- Jack Dorsey stepped down as Twitter’s CEO on Monday, citing his belief that the company is “ready to move on from its founders,” but some believe the move is concerned. Dorsey’s is with more leanings into crypto.
- His other company, payments company Square, has taken several steps to support bitcoin, especially in recent months.
- “If I wasn’t on Square or Twitter, I would be working on bitcoin,” Dorsey told a crowd at a conference earlier this year.
Jack Dorsey stepped down as CEO of Twitter on Monday morning, citing his belief that the company was “Ready to move on from its founders”That means he’ll have more time to spend on Square, the payments company he founded and lead, and on his budding fascination with cryptocurrency.
Dorsey is a longtime fan of bitcoin, attributing his “passion” to the world’s largest cryptocurrency as its function. “A fundamental Internet technology that is not controlled or influenced by any one person or entity.”
“If I wasn’t on Square or Twitter, I would be working on bitcoin,” Dorsey told a crowd at Bitcoin 2021, a massive convention that drew thousands to Miami in June.
The decentralization of power on the Internet is a major personal topic for Dorsey. At Twitter, he led the funding of a project called BlueSky, which envisions a set of openly published standards for social media companies, so that users of different social media networks can more easily communicate with each other. Can you New Twitter CEO Parag Agarwal has been central to pursuing this vision, which recalls the way the Internet was originally built on top of common standards.
Dorsey has also been a vocal proponent of decentralization of the workplace. Twitter was one of the first companies to announce the option for employees to work from home indefinitely in the wake of the COVID-19 pandemic. In addition, Dorsey had discussed relocating part-time to Africa as a way to “decentralize work”, although he withdrew from that plan as the COVID pandemic became more severe.
Tom Lee, Head of Research at Fundstrat Global Advisors, told Businesshala That changing the guard on Twitter is “speeding up for crypto”.
“There’s not really enough capital allocated for crypto innovation, so people like Jack Dorsey have to really focus on Marshall,” Lee said Monday on Businesshala’s “TechCheck.”
Square has also dialed up its crypto-focused projects this year. As Dorsey is now relieved of his responsibilities at Twitter, many are curious to see what crypto actions Square chooses to do next.
The company introduced bitcoin trading in 2018 with the Cash App, which allows users to buy and sell bitcoin. In 2019, the company formed Square Crypto, an independent team dedicated to contributing to bitcoin open-source work, and last year, Square launched the cryptocurrency Open Patent Alliance (COPA), a non-profit organization. It aims to pool patents to encourage crypto. innovation.
Square said in July that it was building a new business dedicated to building decentralized finance (DeFi) applications for bitcoin. described as Dorsey “An open developer platform whose sole goal is to make it easy to create non-custodial, permissionless and decentralized financial services.”
In October, Square’s CEO said that the company might be jumping into the bitcoin mining business, and earlier this month the payments company issued White paper Details of plans to launch its own decentralized exchange “tbDEX” for buying and selling cryptocurrency.
The payments giant is also making its own hardware wallet.Make bitcoin custody more mainstream,
Square has placed bitcoin on its balance sheet, attributing the choice to an alignment of values. The company recorded a fair value of $351.7 million on its bitcoin investment as of September 30.
“We believe bitcoin has the potential to be a more ubiquitous currency in the future,” said Square Chief Financial Officer Amrita Ahuja said in a statement. “As this adoption grows, we intend to learn and participate in a disciplined manner. For a company that is building products based on a more inclusive future, this investment is a step on that journey.” “
Such investments come at a critical time for the crypto industry.
“I don’t think the space is over-invested yet,” Lee said. “Crypto is the intersection of financial services and technology. It is literally 60% of the economy.”