Twitter CEO Jack Dorsey Reiterates on Bright Future of Bitcoin Tipping

Twitter Inc (NYSE: TWTR) stock closed on October 27, 2021, trading at $54.81, down 10.78% from the day’s opening price. Today the stock is 0.47% down. Largely, the poor performance on Wednesday was attributed to third-quarter earnings results that missed analysts’ expectations. However, Twitter CEO Jack Dorsey reiterated that the newly introduced feature Bitcoin tipping is well poised to take the company to the next level.

Moreover, there is an insatiable demand for crypto-related payment channels to tip content according to Dorsey.

“It [Bitcoin tipping] allows for much more speed. Both tipping subscriptions are new. These are products that we want to make sure that again, we started small and we figure out the right product that people want to stick with and they’re evaluating every single day. And then we’ll roll them out to more and more people and scale it and continue to iterate on the product,” said he.

According to the Twitter CEO, the company began to implement the Bitcoin tipping feature on a small scale and is now seeking ways to expand it to its global market. The competition level in the social media industry could lead Twitter to the border of incorporating several digital assets as tipping currency.

Mind you there are more digital assets than there were five years ago and the level of adoption is on a higher scale. Twitter has seen the number of monetizable users rise by 13 percent to a 211 million YoY basis.

Worth noting, the social media giant was slapped with an $809 million fine following a five-year lawsuit that was settled recently. Notably, the lawsuit was filed  by Twitter investor Doris Shenwick claiming that the company’s executives “knowingly made inaccurate public statements regarding these metrics, and failed to disclose internal information about them, resulting in an inflated share price that fell when the truth about user engagement became known.”

Twitter Stock

Twitter stock has been consolidating for the past few months after setting a new ATH following years of a bear market. The social media giant that is heavily invested in Bitcoin, has seen a huge number of uses following the WallStreetBets incident at the beginning of the year.

According to market analytics provided by MarketWatch, TWTR stock has lost approximately 22.11%, 9.24%, and 16.19% in the last three months, one month, and five days respectively through Wednesday. However, long-term holders and Twitter investors have seen their portfolios grow by approximately 4.54%, and 1.22% in the past year and YTD respectively through Wednesday.

The company has a market capitalization of approximately $49.02 billion 797.97 million outstanding shares.