"If I weren't in Square or Twitter, I'd be working on Bitcoin"
Jack Dorsey made the aforementioned statement at a conference, proclaiming his love for Bitcoin. As expected, cryptocurrency enthusiasts around the world were thrilled when he announced his decision to step down as Twitter CEO. But what will happen to the former executive? Well, Binance's Changpeng Zhao also asked the same question.
Now, it's worth pointing out that Dorsey is still the CEO of Square Inc., the financial services and digital payments company. This essentially means that the Twitter co-founder is choosing to focus on the payments arm on his social media platform.
This may be the case, although Twitter recently announced a dedicated team to focus on cryptocurrency and blockchain innovation.
Square on Twitter?
It's also worth mentioning that Twitter CFO Ned Segal didn't push Dorsey's crypto approval for the platform. According to the WSJ, Segal had previously commented that investing in cryptocurrencies "doesn't make sense right now". In the context of the volatility of the asset, the CFO also said that the company prefers to hold less volatile investments as otherwise it would have to change its policy.
By contrast, Square is reportedly the third largest public holder of Bitcoin. It holds approximately 0,5% of its limit in BTC, which corresponds to approximately 0,038% of the total supply of the asset. It is worth over $ 450 million in the quotation today.
And so, Square, not Twitter, could be Dorsey's bet for Bitcoin's future.
CryptosRUs analyst and crypto-influencer believes Dorsey may even follow in Michael Saylor's footsteps with Square. Especially since MicroStrategy holds around 95% of its market capitalization in Bitcoin.
Square had made Bitcoin-centric DeFi, under TBD, as part of its agenda in early July. Soon after, Dorsey also set his sights on Bitcoin mining. Earlier this month, Square's TBD released a roadmap for the tbDEX decentralized exchange with a white paper.
But why is Dorsey so impressed with Bitcoin?
Well, in the past, the former Twitter CEO said:
“The reason I have so much passion for #Bitcoin is largely due to the model it demonstrates: a fundamental internet technology that is not controlled or influenced by any single individual or entity. This is what the Internet wants to be and, over time, it will be more and more ".
Fundstrat Global Advisors' Tom Lee told CNBC that "people like Jack Dorsey marshal are focused on crypto innovation." And, therefore, it's a bullish move for cryptocurrencies, he added.
CryptosRU also expressed an opinion:
“Twitter no longer means anything to him [Dorsey]. He wants to make Bitcoin the global currency. And now that he has much more time at his disposal, he is freer to do so ”.
