Here are the reasons Binance CEO invested in Twitter: "We want to help solve problems"

Amid the global furor surrounding Tesla chief Elon Musk's acquisition of Twitter, Binance BNB/USD CEO Changpeng Zhao said the microblogging website does not had no proper business model before and that Musk and cryptocurrencies together can unlock innovative business model solutions, which do not involve the sale of user data.

Zhao took to the social networking site to list six reasons to invest $500 million in Twitter.

While defending Musk's business model of paying $8 for blue ticks, Zhao remained silent on Musk's decision to lay off 50% of Twitter's workforce.

Musk currently refers to himself as the "Twitter Complaint Hotline Operator" in his Twitter bio.

Twitter gives us our voice, says Zhao

"We support free speech. Twitter is the global Townsquare. From singers/athletes/movie stars to politicians/CEOs/entrepreneurs, the crypto community and us little guys, Twitter gives us our voice. This alone is enough for us to invest," Zhao said.

He added that regardless of short-term stock price fluctuations and market conditions, he had made a long-term investment in the cause of Twitter and that the freedom of expression is a prerequisite for the freedom of money, for which it builds.

Also read: Is the Dogecoin drop just a 'blip' before a rally? Here's what the experts say

Musk is a "strong" entrepreneur

Zhao further said that he believes in supporting entrepreneurs and that Musk is a "strong" and with him at the helm of Twitter, the social media giant will continue to grow and grow. become an impactful platform for everyone.

"We believe Twitter has tremendous untapped value. Twitter has yet to have a true business model. We believe Elon and crypto can help unlock innovative business models that do not involve the sale of user data. Welcome to Web3," Zhao said.

He added that he was happy to help Twitter integrate with Web3 and that Binance was the largest liquidity provider.

“Twitter is a platform I use a lot. As the saying goes, invest in the products you use,” he said.

"We want to help fix the problems. Eliminating bots is high on my wish list. Paying for blue ticks, paying to comment is the right way to go (I will donate all my profits to charity.) And, of course, the long-awaited eidt (edit) button,” Zhao added.

Meanwhile, popular memecoin Dogecoin DOGE/USD, of which Musk is a strong supporter, has surged 115% in the past two weeks amid Twitter's acquisition by Musk, replacing Cardano ADA/ USD will become the eighth largest cryptocurrency by market capitalization.

Dogecoin, which started out as a joke, is currently trading at $0.127 and has a market cap of $17.4 billion.

According to market intelligence platform Santiment, the dog token Shiba Inu SHIB/USD has historically tracked the rise in the price of Dogecoin, so investors may see a rally in the HS ...