Does Jack Dorsey’s Twitter Resignation Mean He Will 100% Focus On Bitcoin?

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The Bitcoin maximalist is already increasing Square’s crypto play.

Jack Dorsey resigned his post as CEO of Twitter last week, sparking speculation that the crypto enthusiast is now entirely devoted to Bitcoin (BTC).

A letter from the famous Twitter co-founder set out the reasons for his decision. He said he thought being a “founder-lead” company was limiting because it had a single point of failure. Dorsey explained that Twitter has a strong new CEO at Parag Agrawal and a great team in place. As a result, he thinks the time has come for him to move on.

But move on to what? That’s the question on the lips of a lot of people, especially when Dorsey told Bitcoin Miami in June, “If I wasn’t at Square or Twitter I would be working on Bitcoin. help than Square and Twitter, I would leave them for Bitcoin. “

And, just days after the announcement, Square, the other company at Dorsey’s head, said it would change its name to Block to better reflect the company’s business.

Square – now Block – and Bitcoin

Block is a payment and commerce solutions provider spanning several individual businesses. You will notice that a number of them have a direct or indirect connection to Bitcoin, which makes the new name quite apt.

These include:

Square: focuses on payment solutions for merchants Cash App: a digital wallet and mobile money transfer service Spirale: supports the development of Bitcoin Tidal: a music streaming platform TBD54566975: a Bitcoin exchanges platform decentralized

Dorsey’s passion for Bitcoin and decentralization means Block has already made great strides in crypto. Here are some key points of Square’s crypto journey:

January 2018: CashApp allows users to buy and sell Bitcoin

March 2019: Forms Square Crypto (now Spiral),

September 2020: Square forms the Cryptocurrency Open Patent Alliance (COPA), a patent-focused nonprofit

October 2020: Square became one of the first public companies to own Bitcoin

July 2021: Square creates unit to focus on Bitcoin, called TBD

October 2021: Square says it is considering Bitcoin mining

November 2021: Square publishes white paper for tbDEX, a new decentralized protocol

Dorsey is a Bitcoin maximalist

Bitcoin maximalists are people who would choose the grandfather of cryptocurrencies over everyone else. Dorsey, for example, believes that Bitcoin could be the future internet currency and that it could address some of the inequalities in the current financial system.

While Dorsey has said he will never buy Ethereum, he also says he doesn’t hate the second biggest coin. It’s just that he’s a lot more focused on Bitcoin and that’s where he wants to spend his energy.

This means that most of Square’s cryptocurrency projects are Bitcoin oriented. The challenge here is that Bitcoin is not as fast as other cryptos and does not have the same functionality.

Dorsey pushed the Layer 2 Lightning Network as a solution. Layers 2 are protocols that build on the original blockchain and improve its performance. The Lightning Network is expected to lower costs and improve processing times, but critics say it’s not perfect.

What does this mean for crypto investors?

Ultimately, the more great minds that enter the cryptocurrency world, the better. Cryptocurrency is still a relatively new and untested market and still has a long way to go before it achieves mainstream adoption.

The more people like Jack Dorsey who are willing to devote their time and effort to realizing the potential of cryptocurrency, the more likely we are to one day see crypto reach its full potential in terms of adoption and development. consumer use.

But don’t open a crypto exchange account and rush into crypto just because Jack Dorsey is involved. Do your own research and make sure you’re comfortable with the risks involved. It would also be good to understand the basics of blockchain technology before purchasing.

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