Elon Musk, one of the most influential figures in the world, continues to make headlines, and this time, his actions with Twitter, now known as X, are generating repercussions that go beyond social media. By laying off 80% of the employee workforce and drastically reducing operating costs, Musk ensures that the platform continues to operate successfully. However, this aggressive policy of cuts is causing a 59% drop in advertising revenue and a significant increase in the proliferation of bots and fraudulent accounts, which calls into question the long-term stability of the social network. The impact of these movements could extend beyond social media and affect sectors such as cryptocurrencies and the global economy.
The cryptocurrency market, which is tied to trust in digital platforms and mass adoption of blockchain technology, could be upended by the changes Musk is imposing. Staff reductions and security issues at X may create uncertainty for investors looking for reliable platforms to interact with cryptocurrencies. Falling advertising revenue, coupled with decreased security at key platforms, could trigger further volatility in digital currencies as investors may redirect their funds to safer alternatives, affecting the price of cryptocurrencies such as Bitcoin and Ethereum.
This imbalance in technological trust could have global repercussions. By reducing the stability of such an influential social network, Musk could be disrupting the digital economy that connects billions of users, including those who invest and trade in cryptocurrencies. Cryptocurrencies, which rely heavily on the adoption of new technologies and platforms, could face a legitimacy challenge in the coming months, if the chaos in X translates into a loss of trust in the broader digital ecosystem. This could affect not only cryptocurrency markets, but the global economy as a whole, increasing financial uncertainty.
