Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Most X users are fed up with cryptocurrency content on their timeline, according to the social media platform’s head of product.
Cryptocurrency ranks as the most muted topic on X since the platform launched its Snooze Topics feature for premium users last month, which allows them to prevent certain topics from popping up on their timelines for 24 hours, Nikita Bier said in a post on April 30.
Politics, the U.S.-Israel war on Iran and Sports rank second, third and fourth, respectively, Bier said.
Don’t Miss:
Bier’s disclosure, offering a glimpse of how X users feel about cryptocurrency posts, has sparked everything from memes to concern from investors and builders in the space.
“Crypto needs to redefine its direction,” zero-knowledge proof pioneer and StarkWare CEO Eli Ben-Sassoon said on X.
Sassoon suggested that the industry was losing its appeal because it was increasingly shifting its focus towards becoming the new TradFi rails instead of an “open economy.”
“Crypto is about what [Bitcoin creator ‘Satoshi Nakamoto‘] said: allowing any two persons to transact with no trusted intermediary,” Sassoon said. “It’s more than sending Bitcoin. People transact in many ways, not just by paying Bitcoin. And we need to allow any two people to openly and freely do this. That’s what crypto is for, and it’s needed more than ever today.”
Trending: Discover How AI Can Turn Your Investment Ideas Into Tradable Assets — See How
However, Sassoon said the industry is still a long way from achieving the open economy vision. He pointed to challenges with scaling, privacy and quantum security and the need for certain things to be connected to centralized legacy systems.
Cryptocurrency trading and education platform Coin Compass founder Quinten Francois said cryptocurrency’s ranking as the most muted topic was unsurprising given the current bear market. Market leader Bitcoin was most recently trading at around $78,000, nearly 40% below its record price of $126,000 reached in October.
“I bet it will be least muted during a bull market,” Francois said on X.
Before Bier’s recent disclosure, cryptocurrency users were already feeling like their reach on the platform was being unfairly limited. Bier in a now-deleted post in January attributed the weakening reach to excessive low-value posts, saying that each post used up some of the account’s daily reach.