Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Decentralization of power on the internet is a major personal theme for Dorsey. At Twitter, he spearheaded the funding of a project called, which envisions a set of openly published standards for social media companies, so users of different social media networks can communicate more easily with one another. New Twitter CEO to chasing this vision, which recalls the way the internet was originally built on top of common standards.
Dorsey has also been a vocal advocate of decentralizing the workplace. Twitter was one of the first companies to announce the option for employees toin the wake of the Covid-19 pandemic. In addition, Dorsey had discussed relocating part-time to Africa as a way to “work decentralized,” although he as the Covid pandemic grew more serious.
Tom Lee, the head of research at Fundstrat Global Advisors,that the changing of the guard at Twitter is “bullish for crypto.”
“There isn’t enough capital actually allocated toward crypto innovation, so it takes people like Jack Dorsey to really marshal focus,” Lee said Monday on CNBC’s “Tech Check.”
In October, the Square CEO said the company might, and earlier this month the payments company released a detailing plans to launch “tbDEX,” its own decentralized exchange for buying and selling cryptocurrencies.
The payments giant is also building its own hardware wallet to “.”
Square has put bitcoin on its balance sheet, attributing the choice to an alignment of values. The company recorded a fair value of $351.7 million on its bitcoin investment as of Sept. 30.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,”Square’s Chief Financial Officer, Amrita Ahuja in a statement. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”
Investments such as these come at a critical time for the crypto industry.
“I don’t think the space is over-invested yet,” Lee said. “Crypto is the intersection of financial services and technology. That’s literally 60% of the economy.”
#Jack #Dorseys #Twitter #departure #means #time #bitcoin #passion