Compared with frequent utterances, nonsense, repetitive words, no social responsibility, several official warnings issued by the SEC, almost lost the executive position, only used the popularity to smash the fields of various mainstream technologies, obviously used the hype of bitcoin boom, harvesting the majority of cryptocurrency netizens as leeks; Elon Musk, the CEO of Tesla (ticker: TSLA), who was publicly rejected by many cryptocurrency leaders. Bitcoin’s global supporters have now finally discovered Jack Dorsey is the true leader that the Bitcoin world has been looking for for a long time.
Figure 1: Jack. Dorsey attending the bitcoin Global Conference in 2021 (photo taken from Getty Images)
Regarding Dorsey, the founder of Block (ticker: SQ), please refer to my other blog post “Introduction to Jack Dorsey“
Dorsey’s background and achievements on Bitcoin
When Jack attended the Bitcoin Global Conference in June 2021, he even spoke publicly when the 12,000 Bitcoin supporters gathered around the world gathered: “I don’t think there is anything more important in my lifetime to work on. if I were not at Block (ticker: SQ) or Twitter (ticker: TWTR), I would be working on bitcoin. If [bitcoin] needed more help than Block or Twitter, I would leave them for bitcoin,” he said. “But, I believe both companies have a role to play.”
Jack Dorsey is not just talking about it, let’s take a look at his amazing background:
- Jack started writing programs when he was 14 years old; similar to Apple’s Jobs, Jack was kicked out of the door by his own Twitter, and finally the company was facing a life and death juncture on Twitter, and was unanimously elected by everyone as CEO. Staged the Prince’s Revenge, returned to the company and saved Twitter.
- Twitter has changed the way of global information sharing, and Block has made online and mobile payment popular. Both companies are Silicon Valley’s heavyweight technology companies, and they are also important promoters of changing our lives.
- In August 2021, Jack said: He is also trying to use Compass Mining to mine Bitcoin.
Bitcoin believer Jack said many years ago that Bitcoin is one of the most important works in the field of computer science in the past 30 years. He believes that Bitcoin will become a single currency in the world within 10 years. This year, he once again emphasized that Bitcoin will be the only option to change traditional financial systems. In addition to supporting Bitcoin transactions and investing in Bitcoin, Block also established an independent team called Square Crypto in 2019, focusing on the open source of Bitcoin and funding the development of Bitcoin projects. In September 2020, Block established the Cryptocurrency Open Patent Alliance (COPA). Members must ensure that patents are provided to all members for free, aiming to clear the patent barriers of blockchain innovation.
Musk is a Bitcoin speculator with flopping positions
Seeing that Bitcoin began to skyrocket in the second half of 2020, Elon Musk immediately invested US$1.5 billion in Bitcoin through Tesla in February 2021. However, Jack continued to invest in Bitcoin through Block from October 2020, and through Block’s Cash program supports Bitcoin transactions and provides more convenient Bitcoin transactions for everyone. Later, seeing the price of Bitcoin began to plummet in March of this year, Elon Musk actually began to publicly criticize Bitcoin’s energy consumption and wanted to withdraw his public announcement of Tesla’s policy of supporting Bitcoin payments, and want to break with Bitcoin. Instead, Jack immediately stood up and publicly fought back against Elon Musk and published a document in defense of Bitcoin, believing that Bitcoin mining could accelerate the transformation of global energy to renewable energy.
Bitcoin’s support in Block
Block is the most famous platform that supports Bitcoin purchases besides non-cryptocurrency professional platforms:
- Block has supported Bitcoin purchases since 2014. In order to promote Bitcoin globally, Jack established a foundation called Btrust with Jay Z, a famous American rap singer, to encourage the development of Bitcoin in Africa and India. He also invested $10 million in the Bitcoin Clean Energy Project to promote environmentally friendly mining.
- In 2017, Block began to provide Bitcoin transaction functions for all Cash users. At that time, Bitcoin was at a low price, so it did not cause much repercussions. With the prosperity of the cryptocurrency market in the past six months, Bitcoin transaction volume has surged and become the most important business of Cash (Bitcoin accounted for 69.36% of Block’s total revenue in the first quarter of 2021, but the gross profit of the Bitcoin business was 2% only).
- In June 2021, Jack stated that Block will create a hardware wallet specifically designed for Bitcoin, allowing consumers to have more control over their own cryptocurrency. In this way, the user’s Bitcoin will not be controlled by Block or any other company (now it is kept by the trading platform), and can be accessed at any time without being restricted by any platform. He even plans to integrate the wallet with the phone and develop it with the community in an open source way of software and hardware. Dorsey explained that he believes that Bitcoin is a way to prevent currency devaluation and speed up cross-border fund transfers.
Bitcoin’s support in Twitter
In addition to Block, Twitter supports bitcoin as well:
- Tips had been available to only selected Twitter users, but the company will soon offer it to all users starting with Apple iOS devices and rolling it out to Android device users
- Bitcoin is coming to Twitter’s Tips feature, which had let people send money through third-party services such as PayPal
- Bitcoin payment
- Users will now be able to use Bitcoin to send payments between each other starting September, 2021
- People who want to send payments with Bitcoin will be able to add their Bitcoin wallet to their profile and then send the cryptocurrency from within the app through Strike, a third-party payments application that is built on the Bitcoin Lightning Network
- Twitter also said it is testing out new safety features that will warn a person when he or she is entering a conversation considered to be “heated”, and also give the option to leave a tweet thread.
Jack is a firm believer in digital assets, including cryptocurrencies such as Bitcoin. In March 2021, he exchanged the US$ 2.755 million he got after auctioning the first tweet 15 years ago in the form of NFT into Bitcoin and donated it to GiveDirectly, the African Charity Foundation. Twitter also officially entered the NFT in June 2021. It released 7 different NFTs on the third-party digital asset trading platform Rarible, and stated that it would send 20 versions of each NFT to interested users. Digital artwork based on NFT technology is becoming a hot asset. Since the beginning of 2021, there have been more than 29 million tweets about NFT.
Blockchain and others
Outside of Bitcoin, although Jack is not very interested in other cryptocurrencies, he is very fascinated by the promotion of blockchain-related technologies and believes that blockchain is a great technology to be developed and promoted. Jack also tweeted a project called Blue Sky, advocating a decentralized consensus platform standard.
Investors who are interested in investing in cryptocurrency can refer to the column I wrote for the 275th issue of Smart magazine. This special article mainly introduces you to the expectation of virtual currency. If you are afraid of being hurt, it is better to invest in virtual currency concept stocks.
- The content of this site is the author’s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.
- I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers’ direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.