What is happening with the crytocurrency is a dispiriting sign of things to come
The bursting of social media’s ad-funded bubble is creating big market waves. Meta Platforms is less valuable than Home Depot, Snap is worth less than Deutsche Bank , and Twitter is now privately owned by Elon Musk after almost a decade of cumulative stock market underperformance.
The narrative being spun in crypto circles is that Musk’s past vocal support for Dogecoin will lead to the token’s integration into Twitter as a payment method. Extra impetus comes from the fact that crypto exchange Binance — which helped finance Musk’s takeover — is forming a team to look at “ways that blockchain and crypto could be helpful to Twitter”, according to a statement.
There is a general case to be made that injecting payment models into social media could be a good thing for beaten-up tech stocks as advertisers retreat and inflation bites. If part of the problem of today’s ad-funded tech empires is that users and their data are the product, some form of paid-for model might provide an alternative.
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