Billionaire Elon Musk’s acquisition of Twitter has had mixed reactions from crypto and global communities, sparking discussions about censorship changes, account verification, and the launch of new cryptocurrency and blockchain-centric features. However, Binance CEO Changpeng “CZ” Zhao’s decision to invest $ 500 million in the social media site has taken the limelight.
Recognizing the buzz, CZ shared six reasons why he chose to support Twitter and what it could mean for Twitter’s future.
Since there was the new Twitter sink, they asked me in every interview. And I’ve had a lot of interviews over the past week. So here’s a summary.
Why did we do it? 6 reasons.
– CZ Binance (@cz_binance) November 4, 2022
The main reason CZ invested in Twitter was his belief in free speech. “Freedom of speech is a prerequisite for having the freedom of money, which we are building for,” said CZ, stressing the importance of Twitter in providing a common platform where the general public and prominent figures can express their views. own opinions.
The second reason for the injection of funds is related to Binance’s support for entrepreneurs. In CZ’s words, “With Elon at the helm, we believe Twitter will continue to grow and become a high impact platform for all.”
CZ pointed to “huge untapped value” as a third reason for the investment, as he believed the social media platform could deliver innovative business models without the need to sell user data. With this potential in the background, CZ offered to help with the Web3 integration for Twitter, which was also his fourth reason.
The fifth, however, was a personal one for CZ. Twitter has been instrumental for CZ in maintaining open communication with the crypto space, including business owners, investors, journalists, and the general public.
CZ also revealed that he has a Musk-like mindset – the sixth reason – when it comes to making tweaks to Twitter, which includes deleting bots, adding an edit button, paying for blue ticks. and payment for post comments.
“Entrepreneurs don’t plan. Let’s run and fix, “CZ said while he didn’t reveal any plans set in stone for Twitter. While addressing Crypto Twitter, the Binance CEO pointed out that Twitter is a long-term investment and is not bothered by fluctuations in the price of short-term stocks and market conditions.
Related: How CZ built Binance and became the richest person in cryptocurrency
According to CZ, central bank digital currencies (CBDCs) pose no threat to the crypto ecosystem.
On the contrary, he said the integration of CBDCs would validate and improve trust in blockchain technology. Last year, CZ refuted the idea of CBDCs, saying they would not be able to match the freedom offered by Bitcoin (BTC) and Ether (ETH).