Jack Dorsey says bitcoin will be a big part of Twitter’s future

Twitter CEO Jack Dorsey said to investors that he sees opportunities to integrate bitcoin into Twitter’s existing products including Tip Jar, Super Follows, and e-commerce and subscription features as he thinks bitcoin will be a big part of the company’s future, according to Techcrunch

Jack Dorsey has been a consistent advocate for bitcoin ,but how to take action on the Twitter platform had yet to be detailed. During the “The B-Word” conference, Dorsey explained a few of the reasons behind his bitcoin advocacy.

“What really drove my thinking and drives my passion behind it is, if the internet has a chance to get a native currency, what would that be? To me, it’s bitcoin because of those principles, because of its resilience,” he said. 

But, “what inspires me the most [about bitcoin] is the community driving it,” Dorsey said. “It reminds me of the early internet.”

Dorsey’s  financial services & mobile payment company Square bought approximately 3,318 bitcoins at an aggregate purchase price of $170 million in February. Square also acquired a majority ownership stake in Jay-Z’s music streaming service Tidal in a $297 million cash and stock deal.

Dorsey said in Twitter’s second quarter earnings call that bitcoin could help Twitter move faster in terms of its product expansions as it was the “best candidate” to become the “native currency” of the internet. 

“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,” Dorsey said. 

“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 incentive. 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,” he added.

“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,” he added.

For the second quarter of 2021, Twitter reported a total revenue of $1.19 billion, up 74% year-over-year. The company delivered $1.05 billion in ad revenue, up 87% YoY, higher revenue growth than Wall Street had expected ($909.9 million). Shares of the company rose 5% to $73 in trading after the bell.

Written by Sophie Blake

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