Elon Musk created quite a buzz in the cryptocurrency markets with his investments in some of the major cryptocurrencies. The influential investment led to a remarkable increase in bitcoin prices in February.
However, after his initial interest in Bitcoin, Musk quickly moved on to support bitcoin competitor Ethereum and the meme-based crypto Dogecoin which consequently led to a drop in the bitcoin rates.
Jack Dorsey, chief executive of Twitter, says that sooner rather than later, Twitter or its decentralized project BlueSky will integrate bitcoin payments. Dorsey has been a long-time bitcoin-backer and being in such a high position makes him an influential investor. He implied this future move in response to a bitcoin fan account on Twitter who suggested an integration of the bitcoin lightning into BlueSky or Twitter.
Bitcoin can be sent via payment protocols which are built on top of the blockchain with the lightning network. The network helps the blockchain network scale, increase transaction speed, and reduce fees. The increased interest in the lightning network was due to the news that El Salvador will be using it to make bitcoin online spending easier. Bitcoin is listed along with the official currency alongside the US dollar.
Jack Dorsey told the Bitcoin 2021 Conference in Miami that he would be working on improving the bitcoin code if he was not with Twitter and Square. He stated that Twitter has not been friendly towards bitcoin.
Dorsey tweeted in response to an influential US senator who called for canceling wasteful cryptocurrencies that have a negative impact on the environment. He said that bitcoin can be called useless if you believe that the cryptocurrency doesn’t shift the power from financial firms to the global population.
US senator Elizabeth Warren also stated that cryptocurrencies use powerful energy resources to solve mathematical problems that have no value.
The Twitter chief executive is a long-time bitcoin backer and abstains from talking about or investing in any other cryptocurrency alternatives. He refers to dogecoin, ethereum, and altcoins as Elon Musk’s pet projects. He added almost 8,000 bitcoin to the corporate treasury of Square which was worth, at that time, almost $170 million.