The CEO of Twitter sees potential to incorporate BTC into operations like retail, memberships, and additional features like Twitter’s Super Follows and Tip Jar.
BTC, the largest global digital currency by market cap, will be among Twitter’s main trends in the future, according to Chief Executive Officer Jack.
During the firm’s Q2 results call, Jack stated that BTC will be a huge portion of the future of Twitter, emphasising the cryptocurrency’s ability to further change Twitter services and products.
Dorsey identified BTC as the web’s natural currency, describing the potential to incorporate Bitcoin into current Twitter offerings such as trade, memberships, and additional features like Twitter Super Follows and Tip jar.
The Chief Executive Officer told investors that most of the BTC-enabled advancement is about more than simply money, as Twitter is dedicated to decentralising social media and providing additional financial incentives. Along with AI and decentralisation, he identified Bitcoin as 1 of 3 crucial themes for the social platform’s future. The CEO believes it is critical for the social media platform and its stakeholders that we look into the sector and invest in it, he added.
Dorsey stressed that the social media platform was not the only one to dedicate to cryptocurrencies, mentioning Facebook’s active cryptocurrency innovation, which plans to launch its Diem digital currency at the end of 2021. However, unlike Facebook, Dorsey’s social media platform would one day prioritise Bitcoin as a natural web standard.
Dorsey’s current BTC conversation is said to be the 1st time the Chief Executive Officer spoke in public on how Twitter may incorporate Bitcoin into its offerings. Dorsey made the fresh comments immediately after discussing Bitcoin with Tesla Chief Executive Officer Elon and Cathie from Ark Invest at the online Bitcoin event. Most existing company structures, according to Dorsey, would be very different if BTC existed before Facebook or Twitter. Twitter would surely not be as reliant on the ad revenue model Dorsey said.
The CEO is well-known for being an early BTC supporter, saying that BTC is set to become the web’s only currency ever since 2018. Square, his digital currency-friendly payments business, is a major BTC investor, having purchased $50m in Bitcoin in the latter half of 2020 as well as an additional $170m in Bitcoin in Feb of this year.