On July 1st, social media platform Twitter’s new user restriction had made significant headlines. It has been suggested that the recent decision made by the platform, managed by billionaire investor Elon Musk, could impact the cryptocurrency markets.
Twitter Restrictions!
The update involves the introduction of stricter rate limits. According to Twitter, this will regulate the number of tweets users can see per day. Musk defended the new rules stating they were implemented with good intentions. He added that the rule will tackle “Twitter addiction” and system manipulation.
This change could have broad implications for the cryptocurrency market. As a platform where crypto discussion thrives, the update could impose restrictions on spreading information. It could also affect the functionality of projects related to crypto. Generally, several projects use the platform as the fastest information tool for their communities.
Although most of the projects have verified accounts, it could be a waste if thousands to millions of crypto communities can’t view the information. Moreover, it is not new that analysts prefer to communicate with their communities via the microblogging platform. However, with the new policy in effect, things could get difficult in this regard.
Effects on Cryptocurrency!
Co-CEO and President of ReBlonde, Motti Peer, made comments on the matter. Peer, who is also a financial market and crypto expert, said the new rule might have a negative effect on the overall market health:
These limits are creating challenges for social interaction, coin visibility, and potential spread of Fear, Uncertainty, and Doubt (FUD). Users may struggle to keep up with the evolving crypto environment that impacts discussions, networks, and collaborations.
While discussing the topic further, Peer mentioned that limited access to tweets could hinder informed investment decisions. He also added that it could increase the negative atmosphere in the market. While emphasizing that users need to explore other alternatives, Peer pointed out that the rule might pull back cryptocurrency participation.
