Vitalik Buterin, Co-founder of Ethereum (ETH), says Musk’s Twitter Could Face More Competition

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Ethereum (ETH) co-founder Vitalik Buterin has shared his concerns over Elon Musk’s dominance of Twitter, stating that it could face more competition as users push for a better social media experience.

Twitter Could Face More Competition

Elon Musk’s $44 billion acquisition of Twitter has been one of the most headlined news in the last week. While Musk said he has “freed the bird” in his drive for free speech, Ethereum’s Vitalik Buterin sees more competition ahead for the platform.

Speaking at the Singapore FinTech Festival on Thursday, November 3rd, Buterin said that he’s “hopeful in the next five to 10 years there’s going to be some kind of better social media platform.”

According to Buterin, the better platform could either be Twitter, a host of alternatives, or both. Twitter’s chances of winning the competition depend greatly on Musk, who is now the owner and CEO of the company.

Unsure where Musk will Lead Twitter

While Twitter currently stands as one of the leading free-speech social platforms, Buterin is unsure where Musk will take it. Buterin is hesitant about picking a direction because “Elon is a very high variance actor.”

Buterin explained that Musk could either make Twitter “really great” or “really terrible.” He believes that if Twitter becomes really terrible, it will open up “opportunities for other people to do something great.”

On the Flipside

  • Buterin has also hit out at Musk’s blue check system, stating that the proposed reform could ‘damage the blue check’s anti-scam role.’

Why You Should Care

Buterin explains that the push for a better social media experience from users could lead to Twitter improving or the company facing more competition.

How will Musk’s acquisition of Twitter affect crypto? Read:
Elon Musk’s Takeover of Twitter and His Relationship with Cryptocurrencies

What should you expect from the takeover? Read:
Will Elon Musk Turn Twitter into a Fully Fledged Web 3.0 Platform with Wallet Integration?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).