Twitter Could Soon Enable Trading Stocks, Bitcoin As Elon Musk Reportedly Inks eToro Partnership
Comment of the Day

April 14 2023

Commentary by Eoin Treacy

Twitter Could Soon Enable Trading Stocks, Bitcoin As Elon Musk Reportedly Inks eToro Partnership

This news release may be of interest. Here it is in full: 

Twitter has reportedly announced a new partnership with eToro that will enable users to view market charts and trade stocks and cryptocurrencies.

What Happened: According to CNBC, the move is part of Elon Musk‘s plan to transform Twitter into a super-app that allows users to access multiple services in one place.

With the eToro partnership, Twitter’s “cashtags” will expand to cover a more extensive range of instruments and asset classes, according to an eToro spokesperson, CNBC quoted.

Currently, Twitter cashtags show major cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE). This was in partnership with Robinhood.

Users will also be able to click a “view on eToro” button that takes them directly to eToro’s site, where they can buy and sell assets on the platform. EToro uses TradingView as its market data partner.

Eoin Treacy's view

Elon Musk’s first fortune was built on the sale of PayPal which was one of the original online payments mechanisms. He is apparently looking to repeat that success by turning Twitter into a payments platform.

Facebook attempted that with its crypto foray, but could not figure out how to sidestep banking regulations. Apple Pay’s solution was to go the credit card route and only provide credit backed up with a bank account.

The wrinkle is always in deposit taking. That’s why Twitter has signed a deal with eToro and Robinhood.
Robinhood has been building a base since early 2022 but will need to sustain a move above the trend mean to confirm a return to demand dominance.

For now the biggest beneficiaries of this news are the bitcoin and Ethereum prices and those of the cryptocurrency miners like Riot Blockchain or crypt investors like MicroStrategy. 

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