Jack Dorsey is a longtime bitcoin proponent.
New Delhi: At a crowded conference in Miami in June, Jack Dorsey, mused in front of thousands of attendees about where his true passion lies: “If I wasn’t at Square or Twitter, I’d be working on bitcoin. .”
On Monday, Dorsey did a good part of that, announcing that he was leaving Twitter for a second time, handing over the CEO job to a 10-year veteran of the company. The 45-year-old businessman, who is often described as an enigmatic person with interests ranging from meditation to yoga to fashion design, plans to follow his passions, including focusing on running Square. Inc and does more charity work, according to a source close to the matter. his plan.
In the wake of the unexpected news, Dorsey laid the groundwork for his next chapter, seeding both companies with crypto-related projects.
Fundamental to Dorsey’s broader vision is the principle of “decentralization,” or the idea that technology and finance should not be concentrated on a handful of gatekeepers today, but should instead be directed. by the hands of many people. or entities.
The concept was taken over at Square, which has built a department dedicated to working on projects and awarding grants with the aim of growing the popularity of bitcoin globally.
Dorsey has been a long-time proponent of bitcoin, and the catch is that the cryptocurrency will allow for private and secure transactions of bitcoin’s value unrelated to any government.
The idea has also bolstered new projects at Twitter, where Dorsey tapped a top lieutenant — and now the company’s new CEO, Parag Agrawal — to oversee a team trying to build build a decentralized social media protocol that allows different social platforms to connect with each other, similar to how email service providers work.
The Bluesky project will aim to allow users to control the types of content they view online, removing the “burden” on companies like Twitter to enforce a global policy against abuse or disinformation. misleading, Dorsey said in 2019 when he announced Bluesky.
Bitcoin has also been prominent at both of his companies. Square became one of the first public companies to own bitcoin assets on its balance sheet, having invested $220 million in the cryptocurrency.
In August, Square created a new business unit called TBD to focus on bitcoin. The company is also planning to build a hardware wallet for bitcoin, a bitcoin mining system, as well as a decentralized bitcoin exchange.
Twitter allows users to tip their favorite content creators with bitcoin, and has been testing integrations with non-fungible tokens (NFTs), a digital asset that allows anyone to Collect unique digital artworks.
Analysts see this transformation as a positive sign for Square, the fintech platform he co-founded in 2009. Square’s core Cash app, following a surge in market share in 2020, has seen growth was slower in the most recent quarter. It is also trying to digest Afterpay provider Afterpay’s $29 billion acquisition of Buy Now Pay Later, its largest acquisition ever.
However, analysts warn that these ambitions will not be successful for many years to come.
Christopher Brendler, an analyst at DA Davidson.
(This story has not been edited by NDTV staff and was automatically generated from the feed provided.)
