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| Jack Dorsey leaves Twitter in search of cryptocurrency |
At a crowded meeting in Miami in June, Jack Dorsey, CEO of Twitter & Square, shared his true passion with thousands of attendees: If I wasn't on Square or Twitter, I would allocate bitcoin.
Earlier this week, Dorsey announced that he would be leaving Twitter for a second time and handing the CEO job to a veteran who has been with the company for 10 years.
The 45-year-old entrepreneur wants to pursue his passion, including focusing on operating Square and providing more service to the community.
Long before the surprising news broke, Jack Dorsey laid the groundwork for his next chapter, linking the two companies to crypto-related projects.
Dorsey's broader vision is based on the principle of decentralization, or that technology and finance should not be concentrated in the hands of a few regulators as they do today. On the contrary, they must be led by many people, whether they are people or objects.
The concept was implemented in Square, and management created a department dedicated to project development and financing with the goal of increasing Bitcoin's global visibility.
Dorsey has been a long-time supporter of Bitcoin, and the cryptocurrency enables private and secure transactions of the value of Bitcoin that have nothing to do with any government.
The idea also supported the new Twitter project, in which Jack Dorsey appointed the company's new CEO, Parag Agrawal, to oversee a team that attempted to create a decentralized social media protocol.
The deal allows different social media platforms to communicate with each other in the same way that email providers do.
Jack Dorsey pursues his fintech dream
The project called Bluesky aims to enable users to control the type of content they see on the Internet. It also eases the burden on companies like Twitter to implement global guidelines to prevent abuse or misinformation. As Dorsey said when he announced Bluesky in 2019.
Bitcoin also features prominently in its two companies. Square was one of the first public companies to have Bitcoin assets on its balance sheet. I invested $220 million in cryptocurrency.
In August, Square launched a new business unit called TBD, which will focus on Bitcoin. The company also plans to develop a Bitcoin hardware wallet, a Bitcoin mining operating system, and a Bitcoin decentralized platform.
Twitter allows users to use Bitcoin to mentor creators. Test integration with non-fungible NFT tokens. It is a digital asset that enables people to collect unique digital art.
Analysts believe this is a positive sign for Square, a financial technology platform he co-founded in 2009.
After increasing Square Cash's share in 2020, growth slowed last quarter. The company is also trying to absorb $29 billion to acquire a purchases and payments provider called Afterpay. But analysts warn that these ambitions will bear fruit only in a few years.