This past week on crypto Twitter saw a buzz of excitement as Elon Musk welcomed the new CEO of Twitter, Parag Agrawal, by suggesting that the social media platform should build an app to unify all aspects of internet life. Musk suggested calling this app “Get to X – the everything app”.
In a series of tweets, Musk stated that existing social media apps have become “too cluttered” and that there needs to be a new approach to unifying online experience. The Tesla CEO suggested that “Get to X” would be able to streamline the internet, allowing users to access all aspects of their digital lives in one place.
While it is not clear if Musk and Agrawal have had any discussions about a possible collaboration, Musk’s tweet has set the internet ablaze with excitement at the prospect of a new tech giant shaking things up.
Several prominent figures in the cryptocurrency space also showed their enthusiasm for the idea, with many suggesting that digital wallets could play a large role in the integration of different aspects of online life.
One user floated the idea of combining social media with a cryptocurrency wallet, suggesting that “crypto social media” could be the next big thing. Another user proposed the idea of integrating online shopping into a digital wallet, streamlining the checkout process and making e-commerce even more efficient.
The possibility of a “Get to X” app also sparked discussions on the privacy and security concerns that come with such an integration. Users expressed their concerns regarding the amount of data that could be shared between different aspects of digital life, with many calling for the development of new protocols and frameworks to ensure user privacy.
As the weekend approaches, it is clear that the crypto world is buzzing with excitement at the prospect of a new era in online integration. Will “Get to X” be the app to unite our digital lives? Only time will tell, but one thing is for sure – the conversation surrounding this potential collaboration is just getting started.
The world of cryptocurrency has been abuzz with activity this week, with several notable developments in the industry. However, the biggest news came from Twitter’s owner and CEO, Elon Musk, who announced the appointment of Linda Yaccarino as the platform’s new chief executive. Musk himself will continue serving Twitter as CTO and executive chairman.
Yaccarino, who was previously head of advertising at NBCUniversal, is expected to help Musk transition Twitter into X, his envisioned “everything app” that will incorporate social media and payments (possibly including crypto) along the lines of China’s WeChat. Musk is also pro-crypto and is known for his support for Bitcoin and Dogecoin.
Meanwhile, Coinbase CEO Brian Armstrong praised the UAE for its “clear rule book” when it comes to crypto regulations. Coinbase, a publicly traded US company, has been forced to look offshore due to the hostile regulatory environment at home. The company recently obtained a license to operate in Bermuda and used it to open an international exchange offering Bitcoin and Ethereum perpetual futures. It is also currently in talks with the Financial Services Regulatory Authority (FRSA) about opening a regulated exchange in the crypto-friendly free economic zone in the UAE.
European Union lawmakers last month approved the Markets in Crypto Assets bill (MiCA), which means the bloc now has a unified regulatory approach throughout its 27 member states. Licenses granted to crypto companies in one country can be “passported” to another member state. The rules on stablecoins come into force in July 2024, while other requirements will not be enforced until January 2025.
US President Joe Biden positioned himself against the “MAGA House Republicans” aligned with “wealthy crypto investors” that look for loopholes to avoid paying tax. However, fact checkers added the context that all crypto profits are subject to capital gains tax.
Stablecoin issuer Tether’s revenue is well over a billion, according to its Q1 2023 attestation. This means it comfortably outpaces Blackrock, the largest asset manager in the world. At its peak, Blackrock became the first asset manager to steward $10 trillion in assets in Q4 2022, but this has fallen to $8.59 trillion as of Q4 2023.
Lastly, the U.S. Chamber of Commerce filed an amicus brief in support of Coinbase’s ongoing court petition to get the securities regulator to clarify its rules. This was seen as a significant development, and Web3 law expert MetaLawMan wrote about it in detail on Twitter.
In summary, it has been an eventful week in the world of cryptocurrency, with several significant developments that are likely to shape the industry’s future. Elon Musk’s appointment of Linda Yaccarino as Twitter’s new CEO, Coinbase’s offshore expansion, and the EU’s unified regulatory approach to crypto assets have been some of the most notable developments.