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Twitter integrates Bitcoin into the Social Network

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Twitter integrates Bitcoin

Twitter integrates Bitcoin into the Social Network

Twitter integrates Bitcoin into the social network according to the founder of the company, Jack Dorsey. Bitcoin in his opinion 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 will be integrated into Twitter’s 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.

He noted that Twitter will not be the only service targeting digital asset adoption. Another major social network, Facebook, may implement the Diem digital currency, Dorsey said.

“If the network has a native global currency, we can develop our products much faster. This will enable us to reach every person on the planet, ” – Dorsey said.

Recall that Dorsey has long been talking about bitcoin as the best implementation of the Internet’s global currency. In 2020, he said that blockchain will determine the future of Twitter, and in June 2021, he did not rule out the integration of the second-level Lightning Network solution into the service.

Dorsey also serves as the CEO of payment systems company Square. 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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