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Twitter’s CEO has officially declared it: Bitcoin (BTC) will be key to the company’s future. Indeed, Jack Dorsey sees in this convergence with the cryptocurrency opportunities to integrate $BTC directly into new features such as Twitter Tip Jar and Super Follows.
Bitcoin, the world’s largest cryptocurrency by market capitalization, will be one of the “key trends for Twitter’s future,” CEO Jack Dorsey said.
Indeed, the Twitter CEO said Bitcoin would be a “big part” of the company’s future during his speech, highlighting the digital currency’s potential to further transform Twitter products and services. Moreover, the company has always been close to blockchain with crypto-friendly decisions, with the social network recently offering 140 NFTs as gifts to its community.
Dorsey described opportunities to integrate BTC into existing Twitter services, including payments, subscriptions, and new features such as Twitter Tip Jar (The ability to tip Twitter accounts in BTC) and Super Follows (The ability to set up paid subscriptions in BTC).
The CEO also explained to investors that much of the innovation enabled by Bitcoin goes “beyond just the currency to be had” as Twitter is committed to decentralizing social media and setting up more economic incentives. He says Bitcoin is one of three key trends for Twitter’s future alongside artificial intelligence and decentralization.
Dorsey stressed that Twitter is not alone in its commitment to crypto, citing the aggressive development of the digital currency by social media giant Facebook, which plans to pilot its Diem cryptocurrency later this year. But unlike Facebook, Twitter will focus primarily on BTC as a standard representing a new standard.
The news finally comes shortly after Dorsey discussed Bitcoin at the BTC virtual event “The ₿ Word” alongside Tesla CEO Elon Musk and Cathie Wood of Ark Invest. Dorsey had said that many existing business models, would be very different if Bitcoin had existed before Twitter or Facebook.
“We certainly wouldn’t have the dependence we have on the advertising business model.”
Jack Dorsey is known as one of Bitcoin’s earliest advocates, repeatedly claiming that Bitcoin is poised to be the Internet’s single currency since at least 2018. His digital payments company Square is a strong Bitcoin investor. The latter has already bought $50 million in BTC at the end of 2020, and another $170 million in February 2021.
Twitter is following the trend. So is Amazon, which would potentially launch its own crypto in 2022, or Mastercard’s latest partnerships that aim to simplify cryptocurrency to fiat conversions within its payment network. This is another big step forward for the democratization of bitcoin (BTC) and cryptocurrencies.