Twitter CEO Jack Dorsey confirmed to investors that bitcoin is gonna be a” big component” of the company’s future, as he understands opportunities to integrate the cryptocurrency into existing Twitter products and services, including busines, subscriptions and other new adds-on like the Twitter Tip Jar and Super Follows.
Dorsey has been a staunch bitcoin advocate for years, but how it would be put into action on Twitter’s platform had not yet been spelled out in detail. However, Dorsey has often publicly bragged the cryptocurrency, saying it prompts him of the” early days of the internet” and that there wasn’t” anything more important” in his lifetime for him to work on.
More recently, Dorsey launched a $23.6 million bitcoin fund with Jay Z and announced plans to lead his other companionship Square into the decentralized financial services market by way of bitcoin. Square also this year acquired a majority stake in Jay-Z’s TIDAL music work with an eye toward how blockchain technologies and cryptocurrencies could change the music business.
Today, Dorsey too dubbed bitcoin one of three key trends for Twitter’s future, along with AI and decentralization — the latter which Twitter is pursuing through its “Bluesky” initiative.
He bragged bitcoin to investors on Twitter’s second quarter earnings announce, saying it could help the company move faster in terms of its make swellings, while explaining that it was the” best applicant” to become the” native currency” of the internet.( Incidentally, Square’s $50 million in bitcoin purchased in 2020 was worth $253 million by February 2021, and it purchased $ 170 million more earlier this year .)
Oh man, Jack Dorsey says he mulls Bitcoin is key to Twitter’s future. Says it will “ensure beings and companies can freely trade goods and services anywhere on the planet”
— Alex Weprin (@ alexweprin) July 22, 2021
” If the internet has a native currency, a global currency, we are able to able to move so much faster with commodities 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 approaching ,” Dorsey clarified.” I think this is a big part of our future. I think there is a lot of innovation above precisely currency to be had, especially as we think about decentralizing social media more and plying more fiscal incentive. So I think it’s hugely important to Twitter and to Twitter stockholders that we continue to look at the infinite and invest aggressively in it ,” he added.
A Twitter rep confirmed this is the first time that Dorsey has spoken publicly about how Twitter could integrate bitcoin into its product lineup.
Dorsey too pointed out Twitter would not be alone in pursuing a crypto policy , noting that Facebook was backing the digital currency Diem .
” There’s an obvious need for this, and expressed appreciation for it. And I considered 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 noted.
Overall, Twitter delivered strong earnings in a pandemic backlash, which saw the company posting its fastest income increment since 2014, according to CNBC, which drove Twitter shares 9% highest in provided trading. The companionship pulled in Q2 revenue of $1.19 billion versus the $1.07 billion Wall Street expected, majority decisions ($ 1.05 billion) from its advertise business. It too assured earnings per share of 20 pennies versus the 7 pennies expected.
However, monetizable daily active customers( mDAUs) — Twitter’s own fabricated metric meant to fluff up often flat monthly customer growing — were only at 206 million, an 11% year-over-year increase, while analysts were counting on 206.2 million. The corporation blamed the deterioration on a slower bulletin hertz and intention of shelter-in-place in countless U.S. communities, which may have impacted Twitter usage during the quarter.
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