Jack Dorsey : Bitcoin will be 'Big Part' of Twitter's Future as a Global Currency.
Bitcoin, according to Twitter CEO Jack Dorsey, will play a significant role in the company's future. “With things like Super Follows, Commerce, Subscriptions, and Tip Jars, we will be able to move much more quickly if the Internet has a native currency, a global currency, and we will be able to reach every single individual on the planet,” he stated.
Bitcoin Will Play a Major Role on Twitter
On Thursday, Twitter released its quarterly earnings, which exceeded analysts' expectations. CEO Jack Dorsey stated on the company's Q2 earnings call that bitcoin would be a "huge element" of the company's future.
“Artificial intelligence, decentralisation, and the Internet finally having access to a global native currency in bitcoin are three trends that are significant to Twitter and you, our shareholders,” Dorsey said on the conference call. All of these will help us in doing our jobs more effectively, and we plan to lead the way in each.”
JPMorgan Chase & Co. analyst Douglass Anmuth asked Dorsey how he sees bitcoin becoming more integrated into Twitter, specifically around some of the newer features like Super Follows and Spaces, and how they can drive both engagement and monetization for Twitter over time, during the Q&A portion of the call.
Dorsey replied, "I've been tweeting and talking a lot about Bitcoin." “I think we should really focus on the use case of the Internet having native currency, and that bitcoin is probably the greatest, actually known to be the best fit for that role.”
“We can move so much faster with products like Super Follows, Commerce, Subscription, and Tip Jar if the Internet had a native currency, a global currency,” the CEO said, and we can reach every single people on the planet instead of going down the market-by-market approach.” He continued, saying:
"This, I feel, play an important role in our future. Beyond cash, I believe there is plenty of room for creativity, especially as we explore decentralising social media and creating additional economic incentives. So I think it's critical for Twitter and Twitter shareholders that we keep looking at the space and investing aggressively in it."
“There is a clear need for it, as well as a level of respect for it. And I believe that an open standard native to one of those is the best way to go, which is why my... our... concentration should be on Bitcoin. As a result, I believe it enables for speed. He believes it allows for a lot more innovation and opens up totally new use cases for everyone on Twitter.
Last week, Dorsey said that his other company, Square Inc., is working on a new business focused on bitcoin-based "decentralised financial services."
Dorsey was recently a featured speaker at the bitcoin event "B Word," alongside Elon Musk, CEO of Tesla and SpaceX, and Cathie Wood, CEO of Ark Investment Management (Ark Invest).
What are your thoughts on Twitter's declaration that bitcoin will play a significant role in its future? Please let us know what you think in the comments section below.
