Tesla CEO Elon Musk asked Twitter CEO Jack Dorsey if the social media platform would accept advertisers paying with Bitcoin, and Dorsey has yet to give a clear answer on that.
Tesla CEO Elon Musk (left) and Twitter CEO Jack Dorsey (right)
Musk and Dorsey appeared together on Wednesday at a virtual Bitcoin conference called “The B Word”. Moderator Steve Lee asked each of them how they show their support for Bitcoin through advertising. Initially, Dorsey said he focused on decentralization through both payment company Square and Twitter, with the aim of building new decentralized social media protocols within the Bluesky project.
But this answer doesn’t seem to please Elon Musk. He asked:
“How about if Twitter advertisers pay with crypto?”
Dorsey’s response was very supportive but didn’t say whether Twitter will accept Bitcoin. He said that if cryptocurrency came out early on Twitter, it might not need advertisers.
“If Bitcoin, or the local currency, showed up before Twitter launched, we wouldn’t have to rely on advertisers because it has already created so many business models. The problem is entirely possible as we accept any form of payment that advertisers request. But I would like to focus on how to create economic incentives within the network itself without having to rely on advertising. “
Musk replied that the more Bitcoin can pay for real services, the more powerful it gets.
“It looks like the adoption of Bitcoin and even some other cryptocurrencies as a means of payment for ads on Twitter will complement this.”
Dorsey replied: “100%”.
Musk continued his question and asked Dorsey again if he would recommend Bitcoin as a payment option, but Dorsey didn’t answer.
In March of this year, Tesla announced that it would accept payments in Bitcoin. But history changed in May when the company announced it would no longer accept Bitcoin until mining became more environmentally sustainable.
Musk made it clear in June that bitcoin payments could be reinstated in the company if there is evidence that bitcoin miners are using at least 50% renewable energy for mining.
Dorsey announced last week that his payment company Square is building a new business to help Bitcoin developers develop financial services products. Dorsey says the company’s name is “TBD” – but it’s unclear if that’s the real name or is under review.
According to Business Insider
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