Bitcoin-friendly Jack Dorsey is stepping down from his position as the CEO of Twitter, citing his belief that the company was “ready to move on from its founders.” Some believe that the decision has got to do more with Dorsey wanting to lean towards his passion for decentralization.
Jack Dorsey Could Go All-in on Bitcoin
Before announcing his resignation as the CEO of Twitter, Jack Dorsey had mentioned his desire for leaving the company and engaging in cryptocurrencies, the New York Times reported on Monday. In fact, at the Bitcoin 2021 conference in Miami in June, Dorsey said, “If I were not at Square or Twitter, I’d be working on bitcoin.”
Dorsey is a long-time fan of bitcoin, calling it “a foundational internet technology that is not controlled or influenced by any single individual or entity.” What’s more, his Twitter bio has long contained just one word: Bitcoin.
He has taken the lead of several projects involving crypto both through Twitter and payments company Square, of which he still remains its CEO. Earlier this month, he introduced a white paper revealing his decentralized Bitcoin exchange called tbDEX.
It’s possible that Dorsey wants to focus on his cryptocurrency efforts in the long term and doesn’t want to miss the next big thing.
Square Founder’s Passion for Decentralization
Twitter’s presence in crypto has been minimal, despite efforts like letting users accept tips in bitcoin and hiring Tess Rinearson to lead a crypto team. Recently, Twitter’s CFO dismissed the idea of holding bitcoin in its corporate treasury.
On the other hand, Dorsey’s Square has been riding the crypto wave since its Cash App added bitcoin trading almost four years ago. This year alone, over 1 million new users bought bitcoin for the first time on Cash App. In February, the company announced that 5% of its total cash was in bitcoin.
In June, bitcoin mining company Blockstream announced that Square was investing $5 million in a solar-powered mining operation. A month later, Dorsey said that Square was building a new business that would operate alongside Cash App and Tidal to build tools for developers, focused on bitcoin.
Square also set up the Cryptocurrency Open Patent Alliance, which aims to defend the industry against patent trolls. Recently, the payment firm also announced that it was developing its own hardware crypto wallet “to make bitcoin custody more mainstream.”