Twitter CEO Jack Dorsey confirmed to investors the significant role Bitcoin will play in the platform’s future by planning to incorporate cryptocurrency into the company’s current products and services.
Dorsey has been a die-hard Bitcoin advocate since its inception into the market, but now the world is witnessing his commitment to cryptocurrency as he plans on integrating Bitcoin into his platform’s commerce and subscription services, alongside some of its contemporary additions like Tip Jar and Super Flows.
Actions the tech philanthropist is planning on implementing into his platforms have not yet been announced in detail.
Today, as one of Bitcoin’s biggest supporters, Dorsey is proposing to investors to move the company faster in terms of Twitter’s product expansion, while emphasizing on how it is the ideal candidate to be the next native currency of the internet.
“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, subscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market approach,” Dorsey explained in a statement.
This announcement will be the first time that Dorsey publicly addressed the topic of integrating Twitter with digital currencies, while adding that the platform cannot be the only social networking app considering the pursuit of crypto strategies.
He further highlighted that Facebook was backing blockchain-based payment system, Diem.
Back in February, Twitter chief launched a $23.6 million Bitcoin fund with popular Hip Hop artist Jay Z as a new plan to fund Bitcoin development into other hardware company Square Inc.
This will lead Square into decentralized financial services into the Bitcoin market as blockchain technologies and cryptocurrency could change the company’s business.
Now, Dorsey’s biggest goal is to label Bitcoin as one of the three main elements in Twitter’s future, parallel to Artificial Intelligence and decentralization – which Twitter is shadowing through its “Bluesky” initiative.
Bluesky initiative is a non-profit social networking protocol with the intention of creating a decentralized standard for social media platforms, including Twitter. Dorsey spoke of expanding the concept of decentralization on social media platforms while addressing some of the biggest centralized entities such as Google and Facebook.