- Twitter May Get Advice From Jack Dorsey On How To Incorporate Crypto
- Jack Dorsey is often considered a bitcoin expert
- He still owns 2.4% of Twitter
Following the acquisition of Elon Musk, it was revealed in an SEC filing that Jack Dorsey still owns 2.4% of Twitter. In November 2021, just 19 days after Bitcoin hit its all-time high of $69,061, Dorsey, the former CEO of Twitter, left the company.
Block, the parent company of Square, CashApp, Spiral, Tidal and TBD, is currently led by Dorsey as CEO. The only company in the group that does not have a direct connection to cryptocurrency or Bitcoin is the music streaming service Tidal. Other companies are all familiar with blockchain technology.
Musk reworks Twitter’s verification framework
Rumors have swirled about Musk possibly showcasing crypto installments in the Twitter app. The theory was based on Musk’s enthusiasm for Dogecoin and the fact that Binance had pledged $500 million for the acquisition.
However, the most significant indication so far that the platform may incorporate blockchain technology in the future may be Dorsey’s continued voting power within the company. A Twitter user suggested using ENS domains to handle verification as Musk is currently reworking Twitter’s verification system.
According to Watcher Guru, Twitter verification status would be made available for a monthly fee of $20. The community is currently debating whether cryptocurrency, especially Doge, will be accepted for payment.
Since Jack Dorsey is often portrayed as a bitcoin maxi, it will be interesting to see how involved he is in discussions regarding cryptocurrency and Twitter. There has been no public announcement suggesting Dorsey will be involved in any way. However, his holdings of 18,042,428 voting shares were confirmed in the SEC filing.
Dorsey is currently working on what he calls “web5”, which is a Bitcoin-powered ecosystem run by TBD, a subsidiary of Block. The web5 Zion app, a social media platform that has the potential to rival Twitter, is one such product. Dorsey wrote, “Imagine a new world where you could…leave Twitter and Instagram and take all your connections with you” in a Zion v2 blog post.
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Dorsey and Musk discussed Bitcoin with Cathie Wood
Therefore, it’s currently unclear what Dorsey might do on Twitter under Musk’s leadership. Dorsey and Musk appear to be in competition on social media, according to multiple outlets. Nonetheless, the two have always seemed to get along in public, and they hold some views on blockchain technology that are similar.
In 2021, on a podcast called “The B Word,” Dorsey and Musk discussed bitcoin with ArkInvest’s Cathie Wood with no obvious resentment. Additionally, Dorsey was able to keep his shares by voluntarily incorporating them into the new company, saving Musk around $1 billion.
It will be interesting to see how the relationship develops if Dorsey’s Zion v2 maintains its position as Twitter’s direct rival.