Bitcoin will be a “huge part” of Twitter’s future, according to former CEO Jack Dorsey, who sees potential to integrate the cryptocurrency with existing Twitter goods and services, such as commerce, subscriptions, and other new features like Twitter Tip Jar and Super Follows.
- New Implementation: Dorsey has long been a proponent of bitcoin, but the specifics of how it would be implemented on Twitter’s platform had yet to be revealed. Dorsey, on the other hand, has frequently praised the cryptocurrency, claiming that it reminds him of the “early days of the internet” and that there was “nothing more important” for him to work on in his lifetime.
- Declaration: Dorsey recently declared plans to take his other company Square into the decentralized financial services market via bitcoin after launching a $23.6 million bitcoin fund with Jay Z. Square also bought a majority share in Jay-TIDAL Z’s music service this year, with an eye toward how blockchain and cryptocurrencies can disrupt the music industry.
- Futuristic: “If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach,” Dorsey explained.
- Investments: He touted bitcoin to investors on Twitter’s second-quarter earnings call, saying it could help the company move faster in terms of its product expansions while explaining that it was the “best candidate” to become the “native currency” of the internet.
- Innovation: “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,” he added.
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