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Meet the new boss.
Michael P. Regan
Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Michael P. Regan weighs in on how Elon Musk has given Crypto Twitter some ideas:
Discord may be the smoky backroom for wheeling and dealing in DeFi, but Twitter is undeniably the public square of the crypto world. It’s where one visits when they want to pump up, or knock down, the price of a token. It’s where creators of projects that are blowing up must go to sound the alarm that they are, well, blowing up. And if you want the world to notice while you pick a fight with – or fawn over – a crypto celebrity, tweeting gets you the most bang for your character count.
So what’s it mean that the “Dogefather” himself – Dogecoin aficionado Elon Musk, Tesla’s CEO, the world’s richest man, etc. – is taking over Twitter? Some knee-jerk reactions were obvious. Dogecoin and its meme-coin cousin Shiba Inu surged, and even stalwarts like Bitcoin popped after reports of Musk’s $44 billion gambit were confirmed.
Looking ahead, having crypto’s public square controlled by a perpetually forward-looking, risk-embracing, disruptive force of nature like Musk opens the door to some interesting possibilities. Musk himself has stoked the intrigue: