Square CEO and Twitter co-founder Jack Dorsey has long been spreading the blockchain gospel and now venture capital is throwing money into cryptocurrency fintech solutions. Hallelujah.
Dorsey’s sudden exit from Twitter highlights the tech genius’ increasing infatuation with cryptocurrency.
Although Dorsey is still CEO of payments company Square, the time he’s spent over the last year preaching bitcoin and embedding crypto features into company frameworks exhibits a profound commitment to the growing movement.
Dorsey has previously said, “#Bitcoin will unite a deeply divided country. (And eventually: world).”
Heaping more praise on the decentralized digital currency, he’s also said, “For me, Bitcoin changes absolutely everything.”
“What I’m drawn to the most about it is the ethos, is what it represents, are the conditions that created it, which are so rare and so special and so precious.”
He continued, “I don’t think there’s anything more important in my lifetime to work on and I don’t think there’s anything more enabling for people around the world.”
Overall, Dorsey’s vision is for ‘decentralization,’ the idea that technology and finance control should be transferred from central decision-makers to a distributed network without third party interference.
As per a Reuters report, in the hope of accelerating progress towards this goal, Dorsey has built a division at Square that’s devoted to developing work and awarding grants that grow bitcoin’s popularity.
Though, innovation in the cryptocurrency game is not new for Square, after all, it was one of the pioneer public companies to own bitcoin assets on its balance sheet, an estimated $220 million investment.
Proof of Bitcoins life on the platform, this year has seen over 1 million Square users buy bitcoin for the first time on Cash App, and presently 5 per cent of Square’s total cash holdings are in bitcoin.
As reported on by Protocol, Constellation Research analyst, Ray Wang, added, “Jack wants all in on crypto, he doesn’t want to miss the next big thing.”
Wang added, “It’s still early in the marketplace,” and that “We are in 1997 for the internet.”
It’s clear Dorsey is ramping up to bet big on bitcoin which has some analysts concerned that this roll of the dice might not pay off for years to come or at all.
