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With Cashtag Implementation, Twitter Users Can Buy Bitcoin In App

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By Landon Manning

With a new partnership between Twitter and eToro, Twitter users will have access to a portal for directly trading a variety of crypto assets and stocks, including bitcoin.

One of the most important goals for long-term success in the Bitcoin community is the notion of “on ramps” for investing in bitcoin. A revolutionary new currency that is both decentralized and global offers a great deal of advantages over fiat, but it can often be difficult to convince ordinary people to begin using it in their daily lives. And even when people are convinced of Bitcoin’s usefulness, they can still find difficulty in actually buying bitcoin or spending it. To these ends, Bitcoiners are always striving to open up access and introduce new ways to seamlessly integrate this currency into daily life. 

In December 2022, Twitter announced the “cashtags'' functionality, which allowed users to search the symbols of both stocks and several prominent crypto assets to see live data on their trading values and other related data points. Now that eToro has partnered with Twitter, this functionality is expanding. 

Launched in mid-April, the new and improved cashtag system offers an opportunity for the social media app’s roughly 400 million active users to actually trade in these assets. These trades are run through eToro’s site, using real-time price information from TradingView. Although a wide range of assets are available, with Elon Musk’s Tesla seen as one of the most popular, bitcoin is performing well, with a spot in the top five.

While eToro has a bit of demonstrated history with Twitter, launching a tool to analyze data from the social media giant in 2019, the history between Bitcoin and Twitter’s owner, Elon Musk, is long and storied. Famous for his ongoing yet mercurial relationship with Bitcoin, Musk has alternated between being a massive Bitcoin supporter, even allowing Tesla to accept it as payment, before backing off this enthusiasm in 2022. Still, his past familiarity with the cryptocurrency could prove extremely valuable as Musk’s global influence increases. With positive sales data through cashtags, and bitcoin on a price upswing, Twitter may see even further Bitcoin integration in the future.

It may be too soon to conclusively call this development a “victory” for Bitcoin, but its supporters are always eager to see new opportunities for adoption. With hundreds of millions of people now able to bet on bitcoin more easily than ever before, a world of normalized use is more tangible than ever. To build a future where Bitcoin is the primary currency for millions of people, every new onramp is vital.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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