Jack Dorsey, an entrepreneur, spoke in front of thousands about his true passion at a Miami conference in June.Dorsey fulfilled one part of th
Jack Dorsey, an entrepreneur, spoke in front of thousands about his true passion at a Miami conference in June.
Dorsey fulfilled one part of the deal, announcing that he would quit Twitter, giving the position to a veteran 10 year old at the firm. According to a source, the 45-year-old entrepreneur is described as an “enigma” with many interests, including yoga, meditation, fashion design, and will continue to pursue his passions, which will include running Square, and more philanthropic work.
Well before the surprise news, Dorsey had laid the groundwork for his next chapter, seeding both companies with cryptocurrency-related projects.
Dorsey’s larger vision revolves around the principle of “decentralization”, which is the idea that technology or finance should not be controlled by a few gatekeepers as it is today, but rather should be managed by many people or entities.
Square has embraced the concept and has created a division to work on projects and grant recipients with the goal of increasing Bitcoin popularity worldwide. The price of Bitcoin in India was Rs. 44.52 million as of December 1, 2012, 12:50 IST
Dorsey is a long-time supporter of Bitcoin. The appeal of the cryptocurrency is that it will allow private, secure transactions without any interference from the government.
This idea is also behind new Twitter projects. Dorsey selected a top lieutenant (and now the company’s CEO Parag Agrawal) to lead a team that is trying to build a decentralised social network protocol. This will allow different social media platforms to connect with each other, much like email providers.
Bluesky, Dorsey announced in 2019 that it will allow users to control the content they see online. This will remove the “burden” on companies such as Twitter to implement a global policy against abuse or misleading information.
Both of his companies have featured Bitcoin prominently. Square was one of the first companies in public to have Bitcoin assets on their balance sheets. It invested $220 million, roughly Rs. 1,650 crore) in cryptocurrency.
Square launched a new business unit, TBD, in August to concentrate on Bitcoin. Square also plans to create a hardware wallet, a Bitcoin mining platform, and a decentralised Bitcoin exchange.
Twitter lets users tip their favorite content creators using Bitcoin. Twitter has also been testing integrations to non-fungible tokens, a digital asset that allows users to collect digital art.
Analysts view the Square fintech platform, which he founded in 2009, as moving in a positive direction. Square’s core Cash App has seen slower growth after its share price surge in 2020. It is still trying to absorb the $29 billion (roughly Rs. It has made the largest acquisition in its history, the 2,17,240 crore acquisition of Afterpay Buy Now Provider.
Analysts warned that these ambitions won’t pay off for years to come.
“The blockchain platform that they are trying to create is fantastic, but it also presents technical challenges and is difficult to scale for consumers. Christopher Brendler, analyst at DA Davidson, stated that he believes he will focus more on Square. Crypto will also be part of this.