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Friday, Sep 24, 2021

CEO Jack Dorsey: Bitcoin Plays A 'Big Part' In Twitter's Future

CEO Jack Dorsey: Bitcoin Plays A 'Big Part' In Twitter's Future

For the first time, Twitter CEO Jack Dorsey publicly said that bitcoin will be a “big part” of the social media giant’s future. Bitcoin could be integrated into Twitter’s products such as Super Follows, Commerce, Subscriptions, and Tip Jar, said the CEO.

Twitter CEO Jack Dorsey has said that bitcoin will play a “big part” in the company’s future. This is the first time Dorsey has publicly spoken in such depth about how the world’s largest cryptocurrency could be integrated into Twitter’s products. Dorsey is a long term Bitcoin advocate.

Dorsey said on Twitter’s second-quarter 2021 earnings conference call on Thursday that bitcoin is the “best candidate” to become the “native currency” of the internet and that it will mean “people and companies can freely trade goods and services anywhere on the planet.”

He elaborated:

“If the internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach.”

“I think this is a big part of our future. I think there is a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it.”

According to the CEO, Twitter is not alone to think in that direction. He referred to Facebook and its crypto project Diem (formerly Libra), saying:

“There’s an obvious need for this, and appreciation for it. And I think that an open standard that’s native to the internet is the right way to go, which is why my focus and our focus eventually will be on bitcoin.”

Bitcoin enables speed, more innovation, and opens up entirely new use cases, Dorsey praised the largest crypto asset.

Dorsey has been a long-term avid supporter of bitcoin. His other company, payments firm Square, already is involved big time in crypto. Square’s Cash App, which allows users to buy and sell bitcoin, generated $3.51 billion in bitcoin revenue and $75 million in bitcoin gross profit during Q1 2021.

Square also has bought bitcoin on its balance sheet and recently committed to building a bitcoin hardware wallet.

Square has its own crypto team, Square Crypto, which works on bitcoin development kits and other open-source code, but their are planning on building another business division purely focused on Bitcoin.

Dorsey spoke at the recent “B-Word” conference — alongside Tesla CEO Elon Musk and Ark Invest’s Cathie Wood. At the conference Dorsey said about bitcoin:

“It’s deeply principled, it’s weird as hell [and] it’s always evolving. It just reminded me of the internet as a kid,”

He ended his part at B word saying that eventually he hopes that bitcoin will create or help create “world peace”, as too much of the existing monetary power that bitcoin could help to decentralize, is focused on warfare.

Besides bitcoin, Twitter is also focused on decentralization, Dorsey said on the earnings call. Twitter is pursuing an initiative called “Bluesky” to build up an “open, decentralized standard for social media.”

Source: CEO Jack Dorsey: Bitcoin Plays A 'Big Part' In Twitter's Future – Fintechs.fi

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