Here Are The Reasons Binance CEO Invested In Twitter: 'We Want To Help Solve Problems'

Amid worldwide furor surrounding Tesla chief Elon Musk’s acquisition of Twitter, Binance BNB/USD CEO Changpeng Zhao said the microblogging website did not have a proper business model earlier and that Musk and cryptocurrencies can together unlock innovative business models, that do not involve selling users’ data.

Zhao took to the social networking site to list six reasons for investing $500 million in Twitter.

While he advocated for Musk’s business model of paying $8 for blue ticks, Zhao remained mum on Musk’s decision to fire 50% of Twitter’s workforce.

Musk currently calls himself a “Twitter Complaint Hotline Operator” in his Twitter bio.

Twitter Gives Us Our Voice, Says Zhao

“We support free speech. Twitter is the global Townsquare. From singers/athletes/movie stars to politicians/CEOs/entrepreneurs, the crypto community and us little guys, Twitter gives us our voice. This alone is enough for us to invest,” Zhao said.

He added that regardless of short-term stock price fluctuations, and market conditions, he had made a long-term investment in Twitter’s cause and that free speech is a prerequisite for having freedom of money, for which he is building.

Also read: Is The Dogecoin Slump Just A 'Blip' Before A Rally? Here's What Experts Say

Musk Is A 'Strong' Entrepreneur 

Zhao further said he believed in supporting entrepreneurs and that Musk was a “strong” one and with him at the helm of Twitter, the social networking giant will continue to grow and become an impactful platform for everyone.

“We believe Twitter has tremendous untapped value. Twitter has not had a proper business model yet. We believe Elon and crypto can help unlock innovative business models that do not involve selling user data. Welcome to Web3,” Zhao said.

He added that he was happy to help Twitter integrate with Web3 and that Binance was the largest liquidity provider.

“Twitter is a platform I use heavily. As the saying goes, invest in the products you use,” he said.

“We want to help solve problems. Eliminating bots is at the top of my wishlist. Pay for blue ticks, pay to comment is the right way to go (I will donate all my proceeds to charity). And, of course, the long-awaited eidt (edit) button,” Zhao further said.

Meanwhile, the popular memecoin Dogecoin DOGE/USD, of which Musk has been an ardent supporter, has shot up 115% over the last two weeks, amid Musk’s acquisition of Twitter, replacing Cardano ADA/USD to become the eighth largest cryptocurrency by market capitalization.

Dogecoin, which initially started as a joke, is currently trading at $0.127 and has a market capitalization of $17.4 billion.

According to market intelligence platform Santiment, canine token Shiba Inu SHIB/USD has historically followed the price rise of Dogecoin, and investors can therefore see a rally in SHIB going forward.

Next: China Holds $6 Billion Worth Of Crypto, Could 'Kill' Crypto Markets If It Wishes: Analyst