Bitcoin is still consolidating and has yet to provide a strong confirmation of a bottom. Furthermore, with pressure in tech likely to materialize next week, this could be the window for us to witness a final short-term low. Even though technology companies posted poor earnings this quarter, from November to December we expect Bitcoin to enjoy positive price action. Equities and crypto should remain linked to one another throughout 2023 as we expect there to be some glaring issues with the global economy. It is our opinion that this is the time to start establishing a cash position in order to capitalize on the opportunity of lower prices.
After months of uncertainty surrounding Elon Musk’s $44 billion Twitter deal, we finally witnessed it come to a successful end. Today, we would like to highlight the unique opportunity that Musk’s purchase of Twitter poses for Web 3.0. Elon Musk has suggested a variety of different crypto revenue models for the social media company, demonstrating fervent intent on integrating blockchain technology into Twitter. Giving more credence to this integration is that the world’s largest crypto exchange, Binance, played a role in providing Musk with the funding to acquire Twitter. Binance may leverage its influence to incorporate cryptocurrencies into the platform, and potentially even its native coin BNB. Additionally, considering Musk’s affinity with Dogecoin, it is likely that it too could be used in some capacity. Wildcard networks that Musk could also implement into a decentralized Twitter include the likes of Bitcoin, Ethereum, XRP, and HBAR. Considering Elon Musk’s larger-than-life personality, crypto investors should expect the unexpected. And while crypto may not make the headlines alongside the latest developments and antics concerning Twitter, in time, Musk’s acquisition of Twitter will likely prove to be another great step forward for cryptocurrencies and the blockchain space.