Internet needs a native currency like Bitcoin: Twitter CEO

The online world needs a global currency, and our focus is on Bitcoin because with this cryptocurrency, we can reach every single person on the planet, Twitter CEO Jack Dorsey has stressed.

A staunch supporter of Bitcoin, Dorsey said that the world of cryptocurrency allows speed, a lot more innovation and opens up entirely new use cases.

"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," Dorsey said during the Q2 investors' call on Thursday.

"There are three trends relevant to Twitter and our shareholders. AI, decentralisation and the Internet, finally having access to a global native currency in Bitcoin. All these will help us do our jobs better and we intend to lead the way in each," he emphasised.

In Q2 2021, Twitter saw its revenue reached $1.19 billion, an increase of 74 per cent (year-over-year).

The micro-blogging platform now has 206 million average monetisable DAU (mDAU) in Q2, up 11 per cent.

"As we enter the second half of 2021, we are shipping more, learning faster, and hiring remarkable talent. There's a tremendous opportunity to get the whole world to use Twitter," said Dorsey.

Dorsey and rap artist Jay-Z recently announced to invest 500 Bitcoins (approximately Rs 174 crore) in an endowment to fund Bitcoin development with a focus on India and Africa.

For Dorsey, Bitcoin is like poetry and that he sees ample opportunity for Bitcoin to bring about a sea change in the world.

"Most people access the internet on mobile. Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people," he had said.

He has announced plans to consider making a hardware wallet for Bitcoin for the customers of its digital payments services company Square.