The Twitter CEO sees opportunities to integrate Bitcoin into Twitter, highlighting the digital currency’s potential to further transform Twitter goods and services.
According to Twitter CEO Jack Dorsey, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, will be one of the main trends for the company’s future.
During the company’s second-quarter results call, Twitter CEO Jack Dorsey stated that Bitcoin would be a “huge part” of the company’s future, highlighting the digital currency’s potential to further transform Twitter goods and services.
Dorsey identified Bitcoin as the internet’s natural currency, describing ways to integrate BTC into existing Twitter services including commerce, subscriptions, and new features like Twitter Tip Jar and Super Follows.
As part of Twitter’s commitment to decentralize social media and give greater economic incentives, the CEO stressed to investors that a lot of Bitcoin-enabled innovation is “above merely currency to be gained.”
Along with artificial intelligence and decentralization, he identified Bitcoin as one of three critical trends for Twitter’s future. “I think it’s critical for Twitter and Twitter shareholders that we keep looking at the space and investing aggressively in it,” he said.
Dorsey stressed that Twitter is not alone in its crypto commitment, highlighting Facebook’s ambitious digital currency development, which plans to trial its Diem cryptocurrency later this year.
Unlike Facebook, however, Twitter will focus on BTC as a native internet open standard in the future. According to Dorsey,
“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’s newest Bitcoin conversation is said to be the first time the CEO has publicly discussed how Twitter may integrate BTC into its products.
Dorsey made the new comments shortly after discussing Bitcoin with Tesla CEO Elon Musk and Ark Invest’s Cathie Wood at the virtual BTC event “The Word.”
Many existing business structures, according to Dorsey, would be drastically different if Bitcoin had existed before Twitter or Facebook. “We would not have the reliance on the advertising business model that we do,” he said.
Since at least 2018, Dorsey has been a vocal proponent of Bitcoin, believing that it is ready to become the internet’s single currency.
Square, his crypto-friendly digital payments company, is a strong Bitcoin investor, having invested $50 million in late 2020 and then another $170 million in February 2021.