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?