Every time Elon Musk does something on Twitter, the crypto market responds. Posting a tweet, changing his profile picture or adding "#Bitcoin" to his resume moves markets -- more so the latter, which saw the price of bitcoin (BTC) rise 20 per cent. That's why the community is looking forward to what Musk's Twitter investment will mean for the crypto industry.

Tesla CEO Elon Musk has bought a 9.2% stake in Twitter, according to recent filings. That makes him the platform's biggest stakeholder. The news immediately sent Twitter shares up more than 22 percent in morning trading and sent DOGE near a two-month high.

Ken Li, chief investment officer at Binance Labs, told Cointelegraph that Musk's investment could help push the platform's encryption plans forward and even lead to DOGE integration within the platform.

According to Lee, "Elon Musk's investment in Twitter could help accelerate Twitter's adoption of cryptocurrencies. It remains to be seen whether Twitter will start adopting Elon's beloved Dogecoin." He also explained:

"Elon has been very open about the concept of a more decentralized and censor-resistant social media platform, and blockchain and Web3 technologies can help make that happen."

Aside from Musk using the event to tweet an interesting poll, there has been no official announcement about the billionaire's plans for the company. However, given both the Tesla CEO and the social media company's history with cryptocurrencies, one working assumption is that the event will further push Twitter to explore more cryptocurrency-based and blockchain-based features.

Musk's love-hate relationship with cryptocurrencies is no secret. In February 2021, a filing revealed that Tesla had bought 1.5 billion bitcoins. In March 2021, the celebrity businessman went wild when he announced Tesla's plan to accept BTC as a payment method for Tesla cars. A few months later, however, the market tanked after Musk revealed that the company had abandoned the plan amid concerns about the environmental impact of Bitcoin mining energy use.

In addition to BTC, Elon Musk is also affiliated with DOGE. Thanks to his love of memes, Musk's DOGE tweets have been linked to soaring asset prices, which has landed Musk accused of price manipulation. The billionaire also announced late in 2021 that DOGE was superior to BTC when it came to payments. In January 2022, Tesla began accepting DOGE as a payment method for its merchandise.

Still, official records show that Musk's electric car manufacturing company held $2 billion in BTC at the end of 2021. A portion of the BTC held by Tesla was also sold in March 2021 to test the liquidity of that amount. This generated at least $128 million in realized gains.

On the other hand, Twitter has also been dabbling in blockchain-based technologies, such as irreplaceable tokens (NFT). Back in January 2022, Twitter opened up support for NFT avatars for subscribers to Twitter Blue, a paid subscription service that costs $2.99 a month. However, Musk responded negatively to the feature.

Twitter spends engineering resources on this bs, while cryptocurrency scammers throw spam-blocking parties in every thread! ?

- Elon Musk (@elonmusk) January 21, 2022

Related: Encryption versus physics: Musk-Saylor The inflation debate boils down to scarcity

In addition, Twitter also supports encrypted tipping through its tip jar feature. Back in September 2021, the platform enabled BTC tipping, which allows users to receive tips using third-party apps. In February 2022, the platform added Ether (ETH) to its tipping payment option.

As a result of his tweets, the community may speculate that Musk will first push to address the issue of crypto scammers spamming Twitter. Bitcoin advocate Michael Saylor has a suggestion for solving this problem:

Twitter could solve the problem of scammers and spambots if it allowed real people to post about 50,000 seats ($20) via Lightning⚡️ and verified through orange Check. We can then limit comments /DM to verified accounts. Bad actors confiscate their margin and @Twitter monetizes malicious intent.

-- Michael Saylor ⚡️ (@saylor) January 21, 2022

"Crypto Twitter" is a term for a reason. With its fast-paced process and rich interaction options, the platform once known as "Weibo" has become the preferred center of debate in the crypto community. So it's only natural that thought leaders (with deep pockets) get a piece of it.

Following Musk's acquisition, Twitter now counts at least two crypto luminaries among its shareholders, including former Twitter CEO Jack Dorsey. There are few restrictions on the expansion of the roster.