Twitter CEO Jack Dorsey confirmed to investors that Bitcoin will be a "big part" of the company's future.
July 23, 2021, | AtoZ Markets – Twitter CEO and Bitcoin supporter Jack Dorsey expects to leverage the premier cryptocurrency in his company's existing products and services, including commerce, subscriptions, and other new options. This is reported by TechCrunch with reference to the company's second-quarter earnings report.
Dorsey noted that Bitcoin, as the "best contender" for the Internet's "own currency", could help his company move faster in terms of expanding its product line.
"If the internet has its own currency, the global currency, we can move much faster with products like Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every person on the planet instead of covering one market at a time." - he said.
Twitter CEO stressed that he sees Bitcoin as "a big part of the future."
“I think significant development above the level of just a currency is possible, especially from the standpoint of decentralizing social networks and providing additional economic incentives. Therefore, I believe that it is extremely important for Twitter and that Twitter shareholders will continue to monitor this space and actively invest in it,” he added.
A company spokesman confirmed that it was the first time the CEO described Twitter's plans to integrate Bitcoin in such details.
Dorsey also noted that they are not the only ones who see the point in following a cryptocurrency strategy, citing Facebook as an example, which launched the Libra (now Diem) stablecoin initiative:
“There is an obvious need for this. I think the open standard native to the internet is the right way to go, which is why my focus and ultimately our focus will be on Bitcoin. "
Earlier, Dorsey revealed a plan to create a separate business based on his Square payment platform to develop financial scenarios for the use of Bitcoin.
Think we missed something? Let us know in the comment section below.