Bitcoin could get a boost from Jack Dorsey’s resignation

Karthik Subramanian

It may sound a bit off-putting but it can be said that the resignation of Jack Dorsey as the CEO of Twitter could be beneficial for Bitcoin and the crypto industry overall in the months to come.

He continues to remain the CEO of the payments company Square and it was during this year that the company had said that it was looking to venture into the bitcoin mining space to make a difference in the way things are done.

Focus on Bitcoin Mining

Not only this but Jack and Square have always made it very clear that they are all in favor of bitcoin and Jack is a strong believer in the long-term value of bitcoin and also in the viability of the crypto industry. This means that Square would continue to push strongly in the crypto space and Jack could hence be focussing all of his attention on bitcoin and crypto in the future.

Twitter is a different opportunity for Jack and the fact that he has chosen to remain with a payments company Square and resign from Twitter alone shows that he plans to invest more of his time into Square and also on crypto as well. This could be highly beneficial for the industry as it is not only a validation of the long-term viability and opportunity that crypto provides but also an endorsement of its potential which other institutions are likely to realize in the long run. The industry would also be looking forward to what kind of innovations that Jack and his company Square would be able to bring into this space but all of this does point to exciting times ahead for the crypto industry as more of the industry leaders begin to focus their time and attention into it.

Decentralisation as central theme

Decentralization is a theme that seems to have fascinated Jack for a long and this is evident from the way Twitter works where each individual has his or her power to gather followers, share thoughts and influence others as well. He has also been known to be involved in trying to come up with standard protocols so that users can interact with each other across various social media platforms. With decentralization being the central theme for blockchain and crypto as well, it is indeed no surprise that he is likely to now devote his time to this industry.

Read this next

Retail FX

Investors from Cyprus and Dubai acquire ‘significant stake’ in M4Markets

Seychelles-regulated brokerage firm M4Markets firm has picked up some investment from Cyprus and Dubai based investors in a new funding round that it will be using to grow its business.

Executive Moves

UAE broker Amana elevates Amr Masry to sales director

Amr Masry has been promoted to a new senior role at Amana Capital, becoming the group’s newest Sales Director, following a successful tenure with the UAE-based FX and CFDs broker.

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.

Uncategorized

PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

<