Twitter CEO Jack Dorsey has been a strong believer in Bitcoin for the past few years. He recently launched a Bitcoin fund with Jay Z. In a recent development, Dorsey has revealed that Bitcoin, along with decentralization and artificial intelligence, will be the future of Twitter. According to him, products like Subscription, Commerce, Tip Jar and Super Follows will be able to move faster if the Internet has a native currency.
I think this is a big part of our future. I think there is a lot of innovation on top of the coin, especially now that we think about decentralizing social media more and offering more financial incentives. So I think it's very important to Twitter and to Twitter shareholders that we continue to analyze the space and aggressively invest in it.
In Twitter's second quarter earnings call, Dorsey mentioned that the best asset to become the internet currency is Bitcoin, and once this is established, the company could move faster in terms of product expansion. A representative from Twitter has confirmed that this is the first time Dorsey has spoken about integrating Bitcoin into his products publicly.
Twitter posted its fastest revenue growth since 2014
Facebook's recent search for crypto through Diem's introduction reveals that Twitter is not alone in this crypto strategy.
There is an obvious need for this and an appreciation for it. And I believe that an open standard that is native to the internet is the right way to go, so my focus and our focus will eventually be on bitcoin.
Dorsey mentioned that Bitcoin reminds him of the early days of the internet. Through Bitcoin, he plans to take Square Inc, his other company, into the decentralized financial services market. Having considered how cryptocurrencies and blockchain could help revolutionize the music industry, he acquired majority shares in Jay-Z's music service Tidal.
Twitter shares rose 9% in extended trading, posting its fastest revenue growth for the first time since 2014. Compared to Wall Street's expected revenue of $ 1.07 billion, the company posted $ 1.19 billion in revenue in the second. quarter of the year. Despite the company's revenue growth, its monetizable Daily Active Users (mDAU) were 206 million, representing an 11% year-over-year increase compared to the 206.2 million analysts expected.
Dorsey's interest in Bitcoin is also seen in his investment decisions. Square bought $ 50 million of Bitcoin in 2020, which increased to $ 253 million in February 2021.