Twitter chief Jack Dorsey is not letting up on his Bitcoin (BTC) and blockchain evangelism, describing the novel tech as the future of the microblogging platform.
Twitter on the Blockchain
Appearing at the Oslo Freedom Forum 2020, Dorsey remarked:
“Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it”
According to the Twitter CEO, Bitcoin builds upon the foundational ethos of the internet, which is the creation of a trustless and distributed ecosystem. Indeed, if the emergence of the internet eliminated information friction, an argument could be made for Bitcoin being on its way to removing economic and monetary friction.
For Dorsey, the ultimate goal is for Twitter to transition to a public blockchain architecture, thus making the popular microblogging service a wholly open protocol. Commenting on such plans, the Twitter chief added:
“We’ll focus on becoming a client of it [the planned blockchain] so we can build a compelling service and business where anyone can access and anyone can contribute.”
A move towards an open Twitter is in keeping with Dorsey’s recent activities in ensuring easier access to technology. As previously reported by CryptoPotato, Dorsey’s financial services firm, Square, recently established a non-profit organization to fight against crypto patent trolls.
Dorsey’s endorsement of a possible Twitter migration to a blockchain-based framework comes as the company is looking to revamp its security protocol. Back in July, hackers took control of several high-profile Twitter accounts to engineer a crypto scam. With the 2020 U.S. Presidential election only a few weeks away, the onus is on Twitter and other social media services to adopt even more robust security measures.
The Twitter CEO waxing lyrical about Bitcoin is not a new occurrence. Dorsey is known to hold positive sentiments about the largest crypto by market capitalization.
Will Dorsey Commit Twitter Funds to Bitcoin?
While Dorsey is a strong Bitcoin proponent, it remains to see if the Twitter CEO will invest the company’s funds directly in it. Back in August, Microstrategy bought $250 million worth of Bitcoin, making the flagship cryptocurrency its main reserve.
Shortly after the first buy, MicroStrategy bought another $175 million worth of Bitcoin, bringing the total number of the company’s BTC stash to 38,250 bitcoins. Two other Canadian businesses also made Bitcoin purchases. With concerns over the future of cash amid infinite quantitative easing, hard assets like Bitcoin might become more ubiquitous in the treasury reserves of major corporations.