Jack Dorsey, CEO of Twitter has stated that Bitcoin will play a major role in the future development of his company. Dorsey spoke out for the first time about the integration of the largest cryptocurrency in the world into Twitter’s products.
Twitter’s second quarter 2021 earnings conference call was held on Thursday. Dorsey stated that bitcoin is « the best candidate » for becoming the « native cryptocurrency » and that « people can freely trade goods or services anyplace on the globe. »
« If the internet has a native currency, a global currency, we are 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.
This is an important part of the future. There is more innovation than just money to be had. This is especially true as we consider decentralizing social networks and giving more economic incentives. He said that Twitter shareholders and he believe it is crucial to continue looking at the space, and investing aggressively in it.
Dorsey said that Twitter was not the only one to be thinking in this direction. He shared the example of Facebook’s crypto project Diem, formerly Libra. Dorsey said that there is an evident need and an appreciation for it. An open, internet-friendly standard is what I believe is best. That’s why we will eventually be focusing on bitcoin.
According to Dorsey, Bitcoin allows for speed and innovation as well as opening up new uses cases.
Dorsey is a strong supporter of Bitcoin. Square Payments, his other business, also believes in crypto. Square’s Cash App allows you to sell and buy bitcoin. It generated $3.51 Billion in revenue and $75 Million in gross profit in the first quarter.
Square holds bitcoin in its balance sheet, and has recently made a commitment to build a Bitcoin hardware wallet. Square Crypto is Square’s own cryptocurrency team. They work on open-source software and bitcoin development kits.
Bitcoin is reminiscent of the « early web, » Dorsey said during the recent B-Word conference, where he was speaking alongside Tesla CEO Elon Musk. It’s principled and weird, but it never stops evolving. Dorsey stated, « It just reminded me about the internet as an infant. »
Dorsey hopes bitcoin will eventually help to create or assist in « world peace. »
On the earnings call, Dorsey stated that Twitter’s main focus is not only bitcoin but also decentralization. Twitter has launched « Bluesky », an initiative to create an open, decentralized standard in social media.[…]
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