Both amusing and perfectly timed. Around 18:00 today, something unfortunate happened for cryptocurrencies. The Binance case, which we’ve discussed in detail, dropped like a bomb on the agenda. Investors saw losses exceeding 10% in just an hour. A significant portion of altcoins melted away between 15-20%. Yet, they seemed quite entertained.
Jack Dorsey and the Binance Case
Twitter’s former owner and Bitcoin maximalist, Jack Dorsey, sold his beloved social media giant to Elon Musk. However, he continues his Bitcoin-centric operations. As you may recall, the crypto donation buttons were introduced during his tenure. Today, they looked much happier than usual. Approximately three hours after the Binance case surfaced, Jack posted a tweet saying, “Stay calm, kids.”
But where does this sound familiar? Of course, it’s from Do Kwon‘s following post.
Before his bankruptcy, Do Kwon had used the phrase “steady lads” (meaning stay calm, no problem, friends).
Meanwhile, Elon Musk posted a single dot after the case.
Twitter CEO Musk unfollowed CZ, who had previously implied they were not on good terms. Jack and Musk’s timely posts indicate they’re not too upset about recent developments. Musk had exposed how Twitter was receiving orders from the government after he acquired the company, but this did not seem to have damaged their friendship.
Two days before the lawsuit, Jack’s “End of an Empire” post made investors wonder, “Did he know about the lawsuit beforehand?” Musk responded to this post as follows:
Jack believes in the future of cryptocurrencies, but in his view, almost all altcoins deny Bitcoin‘s philosophy. Therefore, he has a negative attitude towards leading companies in this field like Binance. He views these companies as brands exploiting Bitcoin’s philosophy. According to him, they are structures exploiting people with the expectation of profit.
Musk’s support for his recent posts and his response associated with Do Kwon clearly reflect his stance. We will see to what extent this battle will escalate in the coming days.