Bitcoin is a ‘key trend’ for, says CEO Jack Dorsey

Bitcoin is one of three key trends for the future of, social media platform chief Jack Dorsey told investors on Thursday during the company’s second-quarter earnings call.

As reported by TechCrunch, Dorsey told investors that it is “extremely important” that both shareholders “continue to look at [crypto] space and invest in it aggressively”.

“I think this is an important part of our future,” said Dorsey. “I think there is a lot of innovation above the currency, especially since we are thinking about decentralizing social networks more and offering more economic incentives.”

In the past, Dorsey, a longtime cryptocurrency loyalist, has repeatedly stated that he views Bitcoin as the ‘native currency of the internet’.

“If the Internet has a native currency, a global currency, we have to move much faster,” he said, pointing to products like Super Follows, Commerce, Subscriptions and Tip Jar.

Jar’s tip was Announced in May this year and is described as “a new way for people to send and receive tips.” Considering his close ties to payments company Square, another Dorsey-led company, the new feature seemed like a perfect match.

In late 2020 and early 2021, Square bought a combined $ 220 million worth of Bitcoin to add to its corporate balance sheet.

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Lightning Network, Bitcoin’s tier two scaling solution, is also likely an important part of future business – earlier this year, Dorsey said it is only ‘a matter of time’ before Lightning is integrated into or BlueSky. , a project aimed at creating a decentralized network. standard for social networks.

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In particular, Dorsey also said that it is not the only social media platform to carry out digital currency initiatives, targeting Diem (formerly known as Libra), a stablecoin project led by Facebook.

According to Dorsey, “there is an obvious need for this” and “a native open Internet standard is the way to go.”

With that said, the head of noted that his focus will be on Bitcoin.

This is in line with Dorsey’s recent announcement of plans to launch a new entity focused on creating an open source platform for decentralized and non-custodial Bitcoin-based financial services. Square’s hardware wallet, also in the works, will likely be an integral part of the initiative.

Ultimately, as Dorsey said during ‘ B Word’ online conference earlier this week, Bitcoin’s goal is to help ‘create world peace’.

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