© Reuters. CAPTION: A photo of the Twitter logo at the company’s headquarters in San Francisco, California, U.S. October 27, 2022. REUTERS/Carlos Barria
(Reuters) – Dogecoin surged more than 70% on Saturday, extending weekly gains after Elon Musk sealed a $44 billion deal to take over Twitter last week.
The CEO of Tesla Inc (NASDAQ: ), a big proponent of cryptocurrencies, has had a big impact on the price of dogecoin and bitcoin.
Tesla began accepting dogecoin as payment for its merchandise earlier this year, and Musk’s recently launched perfume brand can also be purchased with dogecoin.
Cryptocurrency exchange Binance, which has invested $500 million in Musk’s buyout of Twitter, said it is brainstorming strategies for how blockchain and crypto could benefit Twitter.
Twitter had begun exploring ways to implement blockchain technology under founder and former CEO Jack Dorsey, who has been a proponent of bitcoin.
Musk tweeted this month that he was buying Twitter to create an “everything app.” The whole app concept originated in Asia with companies like WeChat, which allows users not only to send messages but also make payments, shop online or hail a taxi.
Musk’s tweets on dogecoin, including one where he called it “the people’s crypto,” have turned the once-obscure digital currency, which started as a social media joke, into a speculator’s dream.
Musk, who has promised to restore free speech on Twitter, has been inundated with pleas and demands to restore the accounts of banned account holders and world leaders.
He tweeted Friday that Twitter would create a content management board “with a variety of perspectives,” and said no major decisions about content or account reinstatement will happen before the board convenes.
In a tweet on Saturday, the billionaire said that in the future, Twitter users will be able to choose the version of the social network they like by rating their tweets.
“Being able to choose which version of Twitter you want is probably better, like it would be for the mature rating of movies,” he said.