CEO and Chairman of microblogging platform Twitter, and also remittance giant Square, Jack Dorsey, is rapidly becoming very important in the Bitcoin space.
Going way back, he has had a soft spot for Bitcoin and has shown the same in the way he has committed resources, time, and energy in streamlining his companies to moving development and adoption of the cryptocurrency forward.
In the past, Dorsey has praised the open-source nature of Bitcoin. Comparing it to the internet, he said Bitcoin is the “best manifestation” of a native internet currency; it is open-source giving room for everyone to contribute to the direction of its development, and run by consensus. He also strongly feels that his work on Bitcoin is his best achievement so far.
Notably, Jack through his company Square has been involved in several projects aimed at promoting Bitcoin adoption and development. Several recent and past projects emphasize this point.
To start with, the company’s payment platform, Cash App, has had support for Bitcoin transactions since 2018 and has been reporting the growing adoption and usage of Bitcoin. Square recently announced it was beginning the development of a hardware wallet for Bitcoin that would be non-custodial and community-driven, as well as highly secure and more private. This new project will integrate with Cash App too.
Additionally, Jack also announced not long after that the company would be working to bring Bitcoin closer to the competition in innovative financial services. Dorsey announced plans to develop DeFi solutions right on the Bitcoin network. The latest project Square would be working on would be creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Naming the project TBD and announcing the lead developer of the project to be Mike Brock, he restated, “Our primary focus is Bitcoin.”
Similarly, in February, he teamed up with rapper and entrepreneur, Jay-Z, to set up a fund that would promote cryptocurrency adoption in African countries, and India. The fund known as BTrust was started with 500 Bitcoins and aims at achieving greater financial inclusion for all.
To Dorsey, Bitcoin has the potential of being the future of money on the internet; bringing opportunities to the un-banked on a global scale. For this reason, he considers his company, Square, to be a toolmaker in actualizing this future. It is obvious that Jack has set out to be a voice promoting the adoption of Bitcoin and his influence is growing by the day.
In what is becoming a trend these days, it is becoming common to see important personalities championing the course of cryptocurrencies. The asset class is standing the test of time and keeps getting firm supporters. Bitcoin in particular is winning over countries, institutional investors, and former skeptics.