Jack Dorsey and Elon Musk. Tesla and Twitter. And behind all this, bitcoin. Popular tech entrepreneurs have become the biggest champions of cryptocurrencies. And not just in a personal capacity; from now on, both executives have made the use of this digital asset as part and objective of their main businesses . Following Musk's comings and goings, it is now Dorsey who confirms that bitcoin on Twitter will form “a big part” of the company's future. Along with artificial intelligence and decentralization. It would not be the first social network to enter the cryptocurrency business: Facebook was already paving the way by launching Diem.
The founder of the social network has not confirmed how the integration of bitcoin on Twitter will be, beyond an outline of some lines, according to Techcrunch. Basically, Jack Dorsey aims to integrate bitcoin into the platform's products and services; all through the routine call to the company's investors. This would include commerce, future patrons in the social network through Tip Jar or promised Super Follows. It would be, clearly, a kind of reward system between users, Twitter being the gateway for those bitcoin payments.
For now, and although in this story with so many nuances anything can happen, Dorsey has given no indication of following in Elon Musk's footsteps as far as bitcoin – and other cryptocurrencies – is concerned. The founder of Tesla pointed out a few months ago that part of the company's profits would be in bitcoin, as well as the possibility of being able to pay for one of its electric cars under this modality . Soon, the businessman backed down. Rises in the value of cryptocurrency fueled by the confidence of one of Silicon Valley's icons was deflating.
Again, and as usual through Twitter, Musk pointed out that Tesla would accept bitcoin again when they turned to renewable energy for their mining. Weeks later, and confirming Musk's faith in cryptocurrencies, he confirmed that SpaceX also had investments in this asset.
For now, Jack Dorsey wants to leave the handling of bitcoin on Twitter in the hands of users. But he's not far behind Elon Musk when it comes to obsession. He has been one of the biggest advocates to date and has been a confirmed follower of bitcoin since its inception. It also has a bitcoin fund of 23 million dollars for investment in companies in the sector and, recently, it announced that Square – another of its companies – would be focused on financial services for the sector and to the blockchain aimed at music. A project that consolidated with the purchase of TIDAL, Jay-Z's platform, also a partner of the crypto fund.
The call to investors was, broadly speaking, an outline of the future of the social network supported by the good results of the quarter. Of bitcoin on Twitter more specifically. Dorsey defended that a native Internet currency would be the key to grow, evolve and expand. He assured that, with this resource, the new Twitter products would have more impact and follow-up by users.
“If the Internet has a native currency, a global currency, we can move much faster with products like Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach everyone on the planet thanks to that instead of taking a market approach by market by market ”.
Jack Dorsey, call to investors. A global approach that would come hand in hand with the decentralization sought by the founder of the platform. Fleeing local currencies to tackle a common approach.
