Twitter founder has more faith than Musk and wants to save Bitcoin

Since May, whether it is the mainstream Bitcoin, Ethereum, or the non-mainstream Dogecoin and Scoin, all have plummeted, hundreds of thousands of people’s positions have been liquidated in an instant, major digital currency exchanges have been shut down, and hundreds of billions of funds have vanished in an instant, and this bloody trend has continued to this day.

As the cryptocurrency market became a bloodbath, speculators fled in large numbers. The hype about the arrival of the digital currency bull market has died down. People who were bullish on Bitcoin reaching $100,000 have disappeared, and the cryptocurrency leader Musk has also shown a bit of "rebellion". In the past few days, even the "outdated internet celebrity" Trump has joined in the fun and denounced Bitcoin as a scam.

Although the situation is that everyone scatters when the tree falls and everyone pushes down the wall, there are still a group of Bitcoin believers who are fighting tenaciously. Among them, the most eye-catching is Jack Dorsey, the founder of Twitter and Square and a legendary Silicon Valley entrepreneur. In the current turbulent market, this "heavyweight" Silicon Valley tycoon still holds high the banner of Bitcoin and chooses to stand firmly with the believers.

Bitcoin's strongest supporter

Miami in June has entered the hottest season of the year, but even a high temperature of 35 degrees cannot stop the enthusiasm of Bitcoin believers. 12,000 Bitcoin supporters from all over the world gathered at this year's Bitcoin Conference to discuss the present and future of Bitcoin, and Jack Dorsey was one of them.

“Bitcoin has absolutely changed everything. For me, Bitcoin is not just an investment, but the most important career I will pursue for the rest of my life. If necessary, I can give up my job at Twitter and Square and devote all my energy and time to Bitcoin.” When Jack Dorsey, wearing a floral shirt, a big beard and crossing his legs, said these words calmly, in the eyes of the audience, he had already become a "Bitcoin angel" shining with golden light.

In fact, many years ago, Jack Dorsey had become a "bitcoin maximalist", a name that refers to people who firmly believe that bitcoin is the only way to change the future financial system. It should be noted that they only believe in bitcoin, and do not include other digital currencies such as Ethereum, Litecoin, and Dogecoin.

This group also often uses a professional term called HOLD, which is short for hold on for dear life, representing their expectation that Bitcoin will change the world. In short, they are not speculators, but more like moralists, and Jack Dorsey is definitely the leader among them.

Since 2015, he has been supporting Bitcoin in public. He once said that the Bitcoin white paper is as beautiful as poetry and called it one of the most important works in the field of computer science in the past 30 years. He believes that Bitcoin will become the world's single currency within 10 years. At this conference, he once again emphasized that Bitcoin will be the only choice to change the traditional financial system.

Jack Dorsey's love for Bitcoin is more than just talk.

In order to promote Bitcoin compliance transactions, Square has been able to support Bitcoin purchases as early as 2014. In order to promote Bitcoin globally, he founded a fund called ₿trust with the famous American rapper Jay Z to encourage the development of Bitcoin in Africa and India. In order to solve the energy consumption and pollution problems that Bitcoin has always been criticized for, he also invested 10 million US dollars in the Bitcoin Clean Energy Project to promote more environmentally friendly mining methods.

While Facebook and Youtube have previously avoided cryptocurrencies amid the digital currency regulatory storm, only Twitter has always been open to digital currencies and even developed exclusive emoticons for Bitcoin.

In March this year, when Jack Dorsey participated in an online hearing debate with Pichai and Zuckerberg, the Bitcoin clock in his home unexpectedly became popular. This clock, called BlockClock mini, is specially designed for Bitcoin. It can display the price of Bitcoin and the blocks released by miners at any time, and can also connect to the digital wallet through Wi-Fi to check the balance.

Supporters all joked that what I am looking at is not time, but the future.

More "dedicated" than Musk

People always say that time reveals the true colors and adversity reveals true friendship. Many people who previously regarded Musk as the leader of Bitcoin now realize that they have made the wrong choice. Jack Dorsey, the bearded man, is the real leader of Bitcoin.

When it comes to his influence in Silicon Valley and the technology industry, Jack Dorsey can be said to be in no way inferior to Musk. He was even once called the "second Steve Jobs" and was considered the person most like Steve Jobs in Silicon Valley.

He is a genius, taciturn and introverted, but he taught himself programming since childhood and started working as a programmer at the age of 15. He founded Twitter and Square, which changed the way the world exchanges information and brought about a revolution in commercial payments. He is an art lover, and has studied violin, illustration, and fashion design. He is obsessed with aesthetic design and detail construction. At the same time, he is also a weirdo, who only eats one meal a day and has persisted in meditation for 20 years. His nose ring, tattoos, and beard were all labels of his uniqueness.

Twitter founder has more faith than Musk and wants to save Bitcoin

Although Jack Dorsey has many sides and his style of doing things is always hard to understand, one of his characteristics is that once he has decided on something, he will love it deeply and attentively, and the same is true for Bitcoin. Unlike Musk, who often talks big and then regrets it, Jack Dorsey is very dedicated to Bitcoin, and he remains consistent regardless of the bear market or the bull market.

And it can be said that almost everything Musk played with Bitcoin this year was what he had left over.

For example, Musk briefly changed his Twitter profile to bitcoin in January this year, pushing the currency price to soar by $6,000 in an instant. Jack Dorsey changed his Twitter profile to bitcoin as early as April 2020. After pushing Bitcoin up, he did not just make a feint and run, but kept the profile until today.

For example, Musk announced in February this year that Tesla had invested $1.5 billion in Bitcoin, and Jack Dorsey has allowed Square to continue investing in Bitcoin since October last year, and supports Bitcoin purchase transactions through Square's Cash APP, opening a channel for compliant funds to enter the market.

When Musk criticized Bitcoin's energy consumption and hinted that Tesla was going to break up with Bitcoin, he immediately stood up to fight back, tweeting to defend Bitcoin, and arguing that Bitcoin mining would instead accelerate the pace of global energy transition to renewable energy.

Compared to Musk's "scumbag" behavior of vigorously promoting Bitcoin and then turning his back on it, Jack Dorsey is obviously much more devoted to Bitcoin. Some netizens even joked that if one day you find someone who loves you as much as Jack Dorsey loves Bitcoin, just marry him...

A true “actionist”

Over the years, from publicity to investment, from funds to communities, Jack Dorsey's efforts for Bitcoin are obvious to all, and he will continue to take action.

In 2018, Square launched the Bitcoin purchase function for the first time through its Cash App. At that time, Bitcoin was at a low point, so it did not cause widespread response. But in the past two years, with the prosperity of the digital currency market, Bitcoin's transaction volume has surged and has become the most important business of Cash App.

Recently, Jack Dorsey tweeted that Square will create a hardware wallet designed specifically for Bitcoin, aiming to give consumers greater control over the cryptocurrencies they own. The feature of this wallet is that the Bitcoin held by users will not be controlled by Square or any other company. It is more like a physical wallet in our daily life, which can be used at any time, and the unused part is safely kept by the user.

The reason for developing this wallet is that he wants to make the transaction and storage of Bitcoin easier and closer to everyday life. He also considers integrating this wallet with mobile phones and developing it with the community in an open source way for both software and hardware.

“We don’t want to compete with those hardware wallets, we just want to take Bitcoin transactions to a new level and benefit more people.”

In fact, Jack Dorsey's goal has always been to let more ordinary people get in touch with Bitcoin. He has invested in Celo, a company that explores the use of phone numbers as public keys and aims to introduce cryptocurrency transactions to billions of smartphone users around the world. He has also invested in Coinlist, a platform that helps digital currency financing and sales, aiming to expand and build communities and promote digital currency transactions.

In addition to supporting Bitcoin transactions and investing in Bitcoin, Square also established an independent team called Square Crypto in 2019 to focus on Bitcoin open source work and fund the development of Bitcoin projects. Last September, Square established the Cryptocurrency Open Patent Alliance (COPA), in which members must guarantee that their patents are available to all members free of charge, aiming to clear patent barriers on the road to blockchain innovation.

Apart from Bitcoin, although Jack Dorsey has little interest in other digital currencies, he is very fascinated by the expansion and transformation of blockchain-related technologies and believes that blockchain is a great technology to be unlocked.

In March this year, he sold his first tweet on Twitter 15 years ago in the form of NFT for a high price of $2.755 million. He converted the relevant proceeds into Bitcoin and donated it to the African charity foundation GiveDirectly. He also promoted a plan called Blue Sky on Twitter, which aims to create a set of consensus platform standards and decentralize the current highly centralized platform power.

Today, as Jack Dorsey's ties with Bitcoin and blockchain become deeper and deeper, many people are worried that his sincerity has been misplaced, and that Bitcoin will not develop as he wishes, but will eventually dissipate like a bubble.

But for Jack Dorsey, no matter what the outcome is, the simple statement “I loved you” may be enough.

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