Jack Dorsey Explains Why His and Twitter’s Focus Should Be on Bitcoin During Q2 2021 Earnings Call

On Thursday (July 22), Jack Dorsey, the CEO of micro-blogging platform Twitter (NYSE: TWTR), talked about Bitcoin during his company’s Q2 2021 Earnings Conference Call.

Yesterday, Twitter announced its financial results for Q2 2021. According to Twitter’s press release, Q2 revenue was $1.19 billion, which is an increase of 74% year over year, and Q2 net income was $66 million.

Then at 18:00 (Eastern Time), Twitter had its Q2 2021 Earnings Call, which was hosted by Krista Bessinger, VP of Investor Relations.

According to a transcript of the earnings call by The Motley Fool, here is what Dorsey had to say when asked by JPMorgan analyst Doug Anmuth how Dorsey sees Bitcoin becoming “deeply integrated” into Twitter.

Dorsey replied:

“If the Internet has a native currency, a global currency, we are able to move faster with products such as Super Follows, e-commerce, Subscription, Tip Jar and we can reach every single person on the planet because of that and sort of going down a market by market by market approach. I think this is a big part of our future.

“I think there is a lot of innovation above just currency to be had, especially as we think about decentralizing social media mark and providing more economic incentive.So I think it’s hugely important to Twitter and Twitter’s shareholders that we continue to look at this space and invest aggressively in it, and we’re not alone here.

“I mean look at what Facebook has tried to do with Libra or DM, not sure what they’re calling them right now, but there is an obvious need for this and appreciation for it, and I think in open standard, that’s [Indecipherable] is the right way to go, which is why my focus and our focus should be on Bitcoin.

“So I do think it allows speed, it allows a lot more innovation and it really opens up entirely new use cases for a [Indecipherable].”

Last Thursday (July 15), Dorsey, who is also the CEO of payments solutions provider Square, made an interesting announcement that provider further demonstration of his commitment to the success of Bitcoin and its ecosystem.

Dorsey revealed on Twitter that Square is creating a new division (with a name to be determined in the future) that has as its main goal the building of a Bitcoin-focused open developer platform that will make it easier to build decentralized financial services. He went on to say everything about this “new business” would be done in a completely open/transparent manner:

He also explained how this new division of Square would be different from the existing division Square Crypto:

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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