What Happened: Twitter (NYSE:TWTR) CEO, Jack Dorsey says Bitcoin (CRYPTO: BTC) will be one of the key trends for the future of his company. During Twitter’s second-quarter earnings call, Dorsey discussed the digital currency’s potential to transform Twitter products and services. The CEO told investors that a lot of Bitcoin-enabled innovation is “above just currency to be had,” adding that Twitter is committed to decentralize social media. Dorsey also said Bitcoin could help the company move faster in product expansions, and said it was the “best candidate” to become the internet's “native currency.”
Why It's Important: Dorsey described opportunities to integrate BTC into existing Twitter services including commerce, subscriptions and new features such as Twitter Tip Jar and Super Follows. He added that "it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it." Dorsey also noted that Facebook (NASDAQ:FB) is taking an interest in the space by backing the digital currency Diem.
What's Next: Dorsey said Bitcoin is one of three key trends for the future of Twitter along with artificial intelligence and decentralization. Dorsey’s comments are reportedly the first time he has spoken publicly about integrating Bitcoin with Twitter products. The remarks come after he discussed the cryptocurrency at the virtual BTC event “The ₿ Word” alongside Tesla CEO Elon Musk and Ark Invest’s Cathie Wood.
