Founder of twitter Jack Dorsey and CEO of Tesla Elon Musk discussed about crypto currencies, wallet and payments on wednesday at ₿word.
Dorsey said he thinks it’s an important focus for Twitter, as well. “My biggest focus right now is on a decentralized social media protocol,”
Elon Musk predicted that Tesla is more likely to restart accepting payment in Bitcoin. Dorsey also stated that the current system in place for advertisers on Twitter would be different if a digital currency had been in place at the time of Twitter’s launch.
Jack Dorsey, whose Square digital payments company recently revealed plans for a bitcoin wallet, said he believes in bitcoin as a method to lower transaction costs and enhance people’s lives. He sees bitcoin as a “native currency” for the internet, allowing more individuals to make cross-border payments and supporting a variety of online business models, which according to him creates so many potential economic models for Twitter, such as reducing its reliance on advertising.
After Musk explained why he believes it is important for individuals to have private keys to their crypto wallets, Dorsey said he views his role as it relates to digital currency as continuing to push for “more decentralization.
“We can’t just think of this as an asset we own and an investment vehicle; it has the potential to transform everything and make everyone’s life better in some little, maybe marginal way,” he said.