The acquisition of Twitter by billionaire Elon Musk bought blended reactions from crypto and world communities, sparking discussions round adjustments to censorship, account verification and the launch of latest crypto and blockchain-centric options. Nevertheless, Binance CEO Changpeng “CZ” Zhao’s choice to speculate $500 million within the social media web site took the limelight.
Acknowledging the excitement, CZ shared six the reason why he opted to assist Twitter and what it might imply for the way forward for Twitter.
Ever since Twitter’s new sink was in, I used to be requested about it in each interview. And I had many interviews final week. So, here’s a abstract.
Why did we do it? 6 causes.
— CZ Binance (@cz_binance) November 4, 2022
CZ’s major purpose for investing in Twitter was his perception in free speech. “Free speech is a prerequisite for having freedom of cash, which we’re constructing for,” stated CZ whereas highlighting the significance of Twitter in offering a standard platform the place most of the people and distinguished figures can voice their opinions.
The second purpose for the fund injection is expounded to Binance’s assist for entrepreneurs. In CZ’s phrases, “With Elon on the helm, we imagine Twitter will proceed to develop and change into an impactful platform for everybody.”
CZ listed “great untapped worth” because the third purpose for the funding, as he believed that the social media platform might ship modern enterprise fashions with out the necessity for promoting person knowledge. With this potential on the backdrop, CZ provided to assist with Web3 integration for Twitter, which was additionally his fourth purpose.
The fifth, nevertheless, was a private one for CZ. Twitter has been essential to CZ in sustaining open communication with the crypto house, together with entrepreneurs, buyers, journalists and most of the people.
CZ additionally revealed having an identical mindset to Musk — the sixth purpose — relating to making adjustments to Twitter, which incorporates eliminating bots, including an edit button, paying for blue ticks and paying for commenting on posts.
“Entrepreneurs do not plan. We execute and regulate,” stated CZ as he revealed no etched-in-stone plans for Twitter. Whereas addressing Crypto Twitter, Binance CEO careworn that Twitter was a long-term funding and isn’t bothered by short-term inventory value fluctuations and market situations.
Associated: How CZ constructed Binance and have become the richest individual in crypto
Based on CZ, central financial institution digital currencies (CBDCs) should not a menace to the crypto ecosystem.
Quite the opposite, he stated mainstreaming CBDCs would validate and enhance belief in blockchain know-how. Final yr, CZ refuted the thought of CBDCs, stating that they’d not have the ability to match the liberty provided by Bitcoin (BTC) and Ether (ETH).
