Bitcoin has long dominated the cryptocurrency market, but Ethereum (ETH) has recently established itself as more than just a distant second. In terms of market valuation, ETH has surpassed Bitcoin in 2021, and investors are taking notice. It’s not only that; it’s also what it has to offer in terms of applications. Bitcoin proponents, on the other hand, appear to be ready to work on expanding Bitcoin’s utility and use cases.
During a conference call detailing his company’s Q2 2021 earnings, Twitter CEO Jack Dorsey set out his vision for integrating Bitcoin into services like commerce, subscriptions, and new features like “Twitter Tip Jar” and “Super Follows.” This is a significant milestone because it is said to be the first time Dorsey has openly discussed the prospect of Twitter integrating BTC into its platform.
During the conversation, Dorsey described Bitcoin as the best prospect to become the Internet’s “native currency.” He continued,
“If the Internet has a native currency, a global currency, we will be able to move faster with things like Super Follows, e-commerce, Subscription, and Tip Jar, and we will be able to reach every single individual on the planet as a result, rather than taking a market by market approach. This, I believe, will be a significant part of our future.”
In fact, he mentioned a few ways to incorporate BTC into existing Twitter services. Apart from the “money” component, there is a lot of potential for innovation in this field. “Think about decentralizing social media and creating additional financial incentives,” he suggests.
“I believe it is critical that we continue to look at the space and invest aggressively in it for Twitter and Twitter shareholders.”
Facebook, the social media behemoth, has previously expressed similar sentiments. Later in the conversation, Dorsey acknowledged this. Later this year, Facebook plans to test its Diem cryptocurrency.
“There is a clear need for this, as well as gratitude for it. And I believe that an open, internet-native standard is the best way to go, which is why mine and our focus will eventually be on Bitcoin.”
Meanwhile, the Twitter CEO has been a long-time advocate of Bitcoin Cash. During the first quarter of 2021, his crypto firm Square (and Square’s Cash App) saw $3.51 billion in Bitcoin revenue and $75 million in Bitcoin gross profit. However, Square does not intend to stop there.