Share Prices of Twitter Experience a Surge Following Comments from Jack Dorsey
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As per the latest reports, the share prices of Twitter just experienced a rise. The surge in the price of Twitter was observed on Friday, July 23, 2021. There were two major reasons why the share prices of Twitter went up.
The first reason was the earnings report shared by the CEO of Twitter, Jack Dorsey for the second quarter of 2021. The second reason was the comment and statement made by Jack Dorsey endorsing Bitcoin (BTC).
When it comes to sharing the earnings for the second quarter of 2021, Dorsey revealed that the platform had made higher earnings than expected for the second quarter of 2021.
Dorsey revealed that Twitter had performed much better than it was expected of it. After the earnings report was shared by Jack Dorsey for the second quarter of 2021, the share prices for Twitter in the premarket trading went up by 5%.
Jack Dorsey revealed that the earnings they achieved were much higher than what had been predicted by the analysts in the forecasts. Based on the earnings made in the second quarter of 2021, Dorsey revealed that the analysts had even increased the earnings targets for the third quarter of 2021.
Dorsey revealed that initially, the analysts had predicted that the revenue generation would be around $1.17 billion at max. Given the performance and earnings they have achieved in the second quarter, they have increased the revenues for the current quarter. After the necessary changes, the new targets are between $1.22 billion and $1.30 billion.
Furthermore, Dorsey also endorsed Bitcoin while sharing the earnings report for the 2nd and 3rd quarters of 2021. He went on to speak about the future of Twitter in the upcoming months and years. He stated that Bitcoin is bound to play a huge (key) role in the growth of Twitter.
He revealed that in near future, Twitter plans to expand its services and provide users access to decentralized finance assets and payments. He stated that the aim of his team is to introduce Bitcoin as a decentralized finance product to the users for better utilities and options for trades.
As a result of the statement made by Dorsey, the prices for Bitcoin as well as altcoins went up. Since Dorsey made the statement supporting Bitcoin, the price of Bitcoin has experienced a 1.81% increase in its price. At the time of writing, the price of Bitcoin is hovering at $34,429.15.
He stated that just like the real world, the internet needs a native currency. Currently, there are more than 11,000 cryptocurrencies on the internet, which is extremely high. Therefore, it is hard to decide which currency would be designated as the native currency.
If the internet industry does decide on a native currency, then it would mean that users would have access to a number of useful products. Some of these useful products would be Tip Jar, Subscriptions, Commerce, Super Follows, and the ability to reach out to every user in the world. He stated Bitcoin with its current market presence and adoption level could be that native currency.
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