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Twitter Founder Tells Bitcoin The Open Standard For Fund Transfer

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HIGHLIGHTS :

  • He Says Bitcoin Could Soon Be the Native Currency of the Internet
  • The price of bitcoin has dropped significantly in the past few weeks
  • Dorsey is expanding its services to its online payments firm Block

Block last year allowed Cash app users to exchange bitcoin and stocks as gifts during the holiday season.

He Says Bitcoin Could Soon Be the Native Currency of the Internet

Jack Dorsey, the founder of micro-blogging site Twitter, has reiterated his support for Bitcoin. He has described it as an open standard for global fund transfer. Along with this, he said that bitcoin will soon serve as the native currency for the Internet.

“We’re not just a payments platform. The company has changed a lot,” Dorsey said during an event at his online payments firm Block. Block has expanded its services to include crypto and music streaming. Dorsey plans to integrate bitcoin-related services with Block’s app. However, bitcoin, along with other cryptocurrencies, has suffered a steep decline over the past few weeks. At the time of publishing this report, the price of bitcoin was around $29,130. Bitcoin made a high of $67,567 in November last year.

The price of bitcoin has dropped significantly in the past few weeks

Block late last year allowed users of the Cash app to exchange bitcoin and stocks as gifts during the holiday season. The first tweet by Dorsey was sold as NFT last year for $2.9 million. Its holder Sina Estavi tried to resell it in early April but got the highest bid for only $280. This shocked the people associated with the NFT segment.

Dorsey is expanding its services to its online payments firm Block

To sell this NFT, Estavi paid a price of $ 48 million on the OpenSea NFT Marketplace. He also told that he will give half of the amount received from this to the charity organization Give Directly. However, he was surprised to see that only seven people bid for it and the highest of them was $280. This also raised questions regarding the NFT segment. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated.

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