Dogecoin (DOGE) is surging as Tesla CEO Elon Musk visits Twitter’s headquarters before the deadline of his deal to purchase the social media giant.
The billionaire tells his Twitter followers that he’s visiting Twitter’s San Francisco office just days before closing out a massive $44 billion deal to acquire the social media platform.
Musk’s announcement sent Dogecoin soaring, sending the meme asset from $0.063 to a seven-day high of $0.072, a 14.8% increase during the last 24 hours.
Musk, who originally announced his plans to procure Twitter in April, said in July that crypto assets would have a larger role with him at the company’s helm. At the time, he argued that currency has essentially been digitized and Twitter should allow digital payments.
“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth. And if you have currency as well as crypto.
Essentially, whenever somebody would find it useful. My goal would be to maximize the usefulness of the service – the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness. News, entertainment, and payments, I think, are like three critical areas.”
Musk’s plans to acquire Twitter led Binance, the world’s largest crypto exchange platform by volume, to invest $500 million into the platform in May, saying that Musk’s ownership would bring about the fusion of social media and Web3.
Currently, Twitter has a crypto tipping feature that allows users to send and receive the top two digital assets, Bitcoin (BTC) and Ethereum (ETH), anywhere in the world for free.
Though Musk didn’t specifically mention incorporating DOGE into Twitter, he has heavily praised the meme token in the past, hailing it as the “people’s crypto.”
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Key Takeaways
- Elon Musk’s entered Twitter headquarters today toward the end of his planned acquisition of the company.
- Musk reportedly will finalize his acquisition of the social media by 5 p.m. ET on Friday, October 28.
- Though Musk’s crypto plans for Twitter are uncertain, Dogecoin has gained 15% over 24 hours.
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Elon Musk visited Twitter on Wednesday as his planned acquisition of the social media company nears completion.
Musk Visits Twitter
Elon Musk is visiting Twitter headquarters.
Musk entered the headquarters carrying a sink fixture, later tweeting “Entering Twitter HQ—let that sink in.” He also changed his Twitter bio to read “Chief Twit.”
Leslie Berland, Twitter’s Chief Marketing Officer and Head of People, reportedly stated in an internal memo that Musk “is in the [San Francisco] office this week meeting with folks, walking the halls” and seeing employees’ work.
She also said that he will address Twitter employees this week. “You’ll all hear directly from him on Friday,” she wrote.
Musk’s acquisition of Twitter is expected to close imminently. Yesterday, he informed his backers that he would close the Twitter deal by Friday, October 28. Recent reports suggest that the deal will close by 5 p.m. ET that day.
The closure of the Twitter acquisition comes after several months of anticipation. Musk’s first offer to buy Twitter was revealed in a filing on April 14. Twitter initially blocked the deal but accepted a $44 billion offer on April 25.
Between May and June, Twitter failed to provide sufficient information about spam and fake accounts, and Musk officially canceled the deal on July 8.
Later in July, Twitter secured a trial against Musk in an attempt to compel him to carry on with the deal. That trial began this month, and around October 4, Musk decided to proceed with the Twitter acquisition regardless of the case’s eventual outcome.
It is still unclear whether Musk’s earliest cryptocurrency plans—such as Dogecoin integration and microtransactions to prevent spam—will be implemented on Twitter.
The news is nevertheless generating hype within the crypto community, as DOGE is up 15% over the past 24 hours. With few other major events occurring around the cryptocurrency, those gains are almost certainly due to the Twitter deal.
Dogecoin’s gains are higher than other benchmarks: Bitcoin is up just 3.0%, and the entire crypto market is up 3.3%.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other digital assets.
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It was about time that Binance ’s CEO, Changpeng Zhao, visited El Salvador. His company is the biggest cryptocurrency exchange in the world and El Salvador is the first country to adopt bitcoin as legal tender, why did this take so long? According to the Secretariat of Communications of the Presidency of the Republic of El Salvador, Binance’s CEO is visiting the country “along with other entrepreneurs, who are interested in knowing the investment possibilities.”
Hoy llegó a El Salvador el CEO y fundador de @BinanceES, Changpeng Zhao (@cz_binance), junto a otros empresarios, quienes están interesados en conocer las posibilidades de inversión, en el primer país del mundo que adoptó el #Bitcoin como moneda de curso legal.
pic.twitter.com/XBYVwyZ8Dd
— Secretaría de Comunicaciones
What will Changpeng Zhao meet President Bukele about? Reuters caused quite the commotion when they tried to guess.
Related Reading | Binance’s CZ Wants Entrepreneurs To Create Coins. Does His Argument Make Sense?
What Did Reuters Say About Binance ’s CEO Visit To El Salvador?
As far as Reuters is concerned, CZ is visiting El Salvador to assist them with the issuance of the volcano bonds. They literally said:
“El Salvador is seeking support from cryptocurrency exchange Binance for its implementation of bitcoin as legal tender and the issuance of bitcoin bonds, the Central American country’s ambassador to the United States said on Wednesday.”
Is that what he’s here about, though? In the closest source we found, EFE quotes Mayorga telling “local media,” “We need businessmen his stature to support the issue of subscription to the volcano bonds.” In the ambassador’s Twitter account, Milena Mayorga welcomes Changpeng Zhao, CEO of Binance, “with the largest cryptocurrency wallet in the world.” Don’t ask.
Hemos dado la bienvenida a Changpeng Zhao @cz_binance, CEO de @binance, con la wallet de criptodivisas más grande del mundo.#LibertadEconómica #Bitcoin
— Milena Mayorga (@MilenaMayorga) March 23, 2022
According to Reuters, “Mayorga said Zhao’s visit was a vote of confidence in Bukele’s decision to adopt bitcoin as legal tender last September, as well as its plan to issue bitcoin-backed bonds.” According to her own tweets, they discussed, “strategic projects such as Bitcoin City, Surf City among others, was what we shared with the delegation of investors from Binance and companies.”
Proyectos estratégicos como #BitcoinCity, #SurfCity entre otros, fue lo que compartimos a la delegación de inversionistas de @binance y empresas que nos acompañan en esta 13 misión de negocios. pic.twitter.com/l6TOJNklAm
— Milena Mayorga (@MilenaMayorga) March 24, 2022
Who’s That Dark Figure Behind Binance ’s CEO?
The visit of one of the great businessmen of our time is most likely a positive for El Salvador. However, who’s that behind him? Could it be…? A pseudonymous Twitter user provides the necessary blown up pictures:
— mutatrum (@mutatrum) March 23, 2022
That’s right, notorious lurker Brock Pierce. Of course, he is one of the “other entrepreneurs.” If you squint, you can also see him in one of Milena Mayorga’s pictures. Let’s remember what our sister site Bitcoinist reported the first time that the EOS creator lied his way into the Presidential Palace:
“Something is rotten in the state of El Salvador. The first nation to declare BTC as legal tender received no other than the infamous Brock Pierce. An “Official Delegation of Bitcoin Ambassadors” reportedly met with President Bukele and other government officials. However, is there such thing as an “official delegation” of a decentralized protocol? No, there isn’t. And the whole Bitcoin community is up in arms about the situation.”
And just like that, Brock Pierce is back in San Salvador. Who would’ve thought?
BNB price chart on BinanceUS | Source: BNB/USD on TradingView.com
President Bukele Responds To The Rumors
In a since-deleted tweet, Bitcoin Magazine echoed Reuters’ take on the nature of Binance CEO’s visit to El Salvador. President Bukele asked them to “please don’t spread Reuters FUD. The Bitcoin Volcano Bonds will be issued with Bitfinex. The short delay in the issuance is only because we are prioritizing internal pension reform and we have to send that to congress before.”
I’m meeting with @cz_binance tomorrow to discuss OTHER issues, not the Volcano Bonds
Unless he wants to buy some, of course
#Bitcoin fixes FUD!
— Nayib Bukele (@nayibbukele) March 23, 2022
To that, President Bukele added “I’m meeting with Changpeng Zhao tomorrow to discuss OTHER issues, not the Volcano Bonds. Unless he wants to buy some, of course.” And Binance CEO responded, “Looking forward to it. Plenty to discuss.” And, to be fair, Reuters also said that “Zhao praised El Salvador for taking on a pioneering role in the adoption of bitcoin and said Bukele’s presidency would be remembered in “heroic” terms for its bold bet on the future.”
Related Reading | Binance’s CZ Explains Why Banning Crypto Ads Won’t Affect Demand
Is Binance CEO’s visit to El Salvador priced in? Will the BTC price move because of it? What about BNB? Will Binance make moves in El Salvador? Does the market care about this historic visit? The next few days will answer all of those questions.
Featured Image: Changpeng Zhao in El Salvador, screenshot from this video | Charts by TradingView