Twitter CEO Resignation is Bullish for Bitcoin

Twitter CEO Resignation is Bullish for Bitcoin

Twitter CEO Resignation is Bullish for Bitcoin

Jack Dorsey said on resigning from Twitter, the social media firm was “ready to move on from its founders.”

The long-time Bitcoin fan remains at the helm of his pro-Bitcoin firm, Square Inc., which has recently made several moves to support BTC.

Speculation is high among crypto industry players that Dorsey has what it takes to “marshal support for crypto innovation.”

Focus Energies on Square Inc.

Jack Dorsey’s resignation from Twitter, coming a few months after he told a packed conference in Miami, “If I were not at Square or Twitter, I’d be working on Bitcoin,” could prove beneficial to Bitcoin.

Dorsey, a vocal supporter of cryptocurrency in general and Bitcoin in particular, will focus his energies on payments firm Square Inc. where he remains the CEO.

Fundstrat Global Advisors’ managing partner and co-founder Tom Lee told CNBC’s “Tech Check” during an interview Dorsey’s exit would be bullish for the cryptocurrency market. Asked whether “Is it bullish for cryptocurrency?” Lee answered in the affirmative and stated:

“There isn’t enough capital allocated toward crypto innovation, so it takes people like Jack Dorsey to really marshal focus, and I don’t think the space is overinvested yet.”

Steps Taken toward Crypto Innovation

The speculation doesn’t come as a surprise. Square Inc. is one of three Wall Street giants, including Tesla and MicroStrategy, that have invested heavily in Bitcoin.

Dorsey recently made efforts to push Square Inc. towards crypto innovation by creating projects that would make it easier for people to invest and spend Bitcoin.

In July 2021, Square Inc. announced it was working toward introducing Decentralized Finance (DeFi) into the Bitcoin Network. In October, the firm stated it was developing a decentralized exchange (DEX) and Bitcoin hardware wallet targeted at institutional investors. Dorsey also announced the firm was setting up a solar Bitcoin mining operation.

Square’s Q3 Investor Report shows Dorsey’s efforts to lay the ground for a future in crypto are bearing fruit. According to the report, Square’s core Cash App generated revenues of over $1.63 billion and $32 million worth of Bitcoin in gross profit over the same period. The income and profit represented an 11x and 15 x growth year over a year (YoY).

Jack Dorsey’s decision to leave Twitter and move fully into the crypto sphere could become a tipping point that further bolsters the growth of Bitcoin and other cryptocurrencies.

A few days after Dorsey’s resignation from Twitter, Square Inc. rebranded to Block and Square Crypto to Spiral.

As the name suggests, Square’s new subsidiary will focus mainly on funding Bitcoin development, “like a spiral from a single point, encompassing more and more space until it touches everything,” Square wrote on Twitter.  

According to a Wednesday press release statement, Square will concentrate on its core Seller’s business. Jack Dorsey, the CEO and co-founder of Block, said the name change would take effect on December 10, 2021.

This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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