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by Kevin Helms Jack Dorsey Calls Bitcoin a 'Big Part' of Twitter's Future as a Global Currency
Twitter CEO Jack Dorsey says that bitcoin will be a big part of the company’s future. “If the Internet has a native currency, a global currency, we are 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,” he said.
Twitter announced its quarterly earnings Thursday that beat analysts’ forecasts. During the company’s Q2 earnings call, CEO Jack Dorsey said that bitcoin would be a “big part” of the company’s future.
Dorsey said during the call: “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 part of the call, Douglass Anmuth, an analyst with JPMorgan Chase & Co., asked Dorsey about how he sees bitcoin becoming more integrated into Twitter, particularly around some of the newer products like Super Follows and Spaces, and how they can drive both engagement and monetization for Twitter over time.
“I’ve been tweeting and talking a lot about Bitcoin,” Dorsey replied. “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 really focus on.”
The CEO added: “If the Internet has a native currency, a global currency, we are able to 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.” He further opined:
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 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.
“There’s an obvious need for this and appreciation for it. And I think an open standard that’s native to one of that is the right way to go, which is where, why my focus … our focus … should be on Bitcoin. So I do think it allows speed. It allows a lot more innovation, and it really opens up entirely new use cases for everyone on Twitter,” he opined.
Last week, Dorsey said that his other company, Square Inc., is developing a new business focused on “decentralized financial services” using bitcoin.
Dorsey was recently also featured speaker at the bitcoin event “B Word” alongside Tesla and Spacex CEO Elon Musk and Ark Investment Management (Ark Invest) CEO Cathie Wood.
