Twitter CEO Jack Dorsey Praises Bitcoin, Calls It ‘Future’ Of Company Security

By Landon Manning

Twitter co-founder and CEO and longtime Bitcoin advocate Jack Dorsey has added to his praise of the cryptocurrency and its underlying blockchain, saying it is the future of security and other protocols on the social media platform in wake of recent hacks.

Dorsey has been a persistent advocate for the possibilities of Bitcoin for quite a while now, saying it was 10 years away from being the world’s single currency in 2018 and calling it the “best” of all available cryptocurrencies earlier in September 2020. And, later that same month, Dorsey made more specific and motivated predictions about some parts of Bitcoin’s future, particularly those parts he can take advantage of at Twitter.

The key to understanding Dorsey’s new statements on Bitcoin is to see how the advantages of a decentralized, trustless, secure platform that anyone can contribute to unfolded in a way very close to him. In July 2020, Twitter suffered its worst security breach ever, which first targeted prominent crypto-related accounts before moving to as diverse and high-profile targets as Apple, Kim Kardashian and even former U.S. President Barack Obama, among many others. This scam saw these high-profile accounts tweet out a rudimentary phishing scam for Bitcoin. The hackers pursued individual Twitter employees as points of vulnerability in Twitter’s system, using a social engineering scheme to break through the site’s two-factor authentication.

On September 29, 2020, Dorsey made an appearance at the Oslo Freedom Forum, where he said that Bitcoin and its underlying blockchain technology are the future of Twitter as a platform. He claimed that “the whole spirit of Bitcoin is to provide a trusted system in a distrusted environment, which is the internet,” according to Forbes, and that this trustless approach is the cure to hacks aimed at the very human weak points of Twitter.

Dorsey praised the possibilities offered by a trustless system, saying that, although “security is not anything that can ever be perfected, it’s a constant race,” security on the platform will increase as long as “the keys will be more and more in the hands of the individual.”

In addition to laying out some of the first steps he will be taking to help inoculate this new mode of thinking into Twitter’s DNA, Dorsey has continued to make pro-Bitcoin statements on topics largely unrelated to his company’s wellbeing. On October 1, 2020, Dorsey made comments on Coinbase’s statement that the company will take no political position on current events, as they are “irrelevant” to Coinbase’s operation.

In direct response to this statement, Dorsey tweeted that “Bitcoin is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society,” and that rejecting the inherently political nature of the technology “leaves people behind,” according to Modern Consensus.

His tweet went on to say that it is “Important to at *least* acknowledge and connect the related societal issues your customers face daily.”

Although largely unrelated to the functions of Twitter, this once again shows that Dorsey’s interest in the power and possibilities of Bitcoin has not diminished in the slightest. With the will and determination to make broad changes to Twitter’s DNA, Dorsey could end up providing a very major new use case for Bitcoin and all blockchain technology in the near future.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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