Image Credit : theguardian.com

Jack Dorsey said in his resignation letter that he loves Twitter, but if you dig deeper, it’s obvious that he loves cryptos more. He also mentioned that he won’t remain on Twitter’s board of directors because he wants to give Twitter’s new CEO enough space to lead, but if you read between the lines, it’s clear that Dorsey needs his own space to dabble in cryptos.

In June, Blockstream, the bitcoin mining company, revealed that Square was investing $5 million in a solar-powered cryptomining operation. 

“Bitcoin is for everyone,” Dorsey once said in a tweet. “It’s important to us to build an inclusive product that brings a non-custodial solution to the global market.”

“Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.” – Another tweet by Jack Dorsey on cryptocurrency.

It’s clear that Jack Dorsey wants to go all in on crypto because he absolutely does not want to miss the next big thing.

Dorsey is a long-time fan of cryptocurrency, especially bitcoin, because cryptos are essentially a “foundational internet technology that is not controlled or influenced by any single individual or entity.”

Jack Dorsey truly believes in decentralization of digital power. At Twitter, he spearheaded the funding of BlueSky, a project that outlines a set of openly published standards for social media brands, so users of different social media platforms can converse more easily with each other. 

Dorsey has also called for the decentralization of the workplace. When the coronavirus pandemic swept across the world, Twitter was one of the first companies to give employees the option to work from home indefinitely. In addition, Dorsey had discussed relocating part-time to Africa as a way of ‘decentralized working’, although he withdrew that plan as the pandemic grew more severe.

Jack Dorsey leaving Twitter is actually good for the crypto industry as a whole because according to Tom Lee, head of research at Fundstart Global Advisors, “There isn’t enough capital actually allocated toward crypto innovation, so it takes people like Jack Dorsey to really marshal focus.”

Basically, Jack Dorsey will attract other investors to pump more money into cryptocurrencies, which will increase growth of the entire crypto industry.

“I don’t think the space is over-invested yet.” Tom Lee says. “Crypto is the intersection of financial services and technology. That’s literally 60% of the economy.”

Square launched bitcoin trading in 2018 with the Cash App, allowing users to sell and buy bitcoin. In 2019, the company formed Square Crypto, an independent team dedicated to contributing to bitcoin open-source work, and in 2020, Square launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization that aims to pool patents to encourage more innovation in the crypto space.

In July 2021, Square said it was creating a new business model dedicated to building decentralized finance apps for bitcoin, which Dorsey described as “an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”

In October this year, Jack Dorsey said Square might get into the bitcoin mining business, and early this month Square published a white paper detailing plans to launch its own decentralized exchange for selling and buying cryptocurrencies.

Square is also building its own hardware wallet to “make bitcoin custody more mainstream.”

Furethermore, Square has also listed bitcoin on its balance sheet, recording a fair value of $351.7 million on its bitcoin investment as of Sep 30 2021.

“We believe that bitcoin has the potential to be a more ubiquitous currency in the future.” Said Amrita Ahuja, Square’s Chief Financial Officer. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

Tags : Twitter, Jack Dorsey, Bitcoins