Why did Jack Dorsey become the top Bitcoin enthusiast in 2021?
Jack Dorsey was another person (besides Elon Musk) whose initiatives were of particular interest to the crypto community in 2021. The entrepreneur has become so active and involved in the cryptocurrency sphere in recent years that we can easily call him the leading BTC enthusiast of our time.
In February, the former CEO of Twitter announced joint plans with well-known rap artist and producer Jay-Z to donate 500 bitcoins (about $ 23.6 million those time) to a fund for bitcoin developers. It was reported that the ₿trust foundation would focus on specialists from Africa and India.
The entrepreneur also proposed considering BTC as the currency of the Internet. Before that, he repeatedly called it the best option for this function.
Dorsey’s Square fintech project, which he created in 2009, is also betting on digital currency. In the fall of 2020, the company invested $ 50 million in BTC, which was about 1% of all startup assets.
In February last year, Square bought another $ 170 million worth of cryptoassets. The share of investments in BTC amounted to 5% of the entire portfolio.
In June, the businessman said Square was “considering creating a hardware wallet” on Twitter and later confirmed that such a task was set up for the employees of his startup.
“Bitcoin changes everything for the best future. I consider there is nothing more important in my life that I could work on. If I weren’t on Square or Twitter, I would be working on Bitcoin. If it needs more help than Square or Twitter, I will leave them. But I believe both companies have a role to play,” said the billionaire at the Bitcoin 2021 conference in Miami.
Then he made another big announcement, announcing Square could go in for an open-source BTC mining device. Dorsey considers the lack of attention to vertical integration as a severe oversight. The billionaire is confident that cryptocurrency mining should be available to everyone.
Indeed, the financial results of his project evidence Jack Dorsey’s foresight as a crypto investor. In the third quarter of last year, Square’s revenue from the sale of BTC via Cash App reached $ 1.82 billion, and gross profit was $ 42 million. Compared to 2020, increased by 115%, and profits — by 29%.