Twitter CEO sees opportunities to integrate Bitcoin into services like
commerce, subscriptions and new features like Twitter Tip Jar and Super
Follows.
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, will be one of the key trends for the future of Twitter, CEO Jack Dorsey declared.
Twitter CEO said
that Bitcoin would be a “big part” of the company’s future at the
second-quarter earnings call, outlining the digital currency’s potential
to further transform Twitter products and services.
Referring to
Bitcoin as a native currency of the internet, Dorsey described
opportunities to integrate BTC into existing Twitter services including
commerce, subscriptions and new features like Twitter Tip Jar and Super
Follows.
The CEO explained to investors that a lot of
Bitcoin-enabled innovation is “above just currency to be had,” as
Twitter is committed to decentralize social media and provide more
economic incentives. He noted that Bitcoin is one of three key trends
for Twitter’s future alongside artificial intelligence and
decentralization. “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,” he said.
Dorsey emphasized that Twitter is
not alone in its commitment to crypto, citing aggressive digital
currency development by social media giant Facebook, which expects to pilot its Diem cryptocurrency later this year. But unlike Facebook, Twitter will one day focus on BTC as a native internet open standard, he stated:
“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.”
Related: No, Jack Dorsey isn't trolling ETH by making its logo the Ethiopian flag
Dorsey’s latest Bitcoin call is reportedly
the first time when the CEO has spoken publicly about Twitter could
integrate BTC into its products. The new remarks come shortly after
Dorsey discussed Bitcoin at the virtual BTC event
“The ₿ Word” alongside Tesla CEO Elon Musk and Ark Invest’s Cathie
Wood. Dorsey said that many existing business models would be much
different if Bitcoin existed before Twitter or Facebook. “We would
certainly not have the dependency that we have on the advertising
business model,” he noted.
Dorsey is known as a major early Bitcoin believer, repeatedly arguing that Bitcoin is poised to be the single currency of the internet since at least 2018. His crypto-friendly digital payments firm Square is a solid Bitcoin investor, purchasing $50 million in BTC in late 2020 and then buying an extra $170 million in BTC in February 2021.
source link: https://cointelegraph.com/news/bitcoin-is-key-to-the-future-of-twitter-jack-dorsey-says
