Jack Dorsey

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Jack Dorsey
Jack Dorsey.jpg
Occupation CEO
Employer Twitter, Square
Location San Francisco Bay Area
Twitter @jack
Personal Twitter @jack
Website Twitter.com

Jack Dorsey is the founder and CEO of Twitter, and the founder, CEO, and chairman of the mobile payment system Square.[1][2]

Cryptocurrency Bull[edit]

Dorsey told attendees at the Consensus blockchain conference in May 2018 that he believes the Internet will one day have a native currency. He said he was not certain which currency it will be, but hoped it would turn out to be bitcoin.[3] He repeated this sentiment in an interview on the podcast, "The Joe Rogan Experience" in February 2019.[4] Dorsey has also said that he is interested in integrating bitcoin as a payment option for Square.[5]

In March 2018, Dorsey, along with several investors including Litecoin creator Charlie Lee, donated a total of $2.5 million to Lightning Labs in order to develop the Lightning Network, a scaling solution for bitcoin.[6][7]

In February 2019, Dorsey responded to Twitter user @ThomsonCrypto's question, "which coins/tokons you holding??" Dorsey replied, "I only have bitcoin." When asked how many coins he possessed, he said, "enough."[8] He has also said that he is a fan of bitcoin because it is "resilient, principled, native to Internet ideals, and because it's a great brand." In March 2019, Dorsey said on the podcast Tales from the Crypt that he had been buying so much bitcoin on Square's Cash App that he had been maxing out the app's weekly limits of $10,000.[9]

In an interview with Quartz in June 2019, Dorsey reiterated the need for a global digital currency. When asked about Facebook's cryptocurrency product, Dorsey said, "I don’t know what they’re building and I don’t know the details. I’d have to see that to have an informed decision. But I would go back to, we need a currency for the internet. And the internet being an entity that isn’t controlled by any company or any one government, that is for the world and for the people of the world." He said that he thinks that bitcoin is still "quite powerful," and that he had not seen any other currency that could challenge it in ways that he thought were important. He also said that despite this, he does not believe that physical currency will never be phased out.[10]

Cryptocurrency development[edit]

In March 2019, Dorsey announced that Square was in the process of hiring up to five developers for a group to develop "open source contributions to bitcoin and [the] crypto ecosystem." These positions are all full-time, and the project will be based in Square's San Francisco offices. Reportedly, this team will have the option to be paid in bitcoin.[11]

In May 2019, Dorsey announced over Twitter that Square was close to hiring three or four bitcoin and cryptocurrency engineers, as well as one designer, to work on "open source contributions to the bitcoin and crypto ecosystem."[12]

In August 2019, Dorsey said in an interview with The Australian Financial Review that Square will transition to providing broader Internet-based services in the future, which may include hardware, analytics, payroll, and lending. He also said that as the digital asset space grows, he expects that it will shape Square's development.[13]

Dorsey announced on February 12, 2021 that he was joining rapper and entrepreneur Jay-Z to contribute 500 bitcoins (worth about $23.5 million at the time) that would be used to support bitcoin developers based in India or African countries. The bitcoins were given to a new endowment called Btrust, which is organized as a blind irrevocable trust that cannot take direction from Dorsey or Jay-Z.[14]

In July 2021, Dorsey announced that Square would launch a platform for developers to create DeFi (decentralized finance) projects built on bitcoin.[15]