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Jack Dorsey’s Twitter departure means more time for bitcoin passion

Jack Dorsey is the co-founder of Twitter Inc. Square Inc. was founded by Jack Dorsey on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

Twitter’s CEO Jack Dorsey announced his resignation on Monday. This was due to the belief of Dorsey that Twitter was a good company. “ready to move on from its founders.” He’ll be able to use more of his time. SquareHe also co-founded and runs the payment company, as well as his fascination with crypto.

Dorsey has been a longtime bitcoin fan. He attributes his passion for this largest cryptocurrency to its functions. “a foundational internet technology that is not controlled or influenced by any single individual or entity.”

“If Square or Twitter wasn’t there, I would still be on the job.” bitcoinDorsey stated this to the crowd at Bitcoin 202021. a mega conferenceThat event attracted tens to thousands of people to Miami in June.

Dorsey is passionate about the idea of decentralizing power online. Twitter: He led the financing of “The Twitter Project”. BlueSkyThe aims to create a standard set for social media companies that is openly available so that users can easily communicate with each other across different networks. The new CEO of Twitter Parag Agrawal has been centralThis vision is what I am pursuing, as it recalls how the original internet was built upon common standards.

Dorsey is also a strong advocate for decentralizing work. Twitter was the first company to offer employees this option. work from home indefinitelyFollowing the Covid-19 pandemic. Dorsey also discussed the possibility of moving to Africa part-time as a means to “work centrally,” but he declined to do so. drew back on that planAs the Covid pandemic became more severe.

Tom Lee is the Fundstrat Global Advisors’ head of research. told CNBCThat Twitter’s guard is being changed “is bullish for crypto.”

Lee, Monday’s CNBC Tech Check host said that “there isn’t enough capital allocated towards crypto innovation so it takes people such as Jack Dorsey s to really marshal attention.”

Square pushes into crypto

Square also increased its focus on crypto projects in 2018. Many are eager to find out what other crypto-related tasks Square will take on, now that Dorsey is no longer responsible for Twitter.

With the Cash App, users can buy and sell Bitcoins. In 2018, bitcoin trading was launched by the company. Square Crypto was established by the company in 2019. This team is dedicated to open-source bitcoin work. Square also launched the Cryptocurrency Open Patent Alliance last year. It’s a non-profit group that pools patents to promote crypto innovation.

Square announced in July that it would be starting a business to build decentralized financial (DeFi), applications for Bitcoin. Dorsey described as“An open platform for developers with the sole purpose of making it simple to provide non-custodial and permissionless financial services.”

Square CEO in October stated that Square might be closing. jump into the bitcoin mining businessAnd earlier this month, the payments company published a white paperDetails about plans for launching “tbDEX”, its own exchange decentralized to buy and sell cryptocurrencies.

To “accommodate” the payments giant, it is building its hardware wallet.make bitcoin custody more mainstream.”

Square added bitcoin to its balance sheets, attributing this decision to a convergence of values. As of September 30, the company had a fair market value of 351.7 million for its bitcoin investments.

We believe bitcoin will become a much more widespread currency in the near future. saidSquare’s Chief Financial officer, Amrita Ahuja released a statement. We will continue to grow the company’s adoption and learn from it in a controlled manner. The investment in this company is an important step towards building inclusive products.

These investments come at an important time in the history of crypto.

Lee explained that “I don’t think this space is over-invested” yet. Crypto is the convergence of technology and financial services. This is literally 60% of our economy.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.