Twitter’s Jack Dorsey bets big on Bitcoin

Twitter CEO Jack Dorsey disclosed that he sees Bitcoin being a “big part” of the social media platform's future.

Twitter’s Jack Dorsey bets big on Bitcoin

In a recent statement to investors, Twitter CEO Jack Dorsey disclosed that he sees Bitcoin being a “big part” of the micro-blogging platform's future. He continued with how he sees the chance to integrate the pioneer cryptocurrency into existing Twitter products and services, including subscriptions commerce and other new plugins including Super Follows and Twitter Tip Jar.

Dorsey, a popular supporter of Bitcoin, also spoke on the advantages of having Bitcoin in its ecosystem, as Bitcoin facilitates a lot more innovation and opens up entirely new use cases.

The 44-year-old tech entrepreneur highlighted his bias on the most popular crypto asset as the “best candidate” to become the “native currency” of the internet while promoting the flagship crypto to Twitter's investors on the social media company's Q2 earnings call,.

Twitter is riding the broader digital wave spurred by COVID-19, on the account that it recently posted impressive earning results.

In Q2 2021, the San Francisco-based tech giant saw its revenue reach $1.19 billion, an increase of 74% (year-over-year), with advertising revenue climbing to $1.05 billion, an increase of 87% year over year.

Twitter now has up to 206 million monetizable daily active users, a 7 million user surge from Q1 2021, and up 11% year over year from Q2 2020.

He also outlined the importance of Bitcoin to Twitter shareholders by confirming the company's commitments in monitoring and to invest aggressively around the new asset class.

Some weeks ago, the tech billionaire kickstarted a $23.6 million bitcoin fund with popular American entertainer Jay-Z. Dorsey also disclosed his strategy in leading Square, his other company, into the decentralized financial services market by way of bitcoin.

In 2021, Square acquired a majority stake in Jay-Z’s TIDAL music service, with an eye towards how crypto assets and blockchain technologies could evolve the music business.