Twitter to be transferred to blockchain, and investors use Bitcoin as a means against inflation

Jack Dorsey: Bitcoin and Blockchain are the Future of Twitter

The CEO of the social network Twitter said that Bitcoin and blockchain technology are the future of Twitter.

“The whole spirit of bitcoin, for instance, is to provide a trusted system in a distrusted environment, which is the internet”,” Dorsey said.

According to him, in the future, Twitter will be transferred to the blockchain. To do this, the company is creating a non-profit organization Blue Sky, which will develop an open-source blockchain platform and Twitter open protocol. The more security keys users have, the more secure the system will be, Dorsey said.

Earlier, he called Bitcoin the best currency on the Internet.

Bitwise bitcoin fund raises $8.9 Million Amid Inflation

Over the past year, Bitwise’s bitcoin fund has doubled the amount of funds raised.

In 2019, the size of the fund was $4.1 million, and last week it rose to $8.9 million. According to Matt Hogan, head of research at Bitwise, investors see bitcoin as insurance against inflation.

“With the unprecedented expansion of the Fed’s balance sheet, the radical amounts of fiscal stimulus, and the Fed’s new and significantly more dovish inflation policy, [Bitwise clients] are looking for a hedge,” he said.

Many of the company’s clients are financial advisors to large investors who fear the weakening impact of inflation on their portfolios. They see bitcoin’s fixed supply as a store of value in case loose monetary policy leads to runaway inflation, Hogan points out.