Jul 26, 2021 BY SHUBHAM MANE
Recently, Jack Dorsey the CEO of Twitter has labeled Bitcoin as one of the major trends that are most relevant to the social media companies and its shareholders. It is noted that cryptocurrency might be a significant part of twitter’s growth.
Dorsey also that intends Twitter to lead the way in, along with Bitcoin, AI, and decentralization of the internet.
During twitter’s second earnings call on Thursday, Dorsey explained that the global currency will allow people and companies to trade freely goods and services anywhere in the world. He added points that include a native currency for the internet will allow the company to go faster with the products like tip jar and super follows.
“Tip jar,” was introduced in May that allows people to receive and show support on Twitter with the help of money with link accounts to services like cash app, PayPal, Venmo, Patreon, and Bandcamp. “Super follows” helps users on Twitter to earn income on a monthly basis just from the conversations they make.
Dorsey said: “I think utilizing Bitcoin is a big part of the future.” There’s a lot of innovation coming through above just currency to be had, especially when we think about providing more economic incentives and decentralizing social media more. So I think it’s massively important to twitter and to their shareholders that we continue to check at the space and start investing aggressively in it.
Square, a digital payments company for which Dorsey also serves as CEO, comments about a week that it would build a hardware wallet and service to make Bitcoin custody mainstream.
Jack Dorsey and Square CEO said during the event, called the B-word, that the network and community shaped his views on Bitcoin, calling it deeply principled, always evolving, and even “weird as hell.”
He talked about encountering a system that was slow and “obtuse” when creating Square in 2008.
The CEO explained: “One of the things we tried to do is build an abstraction layer around this complication nature that the financial industry can tend to be and make it work for people,” But when I saw Bitcoin in 2009, it seems a chance to replace the whole foundation.
Even if he called the Bitcoin network a perfectly designed protocol on the panel, Dorsey understood that some people remain confused about how to use it.
He also said that “The more energy we spend on wallets and they’re non-custodial as well it really brings us forward.