Twitter CEO Jack Dorsey is hinting that the micro-blogging social media platform may integrate the Bitcoin "layer 2" payment system called Lightning Network.
Twitter CEO Jack Dorsey on Bitcoin
Dorsey is a big proponent of the giant cryptocurrency. Most of his tweets have been in support of Bitcoin, and even his Twitter bio is simply "#bitcoin." As Forbes put it, Dorsey has replaced Elon Musk as BTC's new billionaire champion.
In the Bitcoin 2021 conference last week, Dorsey told the packed crowd that if he wasn't in Square or Twitter, he would be working on Bitcoin. Square is Dorsey's financial services and digital payments company.
Last year, he added around 8,000 Bitcoin, estimated to be worth $170 million at that time, to Square's corporate treasury.
While Elon Musk has denounced his support for Bitcoin and now focusing on the meme cryptocurrency Dogecoin and being the token's champion, Dorsey has more than embraced his role of propelling the already o. 1cryptocurrency to cement its position at the top.
The CEO posted a photo on his Twitter account saying Sphinx Chat is "so great" on Thursday. The application is Lightning Network-powered and his followers were quick to reply with requests for Lightning Network to be integrated to Twitter as well.
Dorsey replied to one user saying it's "only a matter of time" before Twitter or Bluesky, the project focused on decentralizing Twitter, builds the cryptocurrency into its platform.
Only a matter of time— jack (@jack) June 11, 2021
Bitcoin Lightning Network
What the Lightning Network does is it allows Bitcoin to be sent via a payment protocol built on top of the Bitcoin blockchain and speeds up transactions, reduces fees, and helps the network scale, Forbes explained.
Aside from its use in Sphinx Chat, it's also popularly used for payment solutions like Strike, CryptoBriefing said.
Though Dorsey's tweet wasn't much to go off of, to say that Twitter could one day extend support for Bitcoin isn't too far of a reach. After all, CEOs do have a lot of say on how their cryptocurrency support bleeds into their businesses.
Square has already integrated Bitcoin-related business into their company. Aside from some 8,000 bitcoins in Square's treasury, the company is also investing in solar-powered Bitcoin mining and weighing up launching a hardware wallet where Dorsey says they will be consulting the cryptocurrency community for feedback.
Twitter is also rumored to announce that it had added Bitcoin to its balance sheet in February, CryptoBriefing adds.
"…useless complicated math problems…"@SenWarren if you believe #bitcoin doesn't ultimately shift power from banks & corporations (the ones you fight!) back to the people globally…you're right…useless. If instead you want to help us decentralize that power…math is critical. https://t.co/vKLzICFUVV— jack (@jack) June 11, 2021
Bitcoin Price Prediction: Value Going Up?
Like Elon Musk's influence over Dogecoin prices, Dorsey's support for Bitcoin has effects on the trends of the BTC market. Since the Bitcoin prices dipped due to Musk falling back on his support, and the government crackdown on the mining for the token because of its environmental consequences, BTC investors and traders are looking for any way to keep its prices high and stable.
With the proposition of Bitcoin integrating into one of the top social media platforms on the internet, and with its CEO's unwavering support both in words and deeds, Bitcoin supporters are hopeful that prices are to rise up again.