At a packed Miami convention in June, Jack Dorsey reflected on where his true passion lay in front of thousands of attendees: “If I wasn’t on Square or Twitter, I would be working on bitcoin.”
on Monday, dorsey made good on a part of that, declaring that he would Relieve Twitter For the second time, handing over the CEO position to a 10-year veteran in the firm. The 45-year-old entrepreneur, often described as an enigma with varied interests ranging from meditation to yoga to fashion design, plans to pursue his passion that includes focusing on running. Social class And are doing more philanthropic work, according to a source familiar with his plan.
Before the surprising news, Dorsey had laid the groundwork for his next chapter, involving both companies. cryptocurrencyRelated projects.
The basis of Dorsey’s overarching vision is the principle of “decentralisation”, or the idea that technology and finance should not be concentrated among a handful of gatekeepers, but should, instead, be governed by the hands of many, either people or people. Institutions.
The concept has played into Square, which has created a division dedicated to working on projects and giving grants aimed at growing of bitcoin Global popularity. bitcoin price in india stood at Rs. 44.52 lakhs on 1st December at 12:50 pm IST.
Dorsey has long been a supporter of bitcoin, and the appeal is that the cryptocurrency will allow private and secure transactions with the value of bitcoin unrelated to any government.
The idea has also sparked new projects on Twitter, where Dorsey tapped a top lieutenant — and now the company’s new CEO. Parag Agarwal – Overseeing a team that is attempting to build a decentralized social media protocol that will allow various social platforms to be interconnected, just like how email providers operate.
The project, called BlueSky, will aim to allow users to control the types of content they view online, removing the “burden” on companies like Twitter to implement a global policy to fight abuse or misleading information, Dorsey told BlueSky in 2019. announced.
Bitcoin has also figured prominently in both of his companies. Square became one of the first public companies to have bitcoin assets on its balance sheet, investing $220 million (about Rs 1,650 crore) in the cryptocurrency.
In August, Square created a new business entity called TBD to focus on bitcoin. The company also plans to build a hardware wallet for bitcoin, a bitcoin mining system, as well as a decentralized bitcoin exchange.
Twitter allows users to tip their favorite content creators with bitcoin and is testing integration with non-fungible tokens (NFTs), a type of digital asset that allows people to collect unique digital art.
Analysts see this change as a positive sign for Square, which he co-founded in 2009. Square’s core Cash app has experienced slow growth in the most recent quarter after accelerating its share in 2020. It is also trying to digest the $29 billion (approximately Rs 2,17,240 crore) acquisition of the Buy Now pay later provider. Afterpay, its biggest acquisition to date.
But these ambitions won’t pay off until years from now, analysts cautioned.
Christopher Brendler, an analyst, said, “The blockchain platform they are trying to develop is great, but full of technical challenges and difficult for consumers. I think he will focus more on Square And crypto will be part of it.” DA Davidson.
© Thomson Reuters 2021
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