At the ‘B’ conference organized a few months ago, Jack Dorsey (Twitter founder) professed that his work focus would be entirely on BTC if not for his work at Square or Twitter. Hence, when it became public knowledge that the Twitter CEO would be quitting his position, many wondered whether he was set to start working full-time on crypto. Binance boss, Changpeng Zhao, also wondered the same, tweeting at Jack, saying, “welcome to full-time crypto?”
However, it is remarkable that Dorsey also oversees the affairs at square Inc. (a FinTech firm). Hence, it might be possible that Dorsey will focus on working at Square now that he’s stepped down from his Twitter CEO position. It is unlikely that Dorsey will have an active role in the daily running of Twitter. The social network also revealed a team in charge of the social network’s blockchain innovations.
Square or Twitter
It is remarkable to note that Ned Segal (Twitter’s CFO) does not favor Dorsey’s crypto vision for the social network. Segal had revealed to wall street journal during a recent interview that “investing in crypto is not a sensible thing right now.”
When asked about the high volatility in the crypto sector, Segal responded by saying, Twitter prefers to invest in less volatile industries. If it needs to invest in crypto, it would have to change its investment policy. Conversely, Square ranks third among the companies with the most significant investment in BTC.
About 0.65% of Square is invested in BTC, representing approximately 0.039% of the total BTC supply in circulation, estimated to be more than $455m based on BTC’s current value. Hence, it can be assumed that Dorsey’s work on bitcoin would be through Square and not Twitter.
Square, Dorsey And Bitcoin
Cryptosru (a popular crypto advocate and investor) opined that Dorsey might keep increasing Square’s investment in BTC till more than 90% of the FinTech firm’s market cap is now in BTC, just like Micheal Saylor has done with his asset management firm, MicroStrategy.
Six months ago, square revealed that part of its discussion would be the launch of TBD (a BTC-focused DeFi). After the meeting, Dorsey became and has continued to show more interest in BTC mining. At the beginning of this month, the square subsidiary issued a whitepaper that reveals its schedule for launching a DEX.
Why The BTC Obsession?
The Twitter founder’s obsession with BTC might be found in an old interview where he revealed that “the decentralization model with which bitcoin operates makes the most impression on me. This was the grand vision of the forefathers of the internet, and with time, this vision will become a complete reality.”
FunStrat co-founder, Tom Lee, told some media firms that “Dorsey’s actions might be bullish for the leading cryptocurrency because he is someone who wants to herald the new crypto revolution, and it would be hard to keep him quiet about it.” Cryptosru agreed with Lee, saying, “Dorsey seems not to be interested in Twitter anymore. Hence, his resignation. He realizes that his goal of making BTC a global currency would require more of his time, and without resigning his position at Twitter, he would probably not have much time.”
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