Tag: Twitter Inc

Twitter CEO, BFSI News, ET BFSI

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San Francisco: The online world needs a global currency, and our focus is on Bitcoin because with this cryptocurrency, we can reach every single person on the planet, Twitter CEO Jack Dorsey has stressed.

A staunch supporter of Bitcoin, Dorsey said that the world of cryptocurrency allows speed, a lot more innovation and opens up entirely new use cases.

“If the Internet has a native currency, a global currency, we are able to move faster with products such as Super Follows, e-commerce, Subscription, Tip Jar and we can reach every single person on the planet,” Dorsey said during the Q2 investors’ call on Thursday.

“There are three trends relevant to Twitter and our shareholders. AI, decentralisation and the Internet, finally having access to a global native currency in Bitcoin. All these will help us do our jobs better and we intend to lead the way in each,” he emphasised.

In Q2 2021, Twitter saw its revenue reached $1.19 billion, an increase of 74 per cent (year-over-year).

The micro-blogging platform now has 206 million average monetisable DAU (mDAU) in Q2, up 11 per cent.

“As we enter the second half of 2021, we are shipping more, learning faster, and hiring remarkable talent. There’s a tremendous opportunity to get the whole world to use Twitter,” said Dorsey.

Dorsey and rap artist Jay-Z recently announced to invest 500 Bitcoins (approximately Rs 174 crore) in an endowment to fund Bitcoin development with a focus on India and Africa.

For Dorsey, Bitcoin is like poetry and that he sees ample opportunity for Bitcoin to bring about a sea change in the world.

“Most people access the internet on mobile. Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people,” he had said.

He has announced plans to consider making a hardware wallet for Bitcoin for the customers of its digital payments services company Square.



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Square plans to make hardware wallet for bitcoin, BFSI News, ET BFSI

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– Square Inc will make a hardware wallet for bitcoin, the payments company confirmed in a tweet on Thursday shortly before U.S. Senator Elizabeth Warren flagged growing risks posed to consumers and financial markets by the cryptocurrency market.

Bitcoin wallets can be stored offline or online at cryptocurrency exchanges, venues where bitcoin can be bought and sold for traditional currencies or other virtual coins.

With a non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours. With a custodial wallet, another party controls your private keys. Most custodial wallets are web-based exchange wallets.

“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream…”, Jesse Dorogusker, head of hardware at Square said in a twitter thread https://bit.ly/2TUta9H.

Many companies have emerged to serve a growing need to protect their assets from online theft.

Last month, Chief Executive Officer Jack Dorsey hinted in a tweet https://bit.ly/36prSGA that the company was considering creating a non-custodial hardware wallet for bitcoin. Dorsey is also the chief executive of Twitter Inc.

Cryptocurrencies reached a record capitalization of $2 trillion in April, but U.S. oversight of the market remains patchy.

Warren, a former U.S. presidential candidate, on Thursday raised concerns in a letter to Securities and Exchange Commission Chair Gary Gensler, in an effort that could help lay the groundwork for legislation to regulate the fast-growing cryptocurrency market.



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Elon Musk sends bitcoin tumbling with shock u-turn on payments, BFSI News, ET BFSI

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Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases with Bitcoin, triggering a slide in the digital currency.

In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy intensive. He also said the company won’t be selling any of the Bitcoin it holds.

The largest cryptocurrency dropped as much as 15% in Asian trading, sliding below $50,000, before paring some of the drop. It was down about 8% to $50,190 as of 10:53 a.m. in Tokyo. The were reports of outages at digital-token exchanges as people rushed to sell.

Musk’s move comes after Tesla disclosed in February that it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment. That announcement added legitimacy to the cryptocurrency as an increasingly acceptable form of payment and an investment, especially coming from a large member of the S&P 500 with a high-profile CEO who commands a big following among retail investors and the general public.

Tesla’s website, which had a support page dedicated to Bitcoin, noted that Bitcoin was the only cryptocurrency that Tesla accepts in the continental U.S. Musk has also tweeted frequently about Dogecoin, a cryptocurrency started as a joke in 2013 — and he quipped about being the “Dogefather” before and during his stint hosting the “Saturday Night Live” show on May 8. He tweeted on Tuesday, “Do you want Tesla to accept Doge?”

Tesla’s addition of Bitcoin to its balance sheet was the most visible catalyst during this year’s rally in the digital currency. Bitcoin jumped 16% that day, the biggest one-day gain since the Covid-19 inspired financial markets volatility in March 2020.

Optimism grew after Mastercard Inc., Bank of New York Mellon Corp. and other firms moved to make it easier for customers to use cryptocurrencies, fueling the mainstream resurgence that took Bitcoin from about $29,000 at the end of last year to as high as almost $65,000 in April.

Bitcoin mining is consuming 66 times more electricity than it did back in late 2015, and the carbon emissions associated with it will likely face increasing scrutiny, according to a recent Citigroup Inc. report.

Musk is no stranger to considering the issue of crypto’s environmental impact.

Cathie Wood’s Ark Investment Management LLC published a report last month saying cryptocurrency mining can drive investment in solar power and make more renewable energy available to the grid. Twitter Inc.’s Jack Dorsey retweeted a post on the white paper with the comment that Bitcoin “incentivizes renewable energy.” Musk replied to Dorsey’s tweet, saying simply, “True.”

Musk’s tweet on Wednesday took many in the cryptocurrency community by surprise, including Nic Carter, a partner at Castle Investment Management, and a leading voice among defenders of Bitcoin’s energy use.

“Surely he would have done his diligence prior to accepting Bitcoin?’ Carter said. “Very odd and confusing to see this quick reversal.”

It’s unclear what prompted the decision and Musk and Zachary Kirkhorn, Tesla’s chief financial officer, did not immediately respond to an email inquiry for comment.



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Dollar firm amid US yield spike; bitcoin back below $60,000 following surge to record high, BFSI News, ET BFSI

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TOKYO: The US dollar held firm on Monday after bouncing off a one-week low last week, supported by a spike in benchmark Treasury yields to more-than-one-year highs as inflation fears continued to smoulder.

Bitcoin retreated to below $60,000 amid a Reuters report that India will push ahead on a proposal to ban cryptocurrencies. It had surged to a record $61,781.83 over the weekend.

The greenback traded near its highest since June against the Japanese yen, which tends to weaken when Treasury yields rise.

Market participants have grown wary in recent weeks that massive fiscal stimulus and pent-up consumer demand could lead to a jump in inflation as expanding vaccination campaigns bring an end to lockdowns.

U.S. producer prices had their largest annual gain in nearly 2-1/2 years, data showed on Friday, while the country’s economy is set to get a massive shot in the arm from President Joe Biden’s $1.9 trillion stimulus package.

The outlook for the already brisk pace of U.S. vaccinations has also been boosted by Biden’s order for every state to make all adults eligible for vaccination by May 1.

The dollar index, which tracks the U.S. currency against six major peers, held around 91.645 early in Monday’s Asia session after climbing from near a one-week low of 91.364 at the end of last week.

Benchmark 10-year Treasury yields were at 1.6282% on Monday, close to Friday’s top of 1.6420%.

The dollar was largely flat at 109.04 yen on Monday, near the nine-month top of 109.235 reached last week.

The greenback has also been supported by a paring of bets for its decline, with speculators cutting net short positions to the lowest since mid-November in the week ended March 9, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.

The dollar index has gained 1.8% this year, tracking the rise in benchmark yields from below 1%. In 2020, the gauge fell nearly 7%.

Many analysts expect the dollar to resume that downtrend in due course.

“Higher bond yields alone are unlikely to sustain the upswing in USD,” Commonwealth Bank of Australia analysts wrote in a research note, adding dollar declines were coming “soon”.

“The move higher in bond yields largely reflects the better economic outlook, which is ultimately a weight on the USD.”

The euro was mostly unchanged at $1.19535, consolidating just below $1.20 after sliding to a three-month trough of $1.18355 last week.

The Australian dollar – viewed widely as a liquid proxy for risk appetite – rose slightly to $0.7769, paring some of Friday’s 0.4% loss.

The Canadian dollar was largely flat, after earlier strengthening to C$1.2461 for the first time in three years. On Friday, a bigger-than-expected domestic jobs gain supported the view that the Bank of Canada would reduce quantitative easing purchases next month.

Bitcoin changed hands at around $59,940 after Reuters cited a senior government official as saying India will propose a law banning cryptocurrencies and fining anyone trading in the country or even holding such digital assets.

It would be one of the world’s strictest policies against the red-hot digital assets, and comes just as bitcoin and its rivals have been gaining credibility amid a wave of endorsements from big investors such as BlackRock Inc and corporate leaders including Tesla Inc’s Elon Musk and Twitter Inc‘s Jack Dorsey.

Bitcoin has more than doubled in value this year, after more than quadrupling in 2020.



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