Twitter CEO Jack Dorsey laid out his vision for the future of the social media platform this week, highlighting three specific technologies that he believes will play an important part of how the company develops in the coming years.
Those technologies are Bitcoin, AI and decentralisation. According to TechCrunch, Dorsey noted that these technologies can help Twitter realise some of its plans with regard to ecommerce, subscriptions and more.
The CEO espousing the potential of cryptocurrency as a disruptive force should come as no surprise, however, with Dorsey and Jay Z backing a Bitcoin-focused venture earlier this year. Bitcoin even features in the CEO’s Twitter bio, so it is clearly an area he has quite a bit of interest, even going so far as to pitch the value of crypto to investors during a second quarter earnings call, TechCrunch confirms.
“If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subscriptions, 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,” Dorsey told investors.
“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 more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it,” he added.
This is not the first time that a big tech firm has eyed up the potential of crypto and what a decentralised platform could mean for those wanting to transact freely online. In 2019 Facebook announced a similar plan with Libra, but in the following years it has been met with significant regulatory push back.
Whether Twitter would suffer a similar fate if it went down the same route remains to be seen, but for now it looks like Jack Dorsey is intent on Twitter expanded beyond micro blogging and making a mark in the ecommerce space via cryptocurrencies.
[Source- TechCrunch]
[Image – Photo by Jeremy Zero on Unsplash]
