CEO Jack Dorsey stated that Bitcoin (BTC) will be the most important trend for the future Twitter. It is the largest cryptocurrency in the world by market capitalization.
Twitter CEO said that Bitcoin would be a "big part" of the company's future at the second-quarter earnings call, outlining the digital currency's potential to further transform Twitter products and services.
Dorsey spoke of Bitcoin as the native currency of the internet and described ways to integrate BTC in existing Twitter services, including commerce, subscriptions, and new features such as Twitter Tip Jar or Super Follows.
Investors were informed by the CEO that Bitcoin-enabled innovations are "above and beyond currency to be had," since Twitter is determined to decentralize social networks and offer more economic incentives. He pointed out that Bitcoin was one of the three main trends for Twitter's future, along with artificial intelligence and decentralization. He stated that it was important for Twitter and its shareholders to continue to invest in the space.
Dorsey emphasized that Twitter is not alone in its commitment to crypto, citing aggressive digital currency development by social media giant Facebook, which expects to pilot its Diem cryptocurrency later this year. He stated that Twitter would one day be focusing on BTC as an open internet standard for native use, but not Facebook.
"There is an evident need for this and appreciation for it. An open standard, native to the internet, is my view. That's why I and we will eventually be focusing on Bitcoin.
Dorsey's latest Bitcoin call is reportedly the first time when the CEO has spoken publicly about Twitter could integrate BTC into its products. The new remarks come shortly after Dorsey discussed Bitcoin at the virtual BTC event "The BTC Word" alongside Tesla CEO Elon Musk and Ark Invest's Cathie Wood. Dorsey stated that many business models would change if Bitcoin was available before Twitter and Facebook. He noted that "we would not have the dependence that we have upon the advertising business model."
Dorsey is known as a major early Bitcoin believer, repeatedly arguing that Bitcoin is poised to be the single currency of the internet since at least 2018. Square, his crypto-friendly digital payments company, is a solid Bitcoin investor. In February 2020, he bought $50 million in Bitcoin and then purchased an additional $170 million in BTC.