- Jack Dorsey has announced his retirement as CEO from Twitter, handing the reins to Parag Agrawal.
- Analysts point that Jack Dorsey now has free time on his hands to immerse himself in Bitcoin.
- The 45-year old has shown a deep interest in Bitcoin with his fintech company Square holding BTC on its balance sheets.
Jack Dorsey steps down from his role as Twitter CEO leaving him with spare time. Analysts have pointed out that the allure of cryptocurrencies was simply hard to resist for the ex-twitter CEO.
From Twitter To Bitcoin
In an internal memo to the Twitter team, Jack Dorsey made known his decision to step down from his role as company CEO. he revealed that company CTO, Parag Agrawal will become the new CEO while Bret Taylor will become the board chair. Being a known Bitcoin believer, it is difficult to imagine Jack Dorsey working on something different aside from Bitcoin.
“If I were not at Square or Twitter, I’d be working on bitcoin,” said Dorsey at a Bitcoin conference this year. “If it needed more help than Square or Twitter, I would leave them for Bitcoin.”
His interest in Bitcoin ran deep and in 2018, he referred to the Bitcoin Whitepaper as nothing but poetry. “I think the Bitcoin whitepaper is one of the most seminal works of computer science in the last 20 or 30 years,” he said on Lex Fridman’s podcast. His Bitcoin passion saw him introduce the Bitcoin tipping feature on Twitter and saw his other company, Square, increase its Bitcoin holding to over 8,000 BTC.
As Square’s CEO, he had hinted that the company could build a bitcoin mining system that will be open source for individuals and institutions around the globe. In November, Square released a white paper that unveiled its plan to create a decentralized exchange for trading cryptocurrencies and has also announced that it had begun building its hardware wallet.
Might Still Be A Lot To Juggle
For months, it seemed Jack Dorsey had his attention divided between Twitter and Square, birthing rumors that he was a part-time CEO at Twitter. While Bitcoin looks like the obvious route for Dorsey, he might not take the plunge right away and might take time to recalibrate. Dorsey spent 16 years at Twitter and acted as co-founder, CEO, Chair, Exec Chair, and interim CEO at various times.
Dorsey still has to run Square, a payments company he co-founded in 2009 and serves as the CEO. With revenue surpassing $9 billion in 2020, Square is a big deal and requires the attention of Dorsey. Jack Dorsey also seats on the board of the Berggruen Institute, an independent think tank, and announced that he will remain on Twitter’s board until the end of his term to help the new executives transition into their new roles.