- Elon Musk proposes rebranding Twitter to ‘X’, including aesthetic changes and a new URL, with the possibility of cryptocurrency integration.
- The announcement incites backlash and debate from Crypto Twitter, some of whom call the decision ‘insane’ while others propose innovative integration ideas.
Elon Musk’s quest to revamp Twitter has stirred up the crypto community. The Tesla CEO’s vision to metamorphose the social media giant into an “everything app,” now christened ‘X’, has garnered mixed reactions. Amidst the upheaval, the crypto community on Twitter, long a bastion for digital asset enthusiasts, has shown discernible unrest.
Elon Musk says if done right, X would become half of the global financial system. pic.twitter.com/HoslcIxRiP
— Watcher.Guru (@WatcherGuru) July 24, 2023
A Brave New Twitter
Musk’s ambitious plan involves a significant overhaul of Twitter’s iconic identity, from its color scheme to its well-known blue bird logo, according to his tweets and a recent poll. Even the platform’s URL is set to change, with Musk’s former startup domain, X.com, currently redirecting users to Twitter.
Before its current redirect to Twitter, x.com mostly showcased a solitary ‘x’, apart from brief interludes redirecting to Musk’s Boring Company, PayPal, and even eBay’s corporate site. Additionally, Musk’s recent establishment of X Corp as Twitter’s parent company marks a pivotal step in realizing his vision for an app comparable to WeChat.
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Crypto Twitter: Between Resistance and Innovation
Despite these strategic plans, Musk’s intended changes have not garnered universal applause, especially from the crypto faction of Twitter. With over 1 billion tweets about crypto posted between 2020 and 2022, Crypto Twitter has emerged as a critical hub for the community. Dan Held, the marketing chief of Trust Machines, dubbed Twitter ‘iconic’ and branded Musk’s rebranding move as ‘insane.’
However, not everyone in the crypto community is opposed to the transformation. Some users are championing Musk’s innovative spirit, citing his long-term vision dating back to his PayPal days. Alternative ideas have also started to surface, with Axie Infinity co-founder Jeff “Jiho” Zirlin proposing the preservation of the Twitter name, but the addition of a crypto wallet named ‘X’ for user transactions and creator tipping.
AI, Payments, and a Promising Future
While the crypto community navigates this new landscape, Twitter’s CEO, Linda Yaccarino, shed some light on X’s forthcoming features in a July 23 tweet. She mentioned ‘unlimited interactivity’, support for multiple media formats, and a payments and banking feature, aligning with Musk’s earlier statements supporting cryptocurrency integration. Additionally, she hinted at the app’s AI-powered capabilities, a feature Musk previously advocated to detect and counteract manipulation of public sentiment.
The emergence of ‘X’ arrives at a crucial time for Twitter, amidst reports of a 50% drop in advertising revenue and a burgeoning debt load. As the landscape evolves, the crypto community, along with the rest of Twitter’s user base, anticipates the imminent transformation with bated breath.
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