Jack Dorsey is known by everyone as the co-founder and former CEO of Twitter. But Dorsey is also one of the biggest proponents of Bitcoin in the world. In fact, the US business person has become a phenomenon in the crypto world in recent years. Dorsey, who constantly makes statements about Bitcoin, does not neglect to show up at the world’s leading crypto money events. In fact, in a speech he made in 2021, he said, “I don’t think there is anything more important to work on in my life,” and expressed how much he cares about Bitcoin. “If I hadn’t set up Square or Twitter, I would have been working on Bitcoin,” Dorsey says at the same conference.
Dropped out of school for Twitter
Born in 1976, Dorsey has always been in touch with technology. At the age of 14, he created a logistics open software that communicates with taxis in real time. While studying at New York University, he had the idea to set up a micro-blogging site, which would later become Twitter, where people could share their thoughts instantly. Jack Dorsey dropped out of school one semester before graduating to bring his idea to life. Dorsey, who was one of the founders of the social media giant Twitter in 2006, served as the CEO of this company between 2006-2008 and 2015-2021.
Jack Dorsey quit Twitter for Bitcoin.However, Dorsey’s relationship with Bitcoin began in 2010 when he founded the financial payments company Square. He came across crypto money thanks to this company. Dorsey’s interest in Bitcoin grew during a trip to Africa in 2019. Meeting with local Bitcoin companies here, Dorsey became convinced that the continent’s ailing economy could thrive with Bitcoin. He saw Africa as an underserved market ripe for the further development of Bitcoin but not being exploited.
Jack Dorsey’s relationship with Bitcoin…
Dorsey left his Twitter post in 2021 to become more involved with Bitcoin. His other company, Square, changed its name to Block Inc. to reflect its investment in blockchain technologies. made. The company offers Cash App, which enables Bitcoin trading. It also launched the app. Block Inc. Dorsey, who bought $50 million worth of Bitcoin for Bitcoin, also joined Cash App. and Block Inc. to improve Bitcoin trading. It also invested in TBD, a blockchain technology development company operating under the company.
The US businessperson also contributed to the development of the Bitcoin industry in Africa. Dorsey, along with famous rapper Jay Z, has raised 500 Bitcoins to fund Bitcoin development in India and Africa. He also sold his first tweet on Twitter for 1,630.58 ETH, which was worth $2.9 million at the time, to donate to Africa’s Covid-19 fund.
A Bitcoin event in Ethiopia. Photo: Twitter/Jack DorseyBitcoin could replace banks
According to Dorsey, Bitcoin has the potential to create a more robust and new financial infrastructure for underserved and underserved communities such as African countries. In addition, the business person thinks that Bitcoin provides protection against inflation and currency devaluation. Jack Dorsey also frequently states that Bitcoin accelerates the flow of money. Moreover, he states that due to the decentralized nature of this cryptocurrency blockchain, it will soon replace banks and payment intermediaries. In a previous tweet, he underlined the decentralized nature of Bitcoin, saying, “No one or institution has more power over Bitcoin than any other”. He also tweeted that Bitcoin benefits the whole world because it is a currency that can be traded anytime, anywhere. But in terms of education and Bitcoin accessibility, Dorsey also acknowledges that more work needs to be done.
Source: New York Post, CNBC, Bitstamp
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