- 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.