Jack Dorsey rose to fame by creating Twitter, the social network now known as “X.” But in recent years, the entrepreneur has devoted himself fully to the cryptocurrency sector, particularly Bitcoin (BTC). Discover the career of Jack Dorsey, one of the most famous “Bitcoin maximalists.”
The origins of Jack Dorsey, co-founder of Twitter
Born in 1976 in St. Louis, Missouri, USA, Jack Dorsey became interested in technology and programming at a very early age. From the age of 14, he became passionate about taxi dispatching technologies to improve their journeys.
This interest will allow him to create open source software in the field while he is still only 15 years old.As proof of his seriousness, his early works are still sometimes used by taxi or transport companies.
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A few years later, Dorsey enrolled at the University of Science and Technology in Missouri, then transferred to New York University. It was during this student period that he came up with the idea for the microblogging platform Twitter, since renamed “X”..
Believing in the potential of his project, Jack Dorsey then abandoned his studies to devote himself fully to his entrepreneurial ideas. In 2006, he founded the company Twitter with his collaborators Evan Williams, Noah Glass and Biz Stone.. This is the beginning of a long adventure for the entrepreneur.
Twitter's Colossal Success
After its creation, Twitter quickly became a must-have for communication on the Web. Used by individuals and professionals alike, particularly in the world of journalism and information, The social network becomes the place where the latest news is shared.
Jack Dorsey was CEO of the company from 2006 to 2008, then he left his position until 2015, when he made his grand return to the head of the company.. In 2022, at the height of its glory, Twitter had 368 million active users. Jack Dorsey then decided to sell his company to Elon Musk, leaving the management once again. Twitter would then be renamed “X”.
The reason for this departure is among others Jack Dorsey's growing interest in payment systems and cryptocurrencies in particularFor several years, he has managed a second company in this field: Square.
Square, payment systems and the beginning of interest in cryptocurrencies
When he first left Twitter in 2008, Jack Dorsey co-founded Squarea mobile payments and financial services company.
Jack Dorsey realizes that payment systems, especially those used by merchants, can be improved.
The idea came to him when he saw that one of his friends, then a trader, was having difficulty accepting bank card payments.
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One of the first services offered by Square is therefore a small bank card payment terminal.which offers a flexible solution to artisans and small traders to accept payment methods.
The company has been expanding its range of services over the years. Square offers business loans, deliveries, and various innovations in financial technologies used by businesses.
This is what naturally leads the former CEO of Twitter to take an interest in blockchain and cryptocurrencies.. In 2010, when Square was launched, Bitcoin (BTC) was in its infancy. But a decade later, blockchain and cryptocurrencies have become essential products of Fintech.
Jack Dorsey's Support for Bitcoin and Blockchain
Decentralization issues are dear to Jack Dorsey, so he is particularly interested in Bitcoin. Over the years, the Square CEO has become a vocal advocate of cryptocurrency, which he believes is a viable alternative to the U.S. dollar (USD)..
Furthermore, Square followed its boss's vision and began integrating cryptocurrency-related services in 2018. That year, BTC actually arrived on Cash App, the firm's payment application.. It was a relatively new service for the time, which set Square apart from its competitors.
In 2019, Jack Dorsey announced that he wanted to continue this momentum. A special division of Square was therefore created: Square Crypto. This allows the company to position itself on technologies linked to cryptocurrency, but also to support the development of Bitcoin… And only Bitcoin.
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Jack Dorsey, a true “Bitcoin maximalist”
While the former CEO of X is particularly enthusiastic about blockchain and Bitcoin, this is not the case for other cryptocurrencies. Few of them find favor in his eyes, and he considers that only Bitcoin is of interest in terms of decentralization and security..
In 2021, Jack Dorsey made a profession of faith at the Bitcoin Conference in Miami. Square CEO then explains that he simply wants to devote his working time to cryptocurrency :
“Bitcoin changes absolutely everything. I don't think there's anything more important that I can work on for the rest of my life.”
This involves a very symbolic name change. The company Square becomes “Block” that same year. It broadens its vision beyond “traditional” payment services. to focus on emerging technologies, including blockchain in particular. It is a whole range of decentralized services that are planned by Block, with one goal according to Jack Dorsey: to give financial autonomy back to individuals.
Block also wants to innovate in the mining sector. In April 2024, it completed the development of a mining chip, which will then integrate a complete mining system.according to Jack Dorsey. The company is therefore positioning itself at the forefront of what will make the future of Bitcoin.
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Jack Dorsey and altcoins: a big disappointment
While this enthusiasm for Bitcoin is driving Jack Dorsey's projects, his comments against the rest of Web 3 are particularly acerbic. In particular, he criticizes the ecosystem for not being decentralized and for being supported by venture capital funds. :
“You don’t own “Web3”. Venture capitalists and their liquidity providers own it. He will never escape their appeal. It is a centralized entity with a different label.”
Jack Dorsey has also repeatedly shown his disdain for Ethereum (ETH). The 2nd largest blockchain has no real interest for him, since it does not show sufficient decentralization. As for other blockchains and cryptocurrencies, they only tarnish the basic idea of Bitcoin, according to the CEO of Block.
So Jack Dorsey is a big convinced Bitcoin Maximalistwho also seeks to convince others, as in a statement in 2023:
“Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to the ideals of the internet. And it’s a great brand.”
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Jack Dorsey's Estimated Net Worth
Block's company is said to have made $228 billion in payments in 2023, and is said to have a market capitalization of $35 billion. As for Jack Dorsey, his past initiatives at Twitter have allowed him to build his fortune.
Block CEO is a billionaire: Forbes estimates his assets currently exceed $3.7 billionAt the height of his fortune, Jack Dorsey was estimated to have more than $12 billion.
Jack Dorsey, an innovator who found his niche with Bitcoin
If Jack Dorsey is a “serial entrepreneur” mainly known for being at the origin of Twitter, he seems to have found in Bitcoin a real passion.
Having abandoned Twitter to devote himself fully to Block, He remains one of the most ardent defenders of Bitcoin (BTC). And if his anti-altcoin positions sometimes raise a few eyebrows within the crypto community, no one can ignore the billionaire's passion, who sees Bitcoin as a real revolution.
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3117 articles
