Jack Dorsey’s passion for Twitter may be more than idealism. During the company’s Q2 earnings call, the CEO of the $60 billion company has come out to say that cryptocurrencies, bitcoin in particular, are important for the company’s future.
Twitter is a micro-blogging website that let’s users follow each other. It also has a popular trending list that shows the most popular items on the website at a particular time.
While the service is popular as a social media platform, the company has been aggressively seeking new business lines.
The social media giant is currently on-ramping its live-chat feature Spaces, much quicker than Clubhouse, the pioneer in the sector.
Twitter also recently launched a subscription version of its app, Twitter Blue. This comes with additional features, such as a bookmarks folder and an undo button.
In May 2021, Twitter introduced Tip Jar. This is a feature that includes payment links to services such as Paypal, Cashapp, and Venmo, through which a Twitter user can receive tips from others.
In addition, the company has also recently introduced Super Follows, a feature that lets a category of followers pay a user for following them.
Users will be able to set the value of the content they offer from one these prices:
Twitter Spaces can also be monetized and hosts can charge for access.
It is these features in particular (Tip Jar and Super Follows) that Twitter would be looking to integrate with bitcoin.
Dorsey also revealed that the company is looking to integrate subscriptions and commerce.
Jack, as he his commonly referred, has now established himself as a firm believer in bitcoin. The other company he founded and leads, Square, is one of the leading institutional holders of bitcoin, with over 8, 000 coins held so far.
In the earnings call, Jack said:
“If the Internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscription, Tip Jar, and we can reach every single person on the planet because of that instead of going down on market-by-market approach.”
I think it’s hugely important to Twitter and Twitter shareholders that we continue to look at the space and invest aggressively in it.”
– CEO, Twitter
However, during the earnings call, the CEO reminded investors that Twitter is not the only firm headed towards integrating cryptocurrencies. He noted that Facebook is planning to launch its own cryptocurrency, Diem, with a pilot expected by year’s end.
Unlike Facebook however, Twitter believes that Bitcoin represents one currency for the internet, and prefers that over a solo crypto project.