Twitter CEO Jack Dorsey confirmed to investors that Bitcoin will be a “big part” of the company’s future, as it sees opportunities to integrate cryptocurrency into existing Twitter products and services, including merchandise, subscriptions and other new additions such as Twitter Tip Jar. Great follows.
Dorsey has been a staunch Bitcoin advocate for years, but how it will be implemented on Twitter’s platform has not yet been revealed in detail. However, Dorsey often tipped cryptocurrency in public, saying it reminded her of the “early days of the Internet” and that “nothing more important” worked for her in her lifetime.
Most recently, Dorsey launched and announced a .6 23.6 million bitcoin fund with Jay Z. Plans To draw its other company Square into the decentralized financial services market through Bitcoin. Square also acquired a majority stake in J-Z’s Tidal Music Service this year on how blockchain technologies and cryptocurrencies can change the music business.
Today, Dorsey also cites Bitcoin as one of the three main trends for the future of Twitter, along with AI and decentralization – the latter of which Twitter has furthered through its “Bluesky” initiative.
He offered Bitcoin to investors on Twitter’s second-quarter earnings call and said it could help the company move faster in terms of expanding its product, while explaining that it is the “best candidate” to become the “native currency” of the Internet. (Incidentally, Square’s ખરીદી 50 million bitcoin purchase in 2020 was 25 253 million as of February 2021, and he bought 170 million more earlier this year.)
“If the Internet has a local currency, a global currency, we can move very fast with products like superfollowers, commerce, subscriptions, tip jars, and instead we can reach everyone on the planet. Dorsey explained that the market-by-market-by-market approach should go down. “I think this is a big part of our future. I think there is a lot of innovation just to come up with the currency, especially as we think about making social media more decentralized and providing more economic incentives. So I think it’s very important for Twitter and Twitter shareholders that we keep looking at space and invest aggressively in it, “he added.
A Twitter representative confirmed that this is the first time Dorsey has spoken publicly about how Twitter can integrate Bitcoin into its product lineup.
Dorsey also noted that Twitter will not be alone in pursuing a crypto strategy, noting that Facebook supports digital currency diamonds.
“There is a clear need for this, and appreciation for it. And I think the basic trend of the internet is an open standard is the right way to go, that’s why my focus and our focus will ultimately be on Bitcoin, ”he noted.
Overall, Twitter made strong earnings after the epidemic resumed, with the company recording its fastest revenue growth since 2014. According to CNBC, Twitter’s shares rose 9% in extended trading. The company pulled Q2 revenue from its advertising business to 1. 19 1.19 billion, compared to the majority (5 1.05 billion) expected revenue of 1. 1.07 billion. It also saw earnings per share of 20 cents versus the expected 7 cents.
However, monetized daily active users (MDAUs) – Twitter’s own detected metric, meant to always fluff in monthly user growth – were only તે 206 million, up 11% year-on-year, while analysts estimated 206.2 million. has been doing. The company blamed the slow news cycle and the declining end of asylum in many communities in the U.S., which could affect Twitter’s use during the quarter.