Twitter founder Jack Dorsey announces his resignation as CEO. What’s the reason behind Dorsey’s departure? Will Dorsey turn to bitcoin and the DeFi field? What impact will Dorsey bring to the crypto market?
Jack Dorsey founded Twitter as early as 2006. In addition to serving as Twitter CEO, Dorsey also founded payment technology firm Square. Recently, he announced that he will step down from all posts at Twitter. Twitter CTO Parag Agrawal will take over to lead the social network.
Did Dorsey resign for not doing his job properly? Dorsey has been under pressure due to the poor performance of Twitter’s stock price. Last year, one of Twitter’s shareholders – hedge fund Elliott Management publicly called on Jack Dorsey to step down.
Dorsey is known for focusing his crypto efforts on bitcoin. In 2018, Dorsey launched a bitcoin trading service on Square’s Cash App. Additionally, the payment technology firm set up its new Square Crypto division.
This July, Jack Dorsey announced the launch of Square’s new department on bitcoin DeFi. Also, the company goes into bitcoin mining and bitcoin hardware wallet development. This month, Square released a whitepaper on bitcoin DeFi including decentralized trading platform tbDEX.
Twitter Turns to Ethereum: ETH Tipping, NFT Feature?
After leaving Twitter, will Dorsey devote himself to bitcoin mining, hardware wallet, and DeFi development? Square’s network resources would make it well-positioned to boost bitcoin’s mainstream adoption.
As another impact from Jack Dorsey’s departure, social network Twitter can be more open to cryptocurrencies other than bitcoin – e.g. ether (ETH). Dorsey has been hostile against Ethereum. He has stated that he will not invest in Ethereum. And, he converted all the ether he received from the sale of Twitter NFTs to bitcoin immediately after the sale.
This September, Twitter added bitcoin to its tipping feature. Dorsey stated they would roll out the Bitcoin Lightning Network tipping feature, with no intention extending to Ethereum wallets.
However, after Dorsey announced his departure, Jane Wong, a well-known hacker in Hong Kong, added an Ethereum tipping feature. She has added an Ethereum address to her Twitter tips button. “The feature has been there since at least September. But I don’t think it’s widely available yet,” tweeted Jane Wong.
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