Bitcoin Key To Twitter's Future, Says Jack Dorsey

Twitter Inc. TWTR CEO Jack Dorsey said Thursday on the earnings call that apex cryptocurrency Bitcoin BTC/USD will be a “big part” of the company’s future.

What Happened: Dorsey said that Bitcoin’s integration into Twitter will enable his company to move faster with products such as e-commerce, subscriptions, Tip Jar and Super Follows. He believes Bitcoin is the "best candidate" to become the native currency of the Internet.

See also: How To Buy Bitcoin (BTC)

Dorsey is also the founder of payments company Square Inc. SQ, which has invested in the apex cryptocurrency.

At the "B Word" Conference on Wednesday, Dorsey spoke of how Twitter and Square will use Bitcoin, and also his grand ambitions for Bitcoin. Dorsey said he has a role to push for more decentralization and supporting Bitcoin.

See Also: Snap, Twitter Surge On Q2 User Growth, Revenue Beats

Why It Matters: Dorsey, a big supporter of Bitcoin, has stressed the importance of taking custody of the apex cryptocurrency by users. He confirmed earlier this month that Square will build a Bitcoin hardware wallet. 

Earlier this year, Square funded two developers’ work on BTC block explorer Mempool.space with a $100,000 grant.

In February, Dorsey and rap star Jay-Z announced a $23.56 million endowment to a trust fund that will fund the development of Bitcoin in Africa and India.

Price Action: Bitcoin is up 2.1% during the last 24 hours, trading at $32,707.65 at press time.

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