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Jack Dorsey says Bitcoin will be a big part of the future of Twitter

John KumiBy 0Edited by John Kiguru 23. July 20213 Mins Read
  • Twitter’s Jack Dorsey claims that with Bitcoin as the internet currency, products like Super Follows will be able to be moved faster.
  • A Twitter Rep has confirmed that Dorsey has spoken about integrating Bitcoin into its products publicly for the first time. 

Twitter CEO Jack Dorsey has been a strong believer in Bitcoin over the past few years. Just recently, he launched a Bitcoin fund with Jay Z. In a recent development, Dorsey has disclosed that Bitcoin, together with decentralization and Artificial Intelligence will be the future of Twitter. According to him, products like subscription, Commerce, Tip Jar, and Super Follows will be able to be moved faster if the internet has a native currency. 

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 incentives. 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.

On the Twitter second-quarter earnings call, Dorsey mentioned that the best asset to become the internet currency is Bitcoin, and once this is established, the company could move faster in terms of its product expansion. A Twitter rep has confirmed that this is the first time that Dorsey has spoken about integrating Bitcoin into its products publicly. 

Twitter recorded its fastest revenue growth since 2014

The recent pursuit of crypto by Facebook through the introduction of Diem reveals that Twitter is not alone in this crypto strategy. 

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.

Dorsey mentioned that Bitcoin reminds him of the early days of the internet. Through Bitcoin, he plans on leading Square Inc, his other company into the decentralized financial services market. Having considered how cryptos and blockchain could help revolutionize the music industry, he acquired majority shares in Jay-Z’s Tidal music service. 

Twitter shares surged by 9 percent in extended trading, recording its fastest revenue growth for the first time since 2014. Compared to the $1.07 billion Wall Street expected revenue, the company recorded $1.19 billion in revenue in the second quarter of the year. Despite the growth in the company’s revenue, its monetizable Daily Active Users (mDAUs) was 206 million, which is an 11 percent increase year-over-year compared to the analysts’ expected 206.2 million. 

Dorsey’s interest in Bitcoin is also seen in his investment decisions. Square purchased $50 million Bitcoin in 2020, which surged to $253 million by February 2021.

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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