On August 30, the Federal Supreme Court of Brazil banned X, distorting an important platform for crypto investors and causing widespread difficulties for the crypto community in Brazil.
Justice Alexandre de Moraes ordered shutting down X after which the suspension of the platform came which reportedly has caused a major disruption to crypto information sharing in Brazil, which is one of the most crypto-friendly regions in the world.
Globally, X was one of the popular social media platforms for the crypto community across the globe with 41.7% of users availing it to stay informed on digital assets as per a report by Coingecko.
Top 5 Information Sources for Crypto News 📰
- X/Twitter – 34.4%
- YouTube – 23.4%
- Telegram – 16.0%
- News websites – 6.5%
- Discord – 5.3%
The platform ranked as the 8th most popular social media platform in Brazil with 24.3 million users in 2023, before the ban.
The sudden ban of X may have far-reaching effects on the crypto community in Brazil which relied on the platform heavily for regulatory news and updates.
Users have expressed their concerns about the suspension of X as the platform has been a source of information for them.
Many Brazilian crypto enthusiasts have turned to decentralized social media platforms for updates in the absence of X. But despite the availability of decentralized alternatives, many in the Brazilian crypto community are still struggling without X.
Image source: Global News
