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- On Monday morning, Twitter’s CEO, Jack Dorsey, resigned, stating his opinion that the company was ready to move on from its founders
- Dorsey’s personal topic is the decentralization of power on the internet. He supervised the funding of a project called BlueSky at Twitter, which aims to create a set of openly published standards for social media firms so that members of different social media networks may connect more readily
- According to news, Tom Lee, the head of research at Fundstrat Global Advisors, the change of guard at Twitter is bullish for crypto
On Monday morning, Twitter’s CEO, Jack Dorsey, resigned, stating his opinion that the company was ready to move on from its founders. That means he’ll have more time to devote to Square, the payments business he co-founded and now manages, as well as his growing interest in cryptocurrency. Dorsey has long been a supporter of bitcoin, citing its role as a core internet technology that is not owned or influenced by any single people or entity as the reason for his passion. He’d be working on bitcoin if I wasn’t at Square or Twitter,” Dorsey told an audience at Bitcoin 2021, a major conference that brought tens of thousands to Miami in June.
Dorsey’s personal topic is the decentralization of power on the internet. He supervised the funding of a project called BlueSky at Twitter, which aims to create a set of openly published standards for social media firms so that members of different social media networks may connect more readily. New Twitter CEO Parag Agrawal has been instrumental in pursuing this goal, which harkens back to the early days of the internet when it was established on open standards. Dorsey has also been an outspoken proponent of workplace decentralization. In the aftermath of the Covid-19 pandemic, Twitter was one of the first companies to promote the option for workers to work from home indefinitely. Dorsey had also pondered moving part-time to Africa as a method to work decentralized, however, he backed away from that notion when the Covid outbreak became more serious.
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According to news, Tom Lee, the head of research at Fundstrat Global Advisors, the change of guard at Twitter is bullish for crypto. There isn’t enough funding actually allocated toward crypto innovation, as Lee said Tech Check, so it requires individuals like Jack Dorsey to really marshal focus. This year, Square has ramped up its crypto-focused initiatives. Many people are curious to see what crypto duties Square will take on now that Dorsey is no longer responsible for Twitter.
The Cash App, which allows users to purchase and trade bitcoin, was introduced in 2018 by the firm. Square founded Square Crypto in 2019, an independent team devoted to contributing to bitcoin open-source development, and the Cryptocurrency Open Patent Alliance, a non-profit organization focused on pooling patents to foster crypto innovation, only last year. In July, Square announced the launch of a new firm focused on developing bitcoin DeFi apps, which Dorsey defined as an open developer platform with the express objective of making it easier to construct non-custodial, permissionless, and decentralized financial services.
Square’s CEO hinted in October that the company would go into bitcoin mining, and the payments company issued a white paper earlier this month revealing plans to build tbDEX, its own decentralized exchange for buying and selling cryptocurrencies. To make bitcoin custody more widespread, the payments behemoth is also developing its own hardware wallet. Square has added bitcoin to its balance sheet, citing a value alignment as the reason. As of Sept. 30, the company’s bitcoin investment had a fair value of $351.7 million.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
