Twitter reported its quarterly earnings on Thursday, beating analysts’ expectations. During Thursday’s Q2 earnings conference, Jack Dorsey, CEO of Twitter, stated that bitcoin would play a major role in the company’s future.
During the conference call, Dorsey stated that there were three trends relevant for Twitter and to you, our shareholders: AI and decentralization. Finally, the Internet will have access to bitcoin as a global currency. These trends will make our jobs easier and we plan to be the leader in each.
During the Q&A portion of the call, Douglass Anmuth (an analyst at JPMorgan Chase & Co.) asked Dorsey how he saw bitcoin becoming more integrated in Twitter, especially around the newer products like Super Follows and Spaces. He also discussed how these products can help drive engagement and monetization on Twitter.
Dorsey responded, “I’ve been tweeting about Bitcoin and I’ve been talking a lot about it.” “Focusing on the use case for the Internet having native currency, and that bitcoin is probably the best, actually known as the best candidate to that role, that’s where I think we should really be focusing on.
He added that if the Internet had a native currency, it would be able to move so fast with products like Super Follows, Commerce and Tip Jar. We can reach everyone on the planet due to that rather than focusing on each market. He also stated:
This is my view of the future. There is a lot more innovation than just currency, especially when we consider decentralizing social media and giving more economic incentives. It’s important for Twitter shareholders and Twitter users to continue to invest in the space.
“There is an evident need for this and appreciation.” An open standard that’s native one of those is the best way to go. That is why I… and our focus should be on Bitcoin. It allows for speed. He stated that it allows for a lot of innovation and opens up completely new uses cases for all users on Twitter.
Last week, Dorsey announced that Square Inc. was developing a new business that focuses on ‘decentralized finance services’ using Bitcoin.
Dorsey was recently also featured speaker at the bitcoin event ‘B Word’ alongside Tesla and Spacex CEO Elon Musk and Ark Investment Management (Ark Invest) CEO Cathie Wood.