Jack Dorsey Insists Bitcoin Is Part Of Twitter's Future As It Records $1.19bn Revenue in Q2

Twitter CEO Jack Dorsey has affirmed to investors that bitcoin will be a “big part” of the company’s future.

Dorsey said during an investors' call that he sees opportunities to integrate the cryptocurrency into existing Twitter products and services, including commerce, subscriptions, and other new additions like the Twitter Tip Jar and Super Follows.

This is not the first time Dorsey is referencing Bitcoin as he has been a staunch advocate of this digital currency. It is however the first time that he is specific about its application. “If the internet has a native currency, a global currency, we are 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 said.

He touted bitcoin to investors on Twitter’s second-quarter earnings call, saying it could help the company move faster in terms of its product expansions while explaining that it was the “best candidate” to become the “native currency” of the internet. Incidentally, Square’s $50 million in bitcoin purchased in 2020 was worth $253 million by February 2021, and it purchased an additional $170 million earlier this year.

Earlier this week, the Twitter CEO was hosted in a B-Word Conference, where the future of bitcoin was discussed along with Ark's Cathie Wood and Tesla's Elon Musk.

The microblogging giant went on to release its earnings report on Thursday where it declared a total revenue of $1.19 billion.

Twitter’s revenue grew by 74% compared to the $683 million that was posted in Q2 2020, showing that the company has found its footing amid the pandemic storm.

The company's shares also rose as much as 9% on Thursday evening after the release of its Q2 2021 earnings report.

Twitter's revenue growth beat the forecasts of several analysts. According to Refinitiv, analysts expected Twitter to post revenue of $1.07 billion but it over-delivered with $1.19 billion. After losing $1.38 billion in the second quarter of 2020, the company recorded a profit of $65.6 million.

The capital gains that will be distributed to each shareholder also surpassed what analysts expected. Each shareholder will earn 20 cents per share instead of the 7 cents per share that were expected.

The company's growth followed the introduction of a series of features that are designed to help more people find new reasons to use the platform which are  Tip Jar, Ticketed Spaces, and Super Follows.