Twitter CEO Jack Dorsey hinted at integrating Bitcoin into Twitter services and new features, including Twitter Tip Jar and Super Follows.
Jack Dorsey sees top cryptocurrency Bitcoin will be one of the key trends for the future of Twitter.
During the second-quarter earnings call, the Twitter CEO suggested that Bitcoin will be a “big part” of the company’s future, emphasizing the cryptocurrency’s potential to further develop Twitter products and services.
Describing Bitcoin as a native currency of the internet, he outlined opportunities to integrate the cryptocurrency into existing Twitter services such as subscriptions and commerce, as well into the new features, including Twitter Tip Jar and Super Follows.
Dorsey explained to investors that a lot of Bitcoin-related innovation is “above just currency to be had,” as Twitter intends to decentralize social media and maintain economic stimuli. Jack Dorsey pointed that Bitcoin is one of three key trends for Twitter’s future, along with decentralization and artificial intelligence.
“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 stated.
Dorsey underlined that, aside from Twitter, social media giant Facebook is aggressively developing its own digital currency Diem, which is expected to pilot later this year. However, Twitter, unlike Facebook, will be focusing on Bitcoin as an inherent internet open standard.
“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,” Twitter CEO stated.
Dorsey is known as an early Bitcoin believer, repeatedly claiming that Bitcoin is poised to be the common currency of the internet. He also owns the crypto payments firm Square, which is a big Bitcoin investor.
Before, Dorsey had discussed Bitcoin with Tesla CEO Elon Musk and ARK Invest CIO Cathie Wood at the virtual crypto event “The B Word.” Twitter CEO said there that many existing business models would be much different if Bitcoin existed before Facebook and Twitter.
“We would certainly not have the dependency that we have on the advertising business model,” he argued.
A week ago, Jack Dorsey announced on Twitter to create a new standalone business that will act as a platform for developers to build decentralized finance (DeFi) projects based on Bitcoin. It will combine the efforts of CashApp, Seller, and Tidal in the same goal of decentralized financial services.