Twitter CEO steps down
Jack Dorsey built Twitter from the ground up. Now he is handing over his position to Parag Agrawal, who served as Twitter’s chief technology officer. In doing so, he stated in an open letter that he was the right person for the job. Towards the end, he emphasized that Agrawal has worked his way up from the ground up and has a higher potential than Dorsey himself.
Back a few months ago, Dorsey stated at Bitcoin 2021 in Miami that if he hadn’t built Twitter, he would already be working full-time for Bitcoin right now. These are not just empty words, because in addition to Twitter, Dorsey is also the founder of Square, a company focused on digital services. Just a few weeks ago, Square launched its whitepaper on its own decentralized wallet. Accordingly, the rumors about Dorsey’s focus on Bitcoin and other cryptocurrencies are louder than ever.
Why the resignation is bullish for crypto
Fundstrat Global Advisors’ head of research Tom Lee believes that the move is a good sign for Bitcoin and other cryptocurrencies. While it is currently unclear what Dorsey will focus on in the future, speculation is all heading in one direction. Yesterday, in an interview with CNBC, Lee was asked if he sees this as bullish for crypto. This he stated in the affirmative.
One thing to keep in mind is that crypto is the intersection of financial services and technology. It’s literally 60% of the economy. Financial services is the other half of GDP, so it’s a huge market. And there’s not enough capital allocated to crypto innovation, so it takes people like Jack Dorsey to really drive the focus, and I don’t think the space is overinvested yet.