Bitcoin on Twitter: The Promise and the Problems

Jack Dorsey, the Bitcoin maximalist CEO of Twitter, put his money where his mouth is this week. His company rolled out "Bitcoin tipping" to its 300 million active users, a service that will let anyone send or receive Bitcoin by sharing a wallet address or using an app called Strike. And to top if off, Twitter also announced a plan to let users connect their Bitcoin wallets to NFTs tied to their identity.

Where to begin? For starters, this might be the most mainstream moment in Bitcoin's history. That's because Twitter isn't just a mega social media platform used by political and sports figures, but also a major force in media that helps drive the news of the day. Tying crypto payments to all this could spur tens of millions of people to use Bitcoin for the first time.

The Bitcoin integration means Twitter has already done something other tech giants could not: Build a borderless payment system right into its app. You may recall Facebook sought to do that three years ago with a new type of stablecoin called Libra, but regulators all but killed the plan. Twitter is more likely to avoid that fate since it doesn't wield Facebook's monopoly power and because it is relying on an existing global currency—Bitcoin—rather than trying to mint its own money.

Bitcoin tipping also coincides with the launch of a number of other new (non-crypto) Twitter products, including newsletters and a live forum called Spaces, that are designed to let artists and creators connect directly with their audiences. In practice, this means that a comedian in Mexico could perform on Twitter and instantly receive tips from people in Madrid, Buenos Aires and New York. The company has even set up an invoicing system.

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