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Jack Dorsey sees Bitcoin as a prominent part of Twitter’s future expansion

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  • Twitter hasn’t been critical of cryptocurrencies as the CEO made efforts to integrate BTC.
  • The integration of BTC with the Twitter platform resulted in Twitter Tip Jar.
  • Jack Dorsey, the man behind Twitter, has revealed that a future of Twitter integrated with BTC exists.

Jack Dorsey, the current Chief Executive Officer of Twitter, has revealed much about his plans of integrating Bitcoin with the platform. This is indeed a new concept that is still in the works. The recent introduction to Twitter Tip Jar was just a peek into the future, it seems.

In the recent Q2 earnings call, the CEO revealed that in the near future, there are plans to change the way Twitter functions with the help of Bitcoin integration and expansion into Twitter’s products and subscriptions like Super Follows.

Jack Dorsey considers BTC as the currency of the people

Jack Dorsey has revealed that his and the company’s primary eyes have been set on integrating Twitter with Bitcoin and giving the users of the platform what they want. This is the first instance that the CEO has publicly revealed his intentions regarding cryptocurrencies.

Twitter revealed that it would be giving off 140 NFTs at no cost to people on Twitter, and this is a sign that the CEO has already planned great things in mind. It seems that Jack is taking crypto to the moon.

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Twitter is not alone

Twitter is not the only social media platform that is coming up with the idea of integrating Bitcoin and other cryptocurrencies with their platform. Facebook is also preparing for the launch of Diem crypto.

The Diem crypto is a stablecoin that will be integrated with Facebook Pay. The difference between Twitter and FB is that the former is looking to implement Bitcoin as a native internet open standard.

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Crypto Traders Most Bullish on Polkadot, Solana, Polygon and 10 Additional Altcoins: Digital Asset Survey

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A new survey unveils that crypto traders are most bullish on 13 altcoins including Polkadot, Solana and Polygon.

The Real Vision Exchange Crypto Survey is designed to track sentiment among investors by allowing participants to scan 30 tokens and choose if they want to have an overweight or underweight allocation for each one. The survey was conducted by Real Vision Bot, which was created by two independent developers and boosted by macro guru Raoul Pal.

Results from voting that happened on the first two days of this week indicate traders prefer an overweight portfolio consisting of smart contract platforms Polkadot (DOT) and Solana (SOL), as well as Ethereum-scaling solution Polygon (MATIC).

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The scalable and interoperable ecosystem Cosmos (ATOM) is fourth on the list, and smart contract platforms Terra (LUNA) and Cardano (ADA) appear tied for fifth. Traders also have overweight allocations for decentralized oracle network Chainlink (LINK), Ethereum competitor Avalanche (AVAX), Ethereum-based token Enjin Coin (ENJ) and decentralized exchange Uniswap (UNI) for the sixth, seventh and eighth places, respectively.

Tied in ninth place are cross-border payment solutions Stellar (XLM) and XRP, as well as decentralized storage network (FIL).

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Source: RealVisionBot/Twitter

Real Vision Bot clarifies that the participants are not necessarily holding the cryptocurrencies that they voted for.

“They can of course vote according to their own positions, but also just based on their sentiment or forward looking. There are many reasons why the own book might not be 1:1 the preferred allocation.”

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Bitcoin (BTC) is conspicuously absent from the list. Pal highlights that the community is responsible for that absence.

“It’s not us – it’s the community who makes the allocation… You guys, to be exact.

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Morgan Stanley CEO: Crypto Won’t Go Away

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Morgan Stanley’s boss is bullish on cryptocurrency but says that demand is scanty so far

Morgan Stanley CEO James Gorman sounded upbeat about cryptocurrencies during the bank’s third-quarter earnings call, claiming that the industry will not go away:

I don’t think crypto’s a fad. I don’t think it’s going to go away.

Morgan Stanley was the first major U.S. bank to grant its wealthy clients access to Bitcoin funds in March.

So far, Gorman does not see a lot of client demand for Bitcoin, but he does not rule out that crypto may start playing a bigger role in its business:

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For us, honestly, it’s just not a huge part of the business demand for our clients. That may evolve and will evolve with it, but certainly it’s not what’s driving our economics one way or the other.

Shares of Morgan Stanley (MS) are up 44% since the start of 2021.

The bank’s investment revenue crushed analysts’ estimations in the third quarter of 2021, reaching $2.85 billion.

Not siding with Dimon

Gorman’s views on Bitcoin diverge from those of JPMorgan CEO Jamie Dimon. While the Morgan Stanley head refrained from making specific price predictions, he opined that the largest cryptocurrency would be here to stay:

I don’t know what the value of Bitcoin should or shouldn’t be. These things aren’t going away.

As reported by U.Today, Dimon caused quite a stir by claiming that Bitcoin is worthless.

While the Bitcoin price is already immune to Dimon’s oft-repeated critiques, his caustic comment certainly did not go unnoticed by the crypto community and market observers.

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A divisive comment

There are some powerful Wall Streeters who share Dimon’s sentiment. Larry Fink, CEO of asset management juggernaut BlackRock, recently said that he was more in the Dimon camp.

Gorman is not the only banker who disagrees with Dimon on Bitcoin. Bill Winters, CEO of Standard Chartered, recently opined that cryptocurrency assets could serve as a hedge against inflation:

There’s a role for non-fiat currencies, especially when parts of the market are concerned about inflation—and there’s good reasons to be concerned about inflation.

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China Crypto Ban: World’s largest Bitcoin mining pool to block IP access from mainland China

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The latest update in the Chinese crypto ban saw the world’s largest Bitcoin mining pool, Ant Pool give in to the regulatory crackdown and announced blocking IP access in mainland China, effective from 15th October. Additionally, amid a global crypto takedown, Ant Pool has also revealed the upcoming launch of its exclusive KYC verification system to further comply with crypto regulations of various countries.

Since the reveal about the Chinese government’s tracking of IP addresses to filter out illicit crypto mining activities in the country, there have been several shutdowns of unregistered mining farms along with registered giants taking steps to comply with the authorities. Earlier this week, the largest Bitcoin mining equipment manufacturer in China, Bitmain announced that it will stop shipping any more Antimers to the country from October 11, in lieu of the ongoing crypto crackdown, that is specially focused on Bitcoin mining.

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“Actively responding to the local government policies of the company’s entities has been Bitmain’s business strategy all along…Strictly abide by the laws and regulations of the locations of the company’s entities is the operating principle that Bitmain has always adhered to. From October 11, 2021, Antminer will stop shipping to mainland China (excluding Hong Kong and Taiwan). For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”, stated the Press Release.

China Crypto Ban nears end as government succeeds shutdown of crypto businesses

However, the Chinese government has no plans to stop unless the crypto industry has completely vanished from the face of China. According to CoinGape’s recent coverage, China’s authoritarian government is now planning to add crypto mining to the “Negative List” of industries. This would mean that the crypto mining industry will be banned or restricted from any investment from both, mainland China investors as well as foreign investors.

The Chinese crypto ban appears to be near the end as more than 20 crypto firms and exchanges announced the suspension of crypto services in the country. Furthermore, foreign crypto exchange giants including Huobi, OKEx, and Binance have also announced the closure of all services by December.

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