations of enabling money laundering and other financial crimes. CZ and Binance could not be reached.

Brian Armstrong, billionaire co-founder and CEO of Coinbase
, is another fan of Musk’s vision. “Elon buying twitter is a huge win for free speech and probably changes the trajectory of the world more than most people realize,” Armstrong tweeted in April, when the deal was first announced. Armstrong (who famously banned political discussion at his company in 2020) added: “Twitter is in many ways upstream of media and culture, and it was veering in a very dangerous direction with regard to censorship.”

It doesn’t appear that Armstrong has changed his mind in recent months. “There is nothing to add other than Brian’s tweets,” a Coinbase spokesperson said. Forbes When asked for an update on Armstrong’s opinion. Armstrong has not made any statements since Musk bought Twitter.

Bitcoin billionaires Cameron and Tyler Winklevoss are bolder. Cameron he snapped The companies, which have already pulled ad dollars from Twitter because of Musk’s takeover, said Musk “plans to cure” the platform’s ills, such as “politically motivated censorship.” And his brother took a swipe Those complaining about Musk’s plans to charge $8 a month for a blue check said the previous value of getting a blue check was “being drinking buddies with someone who continues to work on Twitter and you can turn to for favors. .”

Michael Saylor, bitcoin investor and founder of MicroStrategy
A software company with 130,000 bitcoins in its balance also confirmed Musk’s blue check fee, tweet, “If you don’t pay for the product, you are the product.” Saylor too he tweeted A photo of Musk releasing the blue Twitter bird from its cage has been shared more than 7,000 times.

Meanwhile, FTX (Binance rival) founder Sam Bankman-Fried is less optimistic that Musk will turn Twitter into a cryptocurrency haven. In fact, Bankman-Fried turned down the opportunity to invest in Twitter for this very reason. he told the crowd of Forbes Iconoclast Summit conference participants this week.

“We passed because ultimately we were checking to see if it had a crypto partner to help with Web3 payments,” Bankman-Fried said, adding, “Is our review here free and is there anything I can add to it? I didn’t feel that was the case.”

Either way, Bankman-Fried insists she’s still “very excited” about the Musk takeover. “There’s a lot to what he’s doing,” said the FTX founder. “I believe he’s going to run with vision and I’m very excited about that.”

Source link