Bitcoin price surges as Twitter announces BTC tipping option
Bitcoin broke the all-important $45,000 barrier earlier today after Twitter announced its support for the digital asset.
- Twitter’s new “Tip Jar” will allow individuals to support their favorite social media influencers monetarily, both in the form of crypto as well as local fiat assets.
- All Bitcoin-related transactions taking place on the platform will be handled by crypto payments firm Strike.
- Twitter CEO Jack Dorsey has been a long-time proponent of Bitcoin (BTC), even having invested in the development of the Lightning Network back in 2018.
After it seemed as though bears had taken control of the market, Bitcoin, the world’s largest cryptocurrency by total capitalization, made a remarkable comeback. The flagship crypto rose from $41,000 to over $45,000 over the last 48 hours. At press time, BTC is trading for $42,217.
This ongoing rally comes on the heels of social media behemoth Twitter announcing its support for Bitcoin as a payment option as part of its “tipping jar” feature. The platform’s Product Lead Kayvon Beykpour also announced that the firm is working on several new safety measures, including the option to allow users to remove themselves from conversations seamlessly.
The Tip Jar will be rolled out globally via an iOS and Android app, with users being able to tip content creators or basically anyone with a sizeable following to receive funds in Bitcoin as well as other local fiat options. On a more technical note, all of BTC’s Twitter transactions will be handled by Strike, a crypto-centric payment suite that has been made to run atop the Lightning Network, a technology that enables users to send and receive BTC in a near-instant manner at fee rates that are practically nothing when compared with traditional avenues such as SWIFT, PayPal and MoneyGram.
It was only a matter of time
Earlier this year, Twitter CEO Jack Dorsey had hinted that he was looking to incorporate BTC as a payment option into Twitter’s existing user interface, so this latest news does not come as that big of a surprise. However, what seems to have really grabbed everybody’s attention is Twitter’s decision to add non-fungible token (NFT) verification into its existing framework. Many experts believe this is as significant a move as the company’s new tipping feature.
Over the last six odd months, NFT avatars on Twitter have seen a massive rise in popularity, with major mainstream celebrities, including Jay-Z, employing multimillion-dollar CryptoPunks as their profile pictures. A mechanism that allows for the verification of these NFTs could help boost this fast-expanding ecosystem even more. Therefore, it will be interesting to see how the coming few days play out for the industry at large.
Disclosure: The author owns a range of cryptocurrencies at the time of writing