The chief executive of social media website Twitter, Jack Dorsey said that bitcoin would be a big part of the future of the company. He said that if there is a native currency for the internet i.e. a global currency, then they would be able to move a lot faster when it came to products, such as Commerce, Super Follows, Tip Jar, and Subscriptions and it would also be possible to reach every single individual on the planet. On Thursday, Twitter announced its quarterly earnings for the second quarter of 2021 and they managed to beat analysts’ forecasts.
It was during the earnings call that the CEO chose to make this statement about bitcoin. He said that a total of three trends were relevant to Twitter and its shareholders; decentralization, AI, and the internet finally getting its global native currency in the form of Bitcoin. He said that all of these would be helpful for the company is doing its job in a better way and they intended to lead in every aspect. During the Q&A part of the earnings call, Dorsey was asked about how bitcoin would be integrated into Twitter, especially when it comes to some of the new products, such as Spaces and Super Follows.
He was also questioned how it could help in driving monetization and engagement for Twitter over time. Dorsey said that he had been tweeting and discussing bitcoin quite frequently. He said that it was probably best to focus on the use case of a native currency of the internet and that bitcoin was the best fit. He said that it was the ideal one for this role and that should be the primary focus. He opined that an on-market-by-market approach wouldn’t be needed if bitcoin was to become a global currency. The CEO said that he believed it would be a big part of the future because there is a lot of scope for innovation, other than just a currency.
He said that if social media were to be more decentralized and an economic incentive has to be provided, then bitcoin will be important as well. Therefore, he said that Twitter and its shareholders need to consider bitcoin and aggressively invest in it because there is an obvious need as well as an appreciation for this space. He went on to say that bitcoin allows speed and a great deal of innovation and it provides Twitter with a whole range of new use cases, which makes it worth focusing on.
Last week, Dorsey had announced that his other company i.e. payments provider Square Inc. was developing a new business that would provide ‘decentralized financial services’ based on bitcoin. He also attended the recent bitcoin event called the ‘B Word’, where he was a featured speaker, alongside Elon Musk, the CEO of Tesla and Spacex. Cathie Woods, the chief executive at Ark Investment Management (Ark Invest) was also one of the speakers at the conference.