During an earnings call yesterday, CEO of Twitter, Jack Dorsey, brought up the importance of decentralized social media and stated that Bitcoin will as the internet’s “global native currency” will be a big part of Twitter’s future.
The earnings call marked the first occasion the Twitter CEO had publicly discussed any potential integration of bitcoin onto the platform, stating the potential integration of bitcoin into existing twitter products and new products such as ‘Super Follows’ and ‘Tip Jar’.
“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,”
One of the reasons that Dorsey cited for integrating bitcoin into twitter is the economic or ‘general commerce’ aspect which would allow Twitter to rely on other types of business model rather than relying on advertising.
As a strong proponent of cryptocurrency, Jack Dorsey recently spoke at the B Word conference that sought to correct mainstream narratives about cryptocurrency. During a panel discussion with Cathie Wood and Elon Musk, Dorsey described why he is bullish on Bitcoin, stating that Bitcoin is “principled as hell, it’s weird as hell, it’s always evolving, and it reminds me of the internet when I was a kid”. He also described how old financial systems are no longer relevant to today, and how Bitcoin could be the internet’s native currency that provides a solution to the financial industry’s “crazy predatory system”.
And Dorsey is certainly not alone in his beliefs, as he pointed out, Facebook is also looking to the future with its digital currency Diem.
“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,”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
