Post-Twitter, Jack Dorsey Embraces Crypto and Fintech Dreams

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In front of thousands of attendees at a packed Miami conference in June. Jack Dorsey mused where his true passion lay: “If I weren’t at Square or Twitter, I’d be working on bitcoin.”

Dorsey made good on one part of that promise on Monday, announcing his departure from Twitter for the second time. And handing over the CEO job to a 10-year veteran of the company. According to a source familiar with his plans, the 45-year-old entrepreneur, often described as an enigma with eclectic interests ranging from meditation to yoga to fashion design. Plans to focus on running Square Inc and doing more charity work.

Dorsey had established the framework for his next chapter long before the surprising announcement, seeding both companies with crypto-related projects.

The philosophy of “decentralisation,” or the idea that technology and money should not be centralized in the hands of a few gatekeepers, as they are now, but should instead be steered by the hands of many, either people or entities, underpins Dorsey’s bigger vision.

Square has implemented the concept, creating a section dedicated to working on projects and providing funds to increase bitcoin’s global acceptance.

Dorsey has been a proponent of bitcoin for a long time. The appeal is that the cryptocurrency will allow for private and secure transactions, with bitcoin’s value unrelated to any government.

The concept has also inspired new projects at Twitter, where Dorsey appointed a top lieutenant. And now the company’s new CEO, Parag Agrawal – to lead a team attempting to build a decentralized social media protocol. Which will allow different social platforms to connect in the same way that email providers do.

When Dorsey introduced Bluesky in 2019, he stated it would give people more control over the types of content they view online. Easing the “burden” on firms like Twitter to maintain a global policy to combat misuse or misleading information.

Bitcoin has also played a significant role in both of his companies. With a $220 million investment in cryptocurrency, Square became one of the first public firms to have bitcoin assets on its balance sheet.

Twitter has been testing integrations with non-fungible tokens (NFTs). This digital asset allows people to acquire unique digital art and tip their favourite content creators using bitcoin.

According to analysts, Square, the financial platform he co-founded in 2009, is expecting to benefit from the transition. Following a bull run in 2020, Square’s core Cash App has seen stunted growth in the most recent quarter. It’s also trying to process its largest acquisition ever, the $29 billion purchase of Buy Now Pay Later provider Afterpay.

Analysts warn, however, that these goals will not pay off for years.

“The blockchain platform they’re attempting to build is fantastic. But it’s riddled with technical difficulties and tough to scale for customers. I believe he’ll concentrate more on Square, and crypto will play a role in that “Christopher Brendler, a DA Davidson analyst, agreed.

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