Crypto community reflects on Jack Dorsey’s next move as he steps down as Twitter CEO

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Jack Dorsey’s departure from Twitter Inc. TWTR, -2.15% as CEO, has sparked discussions about the future of the tech pioneer who is widely regarded as one of bitcoin’s biggest boosters and of crypto.

On Monday, Dorsey announced he was stepping down from the popular social media platform and being replaced by Parag Agrawal, the company’s current chief technology officer.

A host of questions were currently swirling in crypto in the wake of the news, including: What does its release mean for Twitter’s relationship with crypto? What does this mean for payment processor Square Inc. SQ, + 0.35%, where Dorsey is also CEO? And what is Dorsey’s longer-term game plan for digital assets and blockchain?

As a strong supporter of bitcoin BTCUSD, + 3.39%, Dorsey has advanced several crypto-related efforts on Twitter and Square.

In September, Twitter began allowing users to tip content creators using Bitcoin. The platform is also rolling out a tool that would allow the use of non-fungible tokens, or NFTs, as profile pictures.

Concerns that Twitter would be less crypto-compatible could be allayed, as Twitter’s new CEO Agrawal shares a similar vision with Dorsey for social media decentralization, according to reports. In 2019, Agrawal took on the responsibility of finding a team leader for Bluesky, a project that aims to build a “decentralized standard for social media”.

Some speculate that Dorsey would spend more time on crypto-related projects after stepping down as CEO of Twitter.

In June, at the Bitcoin 2021 conference, Dorsey said that “if I wasn’t at Square or Twitter, I would be working on Bitcoin.”

“If it [bitcoin] need more help than Square or Twitter, I would leave them for Bitcoin. But I think both companies have a role to play, ”Dorsey said at the time.

Earlier this month, Square released a white paper for a new decentralized crypto exchange known as tbDEX. In October, Dorsey said Square was considering building a Bitcoin mining system.

Ultimately, many expect Dorsey to remain a significant player in crypto regardless of his affiliation with the company.

At last check, the value of a single bitcoin was over $ 58,000, up more than 6% on CoinDesk, while shares in Twitter were down 2.2% and nearly 15.7% year-to-date, and Square’s have grown 0.6%, off more than 3.5% so far in 2021, according to FactSet data.

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