Bitcoin is bitcoin (and that's all it needs to be), Jack Dorsey, co-founder and CEO of Twitter, and the founder and CEO of Square, a financial payments company, said in a succinct and rather prescient tweet last week. Jack Dorsey has been a staunch bitcoin advocate for years, emphasizing that Bitcoin will be the single currency of the internet."Bitcoin reminds him of the early days of the internet," the Twitter CEO has said in the past.
Bitcoin is Bitcoin.— jack (@jack) August 2, 2021
(and that's all it needs to be)
Bitcoin would be a "big part" of the company's future, the Twitter CEO said at the second-quarter earnings call, while outlining the digital currency's potential to transform Twitter products and services. Referring to Bitcoin as a native currency of the internet, Mr Dorsey has highlighted the immense opportunities to integrate the cryptocurrency with existing Twitter products and services such as commerce, subscriptions and other new additions such as the Twitter Tip Jar and Super Follows.
As if to prove that his optimism about bitcoin is not merely academic, Jack Dorsey's financial services company Square first invested in the cryptocurrency in October and added bitcoin worth over $170 million in February this year.
More recently, Mr Dorsey launched a $23.6 million bitcoin fund with Jay Z. And Square has acquired a majority stake in Jay-Z's TIDAL music service, which could well mark a paradigm shift in the music industry as cryptocurrencies change the music industry as we know it. And just last Friday, Mr Dorsey announced that Square is looking at introducing a hardware wallet for bitcoin.
In the words of Mr Dorsey, Bitcoin along with Artificial intelligence and decentralization will be the key trends that will determine the future of Twitter.
Cryptocurrencies have been in circulation for around a decade now. Bitcoin is considered as the world's oldest and the most popular digital coin. It was launched in 2009 by an anonymous person (or group of persons) under the pseudonym “Satoshi Nakamoto.” Some other cryptocurrencies in common usage are ethereum (ETH), tether (USDT) and cardano (ADA). But the rapid rise in in the past one year have attracted immense investor traction towards cyyptocurrencies, transforming them into popular investment destinations now. In fact, bitcoin broke above the $40,000 mark on July 28 and seems poised to head to higher levels.
Elon Musk, tech tycoon and founder of pioneering companies such as SpaceX, Tesla, Boring Company, Neuralink and OpenAI has also been a prominent supporter of Bitcoin. He, however, later moved to Dogecoin due to environmental concerns surrounding bitcoin mining. But last week, Mr Musk announced that Tesla will start re-accepting bitcoin once it conducts the due diligence on its energy use.