The future of Twitter’s “everything app” ,the rise of cryptocurrencies plus more news
- Elon Musk appoints Linda Yaccarino as Twitter’s new CEO, aiming to transform the platform into an all-encompassing app called X.
- Coinbase explores international expansion due to regulatory challenges in the US, obtaining a license in Bermuda and discussing the possibility of opening a regulated exchange in the Abu Dhabi Global Market (ADGM).
- European Union’s approval of the MiCA bill unifies regulatory approaches for crypto assets across member states, allowing licenses to be “passported” between countries.
- US President Joe Biden criticizes “wealthy crypto investors” seeking tax loopholes, clarifying that all crypto profits are subject to capital gains tax.
- Michael Saylor predicts Bitcoin’s price will continue to rise with volatility in the long term, while Tether’s revenue surpasses Blackrock, becoming one of the highest-grossing entities in the industry.
This Week on Crypto Twitter: Elon Musk, the prominent figure in the crypto space and CEO of Twitter’s parent company, made a significant announcement that stirred excitement and speculations among cryptocurrency enthusiasts. Musk named Linda Yaccarino, the former head of advertising at NBCUniversal, as the new CEO of Twitter. This move signals Musk’s vision of transforming Twitter into an “everything app” that incorporates social media, payments, and potentially cryptocurrencies like Bitcoin and Dogecoin.
Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!— Elon Musk (@elonmusk) May 11, 2023
My role will transition to being exec chair & CTO, overseeing product, software & sysops.
While Elon Musk will continue his involvement with Twitter as CTO and executive chairman, the appointment of Linda Yaccarino as CEO has sparked curiosity about the future direction of the platform. Musk envisions Twitter to become a comprehensive application similar to China’s WeChat, integrating various functionalities and potentially enabling crypto-related features.
Elon Musk’s inclination towards cryptocurrencies is well-known, with Tesla being one of the largest institutional holders of Bitcoin. Despite selling a significant portion of their Bitcoin holdings, Tesla’s involvement in the crypto market remains notable. Musk’s support for Dogecoin, a meme-inspired cryptocurrency, further hints at the possibility of incorporating cryptocurrencies within the Twitter platform, potentially as a payment option.
In addition to the Twitter news, other notable events unfolded on Crypto Twitter this week. Coinbase CEO Brian Armstrong commended the United Arab Emirates (UAE) for its clear crypto regulations, highlighting the challenges faced by crypto companies in the United States due to regulatory complexities. Coinbase’s recent expansion efforts, including obtaining a license in Bermuda and exploring opportunities in the Abu Dhabi Global Market (ADGM), reflect a strategic move towards more crypto-friendly jurisdictions.
The UAE 🇦🇪 deserves a lot of credit for being forward thinking on crypto. First dedicated crypto regulator in the world, a clear rule book published (!), business friendly plus strong customer protections. Really enjoying my visit so far.— Brian Armstrong 🛡️ (@brian_armstrong) May 8, 2023
European Union lawmakers approved the Markets in Crypto Assets bill (MiCA), establishing a unified regulatory approach for crypto assets across the 27 member states. This milestone paves the way for a harmonized framework, allowing crypto companies to operate seamlessly across EU countries. The passport mechanism for crypto licenses enables companies to expand their services and drive innovation in the European crypto industry.
The MiCA effect 🇪🇺🚀— Patrick Hansen (@paddi_hansen) May 9, 2023
The share of VC investment into European crypto projects is up almost 10x in one year – from a share of 5.9% in Q1 2022 to 47.6% in Q2 2023.
Regulatory clarity attracts capital & entrepreneurs from around the world. Great development for crypto in Europe! pic.twitter.com/kUVp3rwlg3
President Joe Biden’s comments against “wealthy crypto investors” seeking tax loopholes shed light on the ongoing debate around crypto taxation. Biden’s assertion that all crypto profits are subject to capital gains tax underscores the need for clear and comprehensive tax regulations in the crypto space. The discussion on taxation remains a significant topic as governments worldwide navigate the intersection of cryptocurrencies and traditional finance.
We don’t have to guess what MAGA House Republicans value. They’re telling us. pic.twitter.com/BM6JGMEFeq— President Biden (@POTUS) May 9, 2023
MicroStrategy chair and Bitcoin advocate Michael Saylor shared his prediction that Bitcoin’s price will continue to rise with volatility indefinitely. Saylor’s unwavering belief in Bitcoin’s long-term value as a store of wealth resonates with his status as one of the most prominent institutional Bitcoin holders.
I stopped by @PBDsPodcast this morning to discuss currencies, crypto, politics, #bitcoin, banking, macro, money, and the media with @patrickbetdavid. https://t.co/IctlB4l7gN pic.twitter.com/e6ljbGM124— Michael Saylor⚡️ (@saylor) May 9, 2023
Tether, a leading stablecoin issuer, showcased its impressive revenue in Q1 2023, surpassing Blackrock, the largest asset manager globally. This underscores the growing significance of stablecoins as they bridge the gap between traditional finance and the digital asset space.
Blackrock Q1 net income: $1.16 billion— db (@tier10k) May 10, 2023
Tether: $1.48 billion
As the crypto market evolves, these developments on Crypto Twitter highlight the ongoing integration and acceptance of cryptocurrencies in mainstream platforms. The appointment of Linda Yaccarino as Twitter’s CEO and the growing interest of major financial players in the crypto space shape the future landscape of both social media and digital currencies.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments are subject to risks, and readers should conduct their own research and consult with professionals before making any investment decisions.
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