Jack Dorsey Claims Bitcoin Will Be A Big Part Of Twitter’s Future
- ByStartupStory | July 23, 2021
Twitter CEO Jack Dorsey told investors that bitcoin will be a “big part” of the company’s future, as he sees opportunities to integrate the cryptocurrency into existing Twitter products and services, including commerce, subscriptions and other new additions like the Twitter Tip Jar and Super follows.
Dorsey has been a staunch bitcoin advocate for years. Recently, Dorsey launched a $23.6 million bitcoin fund with Jay Z and announced plans to lead his other company Square into the decentralized financial services market by way of bitcoin. Square also this year acquired a majority stake in Jay-Z’s TIDAL music service with an eye towards how blockchain technologies and cryptocurrencies could change the music business. Dorsey also dubbed bitcoin one of three key trends for Twitter’s future, along with AI and decentralization — the latter which Twitter is pursuing through its Bluesky initiative.
He promoted bitcoin to investors on Twitter’s second quarter earnings call, saying it could help the company move faster in terms of its product expansions, while explaining that it was the “best candidate” to become the “native currency” of the internet. (Incidentally, Square’s $50 million in bitcoin purchased in 2020 was worth $253 million by February 2021, and it purchased $170 million more earlier this year.)
Overall, Twitter delivered strong earnings in a pandemic rebound, which saw the company posting its fastest revenue growth since 2014, according to CNBC, which drove Twitter shares 9% higher in extended trading. The company pulled in Q2 revenue of $1.19 billion versus the $1.07 billion Wall Street expected, a majority ($1.05 billion) from its advertising business. It also saw earnings per share of 20 cents versus the 7 cents expected.
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