Jack Dorsey Calls Bitcoin a ‘Big Part’ of Twitter’s Future as a Global Currency
The company’s CEO Dorsey elaborates: “If the Internet has a native currency, a global currency, we can move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet.”
Twitter organized a call in which it announced the company’s Q2 earnings. During the call, Jack Dorsey said that bitcoin is set to be a “big part” of Twitter’s future:
“There are three trends relevant to Twitter and you, our shareholders: AI, decentralization and the Internet finally having access to a global native currency in bitcoin. All these will help us do our jobs better, and we intend to lead the way in each.”
During the Q&A session, Douglas Anmuth, the JPMorgan Chase & Co. analyst, asked Jack Dorsey about how bitcoin could become more integrated into Twitter. The analyst also asked how more recent products like Super Follows and Spaces could foster monetization and engagement for Twitter over time.
Dorsey replied as such: “I’ve been tweeting and talking a lot about Bitcoin. Focusing on the use case of the Internet having native currency and that bitcoin probably is the best, actually known to be the best candidate for that role, that’s what I think we should focus on.”
He added: “If the Internet has a native currency, a global currency, we can move so much faster with products such as Super Follows, Commerce, Subscription, Tip Jar, and we can reach every single person on the planet because of that instead of going down on market-by-market approach.”
The CEO further explained: “I think this is a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentives. 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 opined: “There’s an obvious need for this and appreciation for it. And I think an open standard that’s native to one of those is the right way to go, which is why my focus … our focus … should be on Bitcoin. So, I do think it allows speed. It allows a lot more innovation, and it opens up entirely new use cases for everyone on Twitter.”
Jack Dorsey recently stated that Square Inc., his other company, is also developing a new business that focuses on “decentralized financial services” via bitcoin.