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Twitter to use Bitcoin for payments, commerce

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Yesterday during Twitter’s earnings call, CEO Jack Dorsey, outlined Twitter’s use of Bitcoin just one minute into his opening remarks. He described the cryptocurrency as the internet’s “global native currency”.

He said it enables Twitter to move much faster with products like Super Follows, commerce, subscriptions and 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,” said Dorsey.

During the B-word conference on Wednesday, Dorsey hinted at this announcement, particularly the general commerce aspect. He said that if Bitcoin had existed “before Twitter started, it just creates so many different business models that we wouldn’t have to be so dependent on advertising generally.”

Dorsey elaborated that it wasn’t just about accepting cryptocurrency to pay for advertising. “I’m more focused on how do we create economic incentives in the network itself, without having to rely on advertising,” he said.

On the earnings call, the CEO also outlined the importance of more decentralized social media without directly mentioning the decentralized Blue Sky initiative he first discussed in December 2019.

Dorsey noted that it isn’t just Twitter that’s interested in the space, but also Facebook with its Diem project. However, Twitter’s focus will be on Bitcoin. “I do think it allows speed. It allows a lot more innovation, and it really opens up entirely new use cases for everyone out there,” he said.

The Twitter and Square CEO has been a vocal supporter of Bitcoin for some time and has tried to address some of the concerns about Bitcoin’s energy use by encouraging the use of renewables.

Last week Dorsey also announced that payments firm Square plans to launch decentralized financial services based on Bitcoin. Square launched its regulated banking arm Square Financial Services in March.