Jack Dorsey is a known bitcoin bull. His payments company Square has an entire division dedicated to building on the Bitcoin blockchain and funding projects, Square Crypto. And he recently launched an initiative to make bitcoin more DeFi friendly. When it comes to his other company, Twitter, Dorsey has given the cryptocurrency a bitcoin emoji, which has left users wondering if there is more to come.
On Twitter’s earnings call on Thursday, Dorsey tipped his hand to how bitcoin fits into the future of the social media platform. He did so shortly after fellow billionaire Elon Musk pressed him at “The B Word” event on whether Twitter would accept bitcoin as a payment method from advertisers, which Dorsey danced around a bit. Musk may have been trying to take the focus off Tesla and when it would resume accepting bitcoin payments.
On the earnings call, Dorsey explained how Twitter is building out an ecosystem focused on news, conversation and payments. Next, the tech entrepreneur identified a trio of themes that are relevant to the company and its shareholders:
- Artificial intelligence
- “The internet, finally, having access to a global native currency in bitcoin.”
Dorsey is looking toward a future in which the internet has a native/global currency through which Twitter could accelerate the development of offerings including “Super Follows, e-commerce, subscriptions [and] Tip Jar.”
While Facebook has attempted to follow a similar path with its Diem stablecoin project, bitcoin is the best choice, according to Dorsey, and is where Twitter will be focusing its efforts. The Twitter chief touted bitcoin for lending itself to speed, innovation and use cases.
While most investors are focused on what bitcoin has done lately, that can leave them depressed. The BTC price has surrendered much of its gains year-to-date. A wider lens, however, provides greater insight into the cryptocurrency’s performance compared to other asset classes.
As per data provided by Kraken’s Dan Held, bitcoin has outperformed rival store of value asset gold as well as the broader stock market over the past decade hand over fist.
Not buying Bitcoin is an expensive mistake.
10 yr return
Bitcoin: 232,754% pic.twitter.com/B5ZqbdZx8n
— Dan Held (@danheld) July 22, 2021
For now, the bitcoin price is holding above USD 32K, and investors are crossing their fingers about moving it forward over the weekend.