After Resigning as Twitter CEO, Jack Dorsey Has Become a Bitcoin Prophet.

Published: April 14, 2022
Updated: April 20, 2022
Jack Dorsey
Jack Dorsey

After stepping down as CEO of Twitter, Jack Dorsey plans to devote his full attention to cryptocurrency.

The 45-year-old announced earlier today that he would step down as CEO of the $19.75 billion company, with chief technical officer Parag Agrawal taking over.

The move comes after months of rumors about internal strife caused by Dorsey’s insistence on running both Twitter and Square at the same time. It’s also believed that some in Twitter’s upper echelons were growing tired of his “obsession” with Bitcoin.

Dorsey has made no secret of his affection for Bitcoin, recently declaring it to be the single most important project he will work on in his life and even going so far as to say it has the potential to bring about world peace.

Earlier this year, he spoke at the Bitcoin 2021 Conference about his enthusiasm for Bitcoin. “Bitcoin changes everything,” he asserted.

“I don’t believe there is anything more important for me to work on in my lifetime.”

When he followed up his comments with, “If I weren’t at Square or Twitter, I would be working on Bitcoin,” the multi-billionaire may have set the wheels in motion for his Twitter exit. If Bitcoin required more assistance than Square or Twitter, I would leave them to Bitcoin.”

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After speaking at the conference, he announced that Square would be expanding into Bitcoin “with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”

Dorsey has long been a supporter of Bitcoin. He is also the co-founder and CEO of Block, formerly Square Inc., a financial services company.

Dorsey is now free to immerse himself in that project with Square, a company he founded and owns a 25 per cent stake in.

Jack Dorsey

In July, he tweeted that Square will launch a new business focused on developing an open developer platform with the sole purpose of making it simple to build non-custodial, permission-less, and decentralized financial services. He stated that Bitcoin would be the company’s primary focus.

Dorsey announced earlier this year that he and rapper Jay-Z were forming a new trust to fund Bitcoin development, with an initial focus on teams in Africa and India. He stated that they will donate 500 Bitcoins to the trust and are looking for three board members.

Later that month, the former Twitter CEO announced that they had reviewed over 7,000 applications and had shortlisted six candidates to be interviewed in order to select the three board members.

Bitcoin was trading 6.53 per cent higher at $48,745.04 on Tuesday evening.

“Jack wants to bet everything on cryptocurrency,” Constellation Research analyst Ray Wang told Protocol. “He doesn’t want to be left out of the next big thing.”

One challenge for Dorsey and Square is his well-known attachment to bitcoin, which is increasingly becoming just one cryptocurrency among many and not the most technically sophisticated. 

According to Wang, Square must “be in the middle of smart contracts,” a technology that is most firmly established on the Ethereum blockchain. Taproot, a forthcoming bitcoin upgrade, promises to enable smart contracts using bitcoin, but it seems prudent to spread one’s bets.

However, there is still time for Square to expand its crypto footprint, making Dorsey’s move significant. “It’s still early in the market,” Wang explained. “A few players will win this space.” For the internet, we are in 1997.”

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