Here’s Why Binance Invested In Twitter

Earlier you could read that Binance, the largest cryptocurrency exchange in the world, had set aside half a billion to participate in the takeover of Twitter. Elon Musk, CEO of Tesla and SpaceX, has acquired the social media platform for a total amount of $44 billion. Binance CEO ChangPeng Zhao (CZ) has listed six reasons why he supported Elon Musk in the Twitter takeover.

Binance and Twitter

“Twitter is a long-term investment”

Binance’s CEO emphasized that it is a long-term investment and that it is not affected by short-term fluctuations in stock prices and market conditions. CZ’s main reason for investing in Twitter was its belief in free speech. According to him, this argument was enough to transfer $500 million for the acquisition.

“Freedom of speech is a precondition for freedom of money, and we are building on that.”

He emphasizes the importance of Twitter to provide a common platform for the general public and prominent figures to express their views.

The second reason is related to Binance’s support for entrepreneurs:

“We support entrepreneurs. Elon is a strong entrepreneur. With Elon at the helm, we believe Twitter will continue to grow and become an impactful platform for everyone.”

The belief that Twitter has enormous untapped value is the third argument for why CZ has invested in Twitter. According to CZ, Twitter has not yet had a good business model and he believes that Elon and crypto can lead to innovative business models, where no user data is sold. The web 3.0 integration is therefore the fourth reason for the support from Binance.

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The fact that CZ itself uses Twitter a lot was also a motive to put money aside. The last motivator is the urge to solve problems. Binance wants to solve the same problems as Elon Musk, including eliminating crashadding an edit button, paying for blue checks, and paying for commenting on posts.

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