Crypto-friendly billionaire Elon Musk is set to finalize the acquisition of social media platform Twitter by Friday, Oct. 28 which brings to a close the protracted Musk-Twitter saga. On Oct. 24 Musk vowed to the banks assisting with the roughly $13 billion of financing for the deal that it would be closed by the end of the week and the banks have completed the final credit agreement, one of the last steps before sending the money to Musk according to Bloomberg sources. Musk has also reportedly notified his co-investors who are helping him fund the acquisition by sending over paperwork …

Bitcoin (BTC) may spend the time until its next block subsidy halving battling recession, Elon Musk suggested. In a tweet on Oct. 21, the Tesla CEO revealed his belief that the world would only exit recession in Spring 2024. Musk: Recession will "probably" stay until Q2, 2024 After the United States entered a technical recession with its Q3 GDP data, debate continues over how much worse the scenario could get. For Musk, while long predicting the U.S. economy would enter recession, the likelihood of a global downturn lingering is now real. Asked on Twitter how long he considered a recession …

Electric vehicle manufacturer Tesla has made no further changes to its remaining stash of Bitcoin (BTC) in the third quarter of 2022, despite nearly a $1 billion sell-off in the previous quarter. The company’s Q3 report released Oct. 19 shows $218 million worth of “digital assets” remains on its balance sheet, with no reported losses in the value of its holdings. Based on current prices, it’s estimated that Tesla still holds around 9,720 BTC. In Q2 earnings report, Tesla said it sold 75% of its Bitcoin during the quarter, adding $936 million in cash to its books and recording a …

Binance and tech investor Sequoia Capital are reportedly still backing Tesla CEO Elon Musk’s $44 billion takeover bid of social media platform Twitter. Sequoia Capital already committed $800 million to the deal back in April before Musk subsequently got cold feet. According to an unnamed source familiar with the matter, the firm will keep that capital allocation to support the deal now that the deal is reportedly back this month. Binance has also indicated that it will carry on with its contribution of $500 million, with a representative telling Cointelegraph that “we're still committed and nothing new to share at …

Crypto market turbulence can be an immensely stressful time for customer support staff at crypto exchanges, with companies vastly bolstering headcounts just to meet demand during surges. Speaking to Cointelegraph, Alex Harper, co-founder and CEO of Australian crypto exchange SwyftX said that “no matter what your role title is [...] no one was above customer support at Swyft." He said that he, along with staff members from human resources and the CFO have had to work late into the night on occasion to assist their customer support teams when markets go crazy, explaining: “Elon Musk quotes posts about Dogecoin, you …

Such a philosophy is common among investors who are enthusiastic about blockchain’s potential to dominate Web3 as it becomes the infrastructure of the new internet. Yet, if you swap “cryptocurrency” with “stock,” you get a Warren Buffett quote — word-for-word. Of course, Buffett would never say such a thing about cryptocurrency because he thinks it’s worthless. So do a host of other heavy hitters, ranging from Buffett’s close ally Charlie Munger to gold’s poster boy Peter Schiff. Add to the list J.P. Morgan Chase CEO Jamie Dimon, Nobel Prize-winning economist Paul Krugman, and even Massachusetts Senator Elizabeth Warren — a …

For all the doom and gloom surrounding crypto markets these days, there’s plenty to be excited about. Institutional investors are still actively buying Bitcoin (BTC), venture capital is still investing heavily into blockchain startups and forthcoming regulatory clarity is likely to pave the way for wider adoption, perhaps as early as next year. This week’s Crypto Biz newsletter features some exciting stories about adoption, not to mention Elon Musk’s deal to buy Twitter (finally). Sidebar: I had the opportunity to attend Circle Internet Financial’s Converge22 conference in San Francisco last week. In a media session on the sidelines of the …

Bitcoin (BTC) adoption by governments and companies remains a dubious question and the “digital gold” thesis proposed by advocates faced harsh critics after Tesla sold 75% of its holdings in the second quarter of 2022. Larger entities buying or selling Bitcoin have always moved the needle on how close countries are to using cryptocurrencies as a store of value. Currently, the average purchase price of El Salvador’s Bitcoin holdings stands at $45,000, making it a rather unprofitable investment. Regardless of how long adoption by the large institutional holders will take, and its subsequent impact on price expectations, it is possible …

Barring another change of heart and certain conditions to be met, Elon Musk’s acquisition of Twitter looks set to go ahead, prompting the question of whether some or all of the changes he initially hinted for the platform will become a reality. The platform is a popular communication and news tool for crypto enthusiasts, users and investors, not to mention crypto scammers, with the social media platform seeing roughly 120,000 tweets per day about #Bitcoin alone, according to BitInfoCharts. Looking back at Musk’s initial commentary when he proposed a buyout of Twitter could shed some light on what changes he …

In an unexpected u-turn, Tesla CEO and billionaire Elon Musk looks set to complete his $44 billion acquisition of Twitter, alleged spam bots, fake accounts and all. According to the notice filed by Musk’s lawyers with the Delaware Chancery Court on Monday, which was overseeing the trial, Musk is ready to “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.” It follows several months of legal drama with the social media platform where Musk tried to back out of the deal, citing Twitter's lack of transparency around spam bots, fake accounts and the financial health …

Not only Elon Musk thought of buying Twitter — crypto billionaire and CEO of FTX exchange Sam Bankman-Fried “was interested” in acquiring the social network back in March 2022, according to a report from Business Insider. In the piece, published on Sept. 29, journalists are referring to the private texts released amid the court battle between Musk and Twitter, which had been unwinding after the businessman had suspended the acquisition negotiations in July. According to the report, in March, a philosopher and Bankman-Fried’s close advisor Will MacAskill texted Musk and mentioned the possibility of a joint effort to buy the …

Bitcoin (BTC) has rebounded by 20% to almost $22,500 since Sep. 7. But bull trap risks are abound in the long run as Elon Musk and Cathie Wood sound an alarm over a potential deflation crisis. Cathie Wood: "Deflation in the pipeline" The Tesla CEO tweeted over the weekend that a major Federal Reserve interest rate hike could increase the possibility of deflation. In other words, Musk suggests that the demand for goods and services will fall in the United States against rising unemployment. A major Fed rate hike risks deflation — Elon Musk (@elonmusk) September 9, 2022 Rate hikes …