Jack Dorsey’s departure from Twitter gives him more time to focus on his passion for bitcoin

Discussion in 'Crypto Assets' started by johnarb, Dec 1, 2021.

  1. johnarb


    prolly nothing...


    Jack Dorsey’s departure from Twitter gives him more time to focus on his passion for bitcoin
    PUBLISHED MON, NOV 29 20212:52 PM ESTUPDATED MON, NOV 29 20216:33 PM EST

    MacKenzie Sigalos@KENZIESIGALOS
    • Jack Dorsey stepped down as Twitter CEO on Monday, citing his belief that the company was “ready to move on from its founders,” but some think the move has more to do with Dorsey wanting to lean further into crypto.
    • His other company, payments company Square, has made many moves to support bitcoin, especially in recent months.
    • “If I were not at Square or Twitter, I’d be working on bitcoin,” Dorsey told a crowd at a conference earlier this year.
    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
    Jack Dorsey stepped down as CEO of Twitter on Monday morning, citing his belief that the company was “ready to move on from its founders.” That means he’ll have more time to spend on Square, the payments company he also founded and leads, and on his budding fascination with cryptocurrency.

    Dorsey is a long-time fan of bitcoin, attributing his “passion” for the world’s biggest cryptocurrency to its function as “a foundational internet technology that is not controlled or influenced by any single individual or entity.”

    “If I were not at Square or Twitter, I’d be working on bitcoin,” Dorsey told a crowd at Bitcoin 2021, a mega conference that drew tens of thousands to Miami in June.

    Decentralization of power on the internet is a major personal theme for Dorsey. At Twitter, he spearheaded the funding of a project called BlueSky, 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 Parag Agrawal has been central 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 to work from home indefinitely in 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 drew back on that plan as the Covid pandemic grew more serious.

    Tom Lee, the head of research at Fundstrat Global Advisors, told CNBC 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.”

    [paste:font size="5"]Dorsey described as “an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”

    In October, the Square CEO said the company might jump into the bitcoin mining business, and earlier this month the payments company released a white paper 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 “make bitcoin custody more mainstream.”

    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,” said 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.”

    jys78 likes this.
  2. johnarb



    Jack Dorsey’s Square changes corporate name to Block

    Kate Rooney@KR00NEY
    • Payments giant Square will change its corporate name to Block, effective Dec. 10.
    • The move comes as Square expands beyond its original credit card reader business, with a focus on new technologies like blockchain.
    • Square CEO Jack Dorsey stepped down from his role as Twitter CEO on Monday.
    Square is renaming itself Block as it focuses on technologies like blockchain and expands beyond its original credit card reader business.

    Jack Dorsey’s payments giant said in an announcement the new name, effective Dec. 10, “acknowledges the company’s growth” and “creates room for further growth.” Block will still trade under the ticker SQ on the New York Stock Exchange.

    “We built the Square brand for our Seller business, which is where it belongs,” Jack Dorsey, cofounder and CEO of Block, said in a statement. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

    Jack Dorsey (L), CEO of Square and CEO of Twitter, live casts video while standing outside the New York Stock Exchange for the IPO of Square, in New York November 19, 2015.
    Lucas Jackson | Reuters
    Dorsey co-founded Square in 2009 with a focus on in-person payments and its namesake card reader, which let people accept credit card payments on a smartphone. San Francisco-based Square has since added a peer-to-peer digital banking app, small business lending, received a bank charter and offers crypto and stock trading. The company has acquired buy-now-pay-later provider Afterpay and Jay-Z’s music streaming service Tidal. It’s also doubling down on bitcoin with a crypto-focused business called TBD.

    As part of the Square rebrand, a separate part of the company “dedicated to advancing Bitcoin,” known as Square Crypto, will change its name to Spiral.

    “The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,” Block said in a statement.

    Dorsey stepped down from his other job as Twitter CEO on Monday after running both Twitter and Square since 2015. Dorsey cited a belief Twitter was “ready to move on from its founders,” and will now have more time to dedicate to Square’s growing portfolio. But Dorsey is also expected to focus on his fascination with cryptocurrency.

    The news comes roughly a month after Facebook changed its name to Meta to reflect on CEO Mark Zuckerberg’s plan to build a virtual world called the metaverse. Google famously renamed itself Alphabet six years ago in a similar move to reflect other lines of business.

    Square was one of the biggest winners of 2020 as consumers shifted to digital payments. Shares are down roughly 2% so far this year, as investors rotate away from higher-growth tech names.
  3. Think carefully whether you want this guy influencing your currency.
  4. StockChartist

    StockChartist Sponsor

    I think he's gone off the rails a bit with this whole bitcoin thing, look at him now compared to when he was a normalish CEO, plus bitcoin has been around for 12 years yet for the "next big thing" it doesn't seem to be used in everyday life, I don't know anybody who uses bitcoin to regularly buy everyday things and don't think it will ever be a universal currency to be transacted with, it's mostly hoarded by whales who act like ponzi scheme promoters (Winklevoss) plus govs will never allow it as the central currency, CBs will all come up with their own digital stablecoins and crypto will continue life in the background as backdoor payments for gamers, gamblers and criminals.

    That's not to say blockchain tech isn't real, just that current crypto valuations aren't sustainable imo like these maxi's have us believe we're in some new fantasy paradigm of ever-increasing prices plus the future of currency?? it's diverged very far from what Satoshi initially planned it for, now the biggest bubble in our lifetimes imo.

    Pekelo likes this.

  5. I agree ......Dorsey is a far left loony.
  6. Overnight


    I've never seen (or noticed) what Jack Dorsey looks like until this post.

    Dude, he's a viking! Ragnar Lothbrook!

    johnarb likes this.
  7. johnarb


    Bitcoin is open source, open monetary network. No one controls it

    Did you know who Satoshi gave the lead control of the Bitcoin github repo to? look him up and see what's his status now

    Did you know who the biggest miners were in 2017 and what they tried to do to Bitcoin? look it up and find out what happened

    Did you know who Bitcoin Jesus was and what he has done and accomplished for Bitcoin? look him up and see what happened
    NoahA likes this.
  8. Overnight


    Without looking it up I am going to take a guess, based on my foggy remembrances...

    They forked it and it birthed bitcoin Cash?
  9. johnarb



    And they tried to destroy the bitcoin network by throwing huge mining hash rate thinking that Bitcoin will stall afterwards when they remove the mining hash and the difficulty adjustment was still many days
  10. johnarb


    A whole country is using bitcoin for payments at McDonalds, Starbucks, Pizza Hut, street vendors, pay their electricity bill instantly, etc

    El Salvador
    #10     Dec 1, 2021