Home Cryptocurrency Twitter & Square CEO Jack Dorsey says he’s committed to making Bitcoin work better

Twitter & Square CEO Jack Dorsey says he’s committed to making Bitcoin work better

by Blessing Ubani
Twitter & Square CEO Jack Dorsey says he's committed to making Bitcoin work better

Cryptocurrency evangelist, Jack Dorsey the Chief Executive of Twitter and Square said Bitcoin changes “everything” for the better and he will work “forever” to make the crypto work better.

Mr Dorsey disclosed his support for the cryptocurrency on his microblogging platform Twitter, in response to a tweet by the Square chief financial officer, Amrita Ahuja.

“Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative,” Ms Ahuja wrote on Twitter.

Square is a digital payments company founded by Twitter chief executive and Jim Kelvey and launched in 2020. The company valued at over $100 billion in 2020, is evaluating Bitcoin as an investment opportunity. Square has purchased a total of $220 million Bitcoin to date. Its Bitcoin asset is valued at $410m.

The crypto was trading at $48,523.20 on Saturday and is down 13 per cent over the past five days. Bitcoin plunged after Tesla’s billionaire chief executive Elon Musk suspended the use of Bitcoin as a mode of payment for the company’s electric vehicles because of “environmental concerns”. Prior to Mr Musk’s announcement, Tesla had invested $1.5bn in Bitcoin.

Mr Dorsey is part of a growing number of tech chief executives, who have become evangelists for investing in Bitcoin.

Twitter under Mr Dorsey plans to decentralise and launched a non-governmental organisation called Blue Sky to advance its goal.

“Square is doing exactly this for bitcoin with @SqCrypto,” Mr Dorsey wrote on his social media channel in 2019.

In March, Mr Dorsey sold his first-ever tweet as a non-fungible token for $2.9m.

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