Twitter integrates bitcoin into the social network

According to the founder of the company Jack Dorsey, bitcoin is the best candidate for the role of the global currency of the Internet and will be integrated into the products and services of the social network.

Twitter founder Jack Dorsey said the social network will support Bitcoin, TechCrunch reports .

The first cryptocurrency(Bitcoin) will be integrated into Twitter existing products and services, including paid subscriptions, commerce, and the ability to support authors, Dorsey said.

Bitcoin is the best candidate for the global currency of the Internet, Dorsey said.

“There is an obvious need for this. I think an open standard that is native to the internet is the right way to go. Therefore, our focus will ultimately be on bitcoin, ”said the founder of Twitter.

Dorsey also serves as CEO of payment systems company Square.

Oh man, Jack Dorsey says he thinks Bitcoin is key to Twitter’s future. Says it will “ensure people and companies can freely trade goods and services anywhere on the planet”

— Alex Weprin (@alexweprin) July 22, 2021

“I think it is hugely important to Twitter and Twitter shareholders that we continue to look at this space and invest aggressively into it. There is an obvious need for this, an appreciation for it. An open standard, which is native to the internet, is where it should go.”

— Alex Weprin (@alexweprin) July 22, 2021

In early May, Square published a financial report for the first quarter of 2021, according to which the income from investments in bitcoin was $ 3.5 billion.

Square last invested in bitcoin in February 2021. Then the company bought a cryptocurrency for $ 170 million at an average price of $ 51 thousand.

Before that, it bought bitcoin in October 2020. Cryptocurrency now accounts for about 5% of Square’s total reserves.

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