Twitter CEO Jack Dorsey Says Bitcoin Will Be Big Part of Social Media Giant’s Future

Bitcoin adoption continues to creep more and more into the mainstream with each passing day. Twitter CEO Jack Dorsey said in a recent Twitter earnings call this bitcoin will be a “big part” of the future social media giant going forward. Dorsey who had refused to talk about it during the recent The B word conference has now talked about it.

The CEO has always been a big supporter of the digital asset. But until now, Jack Dorsey had never spoken openly about how bitcoin could be integrated into Twitter. Dorsey, who is personally the digital asset, explained how the asset could be integrated into Twitter’s system.

Related reading | Market remains in ‘extreme fear’ as bitcoin price collapses

The CEO told Twitter investors during the second quarter earnings call that bitcoin would help the company grow. Distinguish that digital currency could be integrated into the product offerings of the social media giant.

Internet native currency

During the call for results, Dorsey praised digital currency. According to Dorsey, bitcoin was the best candidate to be the Internet’s “native currency”. The CEO said this when explaining how an internet native currency would help move products better.

It would be much easier to subscribe to products like Super Follows, Commerce, Subscriptions, and Tip Jar offered by Twitter.

BTC price shows recovery trends | Source: BTCUSD on TradingView.com

“If the internet has a native currency, a global currency, we are able to move forward much faster with products like Super Follows, Commerce, Subscriptions, Tip Jar,” Dorsey said. “And we can reach every person on the planet because of it instead of taking a market-by-market-by-market approach.”

A representative from Twitter also confirmed that this was the first time the CEO has spoken openly about the future of Twitter with the currency. But this isn’t the first time Twitter has opened up to its cryptocurrency affiliation. In June, Twitter announced that they were issuing 140 NFTs. Give away the 140 NFTs for free to 140 Twitter users.

CEO Jack Dorsey also sold his first tweet as an NFT via Valuables per hundred. The company offers users the ability to create and sell their tweets.

Bitcoin for Twitter

Dorsey pointed out that there is a specific need for cryptocurrencies in social media. Pointing to digital currency backed by Facebook Diem, formerly known as Balance. The billionaire believes that the project can go beyond a simple currency.

“I think that’s a big part of our future. I think there are a lot of innovations to be made beyond simple currency, especially as we think about decentralizing social media more and providing more economic incentives, ”Dorsey said. “So I think it’s extremely important for Twitter and for the shareholders of Twitter that we continue to look at the space and invest aggressively in it.”

Related reading | Elon Musk confirms he owns Dogecoin, Bitcoin, Ethereum

Square, of which Dorsey is CEO, bought $ 50 million worth of bitcoin in October 2020. And the company had purchased $ 170 million worth of bitcoin in February 2020. Further deepen its bet on bitcoin.

There is no detailed plan yet on how Twitter will integrate bitcoin into its service. But the market will continue to watch the social media giant to see how it goes.

Featured image from OYO Gist, chart from TradingView.com


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