October 26, 2021

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Bitcoin price rises to $300,000 with Twitter adoption

Bitcoin price rises to $300,000 with Twitter adoption

You’ll notice that CEO Jack Dorsey’s Twitter, in association with Jack Mallers’ Strike, began integrating bitcoin into the social media platform last week.

This integration allows Twitter users to send money to each other, practically at no cost and directly.

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This makes Twitter a very effective way to transfer value thanks to the Lightning Network.

Twitter from social media giant to fintech

The interesting thing about this move by Twitter is that the company is entering the financial world through it. With the current network of millions of users on the platform as a foundation, this could easily become a huge hit.

“The Strike API integration on Twitter instantly makes Twitter one of the best options in the world for making international payments […] And it gives users the ability to make global payments,” Strike’s Jack Mallers said.

Initially, the option is only available for iOS users, but it won’t be long before Android users can also use it. Jack Mallers himself indicated that he is not in a hurry, because they do not want to make mistakes when putting forward this project.

It’s hard to overstate the effectiveness of Lightning

According to Jack Mallers, it’s hard to overstate the potential of the Lightning Network. In El Salvador, the open cash network is busy pricing parties like Western Union and Moneygram outside the market.

So it doesn’t seem like there is long before these parties go through hard times in other countries. After all, Bitcoin and the Lightning Network make it possible to make international payments at virtually no cost.

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If users realize how expensive and fast it is to transfer value via Bitcoin and the Lightning Network, how long will it take before people want only bitcoins? How long will it take for platforms other than Twitter to take this step?

Bitcoinmagazine.com Perform a very simple calculation. (This is clearly pure wet finger work.)

From this perspective, more Bitcoin adoption seems inevitable. If the Bitcoin market cap absorbs the international payments market ($700 billion), the influencer marketing market ($13.8 billion) and the global digital payments market ($5.44 trillion), then based on that alone you would have a market cap of $6.1538. trillion.

Which means that the price of Bitcoin is around $326,000. Of course, that’s still a long way off for now, and it probably won’t continue so quickly. But if things continue like this, crazy things can still happen.