Twitter CEO Jack Dorsey says that Bitcoin’s potential role in functioning as the internet’s native currency will help the social media company achieve its growth objectives.
In a conference call during the release of Twitter’s Q2 2021 financial results, Dorsey spotlights three trends in tech that he believes are important for the future of the microblogging platform.
“There are three trends relevant to Twitter and you, our shareholders: AI [artificial intelligence], decentralization and the internet finally having access to a global native currency in Bitcoin. All these will help us do our jobs better and we intend to lead the way in each.
With AI and machine learning, we increase relevance and discovery, a long-standing issue on Twitter, which we’re improving every day, from sign ups and in-app sessions. With decentralization, we increased the size of the corpus of conversation we have access to and improved conversational health by giving more power to individuals. And with the global currency, we can ensure people and companies can freely trade goods and services anywhere on the planet.”
Dorsey adds that embracing the flagship cryptocurrency as the native currency of the internet could be the catalyst that allows Twitter to reach “every single person on the planet.”
“Focusing on the use case of the internet having native currency and that Bitcoin probably is the best, actually amounts to be the best candidate for that role, that’s what I think we should really focus on.
If the internet has a native currency, a global currency, we are able to move so much faster with our 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-by-market approach.
I think this is a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive.”
Featured Image: Shutterstock/Timofeev Vladimir