Within a minute into Twitter’s earnings call Saturday, CEO Jack Dorsey highlighted the company’s adoption of Bitcoin. The Bitcoin, he said, is the web’s “global native money.” It allows Twitter to operate quicker with things like Super Follows, e-business, memberships, and Tip Jar, according to him. “As a result, we can contact every single individual on the world, rather than just taking a market-by-market strategy,” Dorsey explained. Dorsey signaled during the B-word conference on Wednesday, specifically the broad commerce component.
“It simply provides so many other revenue models that we will not have to be so reliant on ads,” he added if Bitcoin was available “before Twitter started.” It wasn’t only about utilizing cryptocurrency to cover expenses related to advertising, according to Dorsey. “I’m particularly interested in how we can generate economic incentives within the network itself without relying on marketing,” he explained. On the results conference, the CEO also talked about the necessity of more decentralized social networks, but he didn’t address the decentralized Blue Sky plan, which he originally talked about in December.
Not only Twitter, but even Facebook, with its Diem initiative, is intrigued in the sector, according to Dorsey. Twitter, on the other hand, will be concentrating on Bitcoin. “I believe it facilitates speed. It enables a much more creativity and unlocks completely new products and services for everybody,” he added. For a long period of time, the CEO of Twitter and Square has been a strong advocate of Bitcoin, and he has sought to tackle some of the worries regarding Bitcoin’s energy usage by pushing the use of green energy.
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.
— jack (@jack) July 15, 2021
Dorsey also revealed last week that Square, a payments company, is planning to provide decentralized financial services centered on Bitcoin. Square Financial Services, the company’s regulated banking division, was founded in March.
