He is the Silicon Valley mogul who believes in bitcoin more than Musk

More Belief Than Musk, Twitter Founder to Save Bitcoin

Original source: Juny

Original article edited by Vicky Xiao

Original source: The People of Silicon Star

Some time ago, the currency circle suddenly flameout.

Since May, no matter the mainstream Bitcoin, Ethereum, or non-mainstream Dogecoin, Shi ecoin all plummeted, hundreds of thousands of people instantly burst their stocks, major digital currency exchanges went down for a time, tens of billions of funds were wiped out in an instant, and this situation has continued to this day.

Speculators have fled as blood has been shed, the much-heralded bull market in digital currencies has died down, bitcoin's $100,000 bulls have disappeared, and Elon Musk is a bit of a defector. These days, even "out-of-touch" Trump has jumped on the bandit, denouncing Bitcoin as a hoax.

Although it is a picture of the monkeys scattered when the tree falls and the wall falls, there are still a group of Bitcoin believers who are fighting tenaciously. One of the most notable is Jack Dorsey, founder of Twitter and Square and a legendary Silicon Valley entrepreneur. In the midst of market turmoil, the "heavyweight" Silicon Valley mogul is still holding high the Bitcoin banner and choosing to stand firm with believers.

The most committed holder of Bitcoin

Miami is already in the hottest season of the year in June, but even 35-degree heat can't deter Bitcoin believers. Jack Dorsey is one of more than 12,000 Bitcoin supporters from around the world who gathered at this year's Bitcoin Conference to discuss the current and future of Bitcoin.

"Bitcoin has absolutely changed everything. For me, Bitcoin is not just an investment, it's the most important thing I want to pursue for the rest of my life, and if I need to, I can give up Twitter and Square and dedicate all my time and energy to Bitcoin." When Jack Dorsey, dressed in a flowery shirt, sporting a beard and crossed legs, spoke softly, the audience saw him as a shining Bitcoin angel.

Image courtesy of Bitcoin Magazine. Copyright belongs to the original author

In fact, for years Jack Dorsey has been known as "Bitcoin maximalists," a name for those who believe that bitcoin is the only way to change the future of the financial system. It should be noted that they only believe in Bitcoin, not other digital currencies such as Ethereum, Litecoin and Dogecoin.

The group also often uses a technical term called HODL, short for Hold on for Dear Life, to represent their hopes that Bitcoin will change the world. In short, they're not speculators, they're more like guardians, and Jack Dorsey is definitely leading the charge.

Since 2015, his public statements on bitcoin have been largely pro-bitcoin. He has described the Bitcoin white paper as "beautiful as poetry" and described it as one of the most important works to come out of computer science in the last 30 years. He believes that Bitcoin will be a global single currency within 10 years, and at the conference, he reiterated that Bitcoin is the only option to change the traditional financial system.

Jack Dorsey's love for bitcoin isn't just about talking about it.

In an effort to boost bitcoin compliance, Square was able to support bitcoin purchases as early as 2014. In an effort to promote Bitcoin globally, he and rapper Jay Z have set up a fund called ₿ Trust to encourage the development of Bitcoin in Africa and India. To address the energy and pollution problems that Bitcoin is often criticized for, he also invested $10 million in the Bitcoin Clean Energy Initiative to promote more environmentally friendly mining methods.

While Facebook and YouTube have shied away from cryptocurrencies in the face of regulatory disturbances over digital currency, only Twitter has always been open to digital currency and even developed its own emoticons for Bitcoin.

When Jack Dorsey joined Pichai and Zuckerberg at an online hearing in March, the Bitcoin Clock Mini, which is designed specifically for Bitcoin, went viral. It can display the price of Bitcoin at any time, block posts by miners and a Wi-Fi link to a digital wallet to check the balance.

Supporters all joked that I was looking not at time but at the future.

Jack Dorsey's Bitcoin Clock in his home, taken from an online video

More dedicated than Elon Musk

It is said that a friend in need is a friend indeed. A lot of people who thought of Musk as the leader of Bitcoin are now finding out that they are on the wrong side of the tracks. The bearded Jack Dorsey is the real leader of Bitcoin.

When it comes to Silicon Valley and the tech world, Jack Dorsey is no less influential than Elon Musk. He was once called "the second Steve Jobs" and considered to be the most like Steve Jobs in Silicon Valley.

He was a genius, quiet and introverted, but he taught himself programming at an early age. He started to be a programmer at the age of 15, and successively founded Twitter and Square, which changed the way of information exchange in the world and brought about a revolution in commercial payment respectively. He is an art lover. He has studied violin, illustration and costume design. He is obsessed with aesthetic design and detail construction. He was also a weirdo, eating only one meal a day, meditating for 20 years, and having a nose ring, tattoos and a full beard that were once his trademark.

Jack Dorsey over the years, photos from the Internet, organized by Silicon Star

While Jack Dorsey is a man of many faces and unpredictable ways, one of his hallmarks is that once he's settled on something, he loves it deeply, and it's the same with Bitcoin. Unlike Musk, who often "rants" and then backtracks, Jack Dorsey is single-minded about bitcoin, and he's been consistent in both bear and bull markets.

And it's safe to say that Musk has played with almost everything else about Bitcoin this year.

For example, Musk briefly changed his Twitter profile to Bitcoin in January, sending the currency skyrocketed to $6,000, while Jack Dorsey changed his Twitter profile to Bitcoin back in April 2020, Instead of running away with a single shot after driving bitcoin up, he kept the profile to this day.

Image taken from Jack Dorsey's Twitter page on June 9, 2021

For example, Musk announced in February that Tesla had invested $1.5 billion in Bitcoin, while Jack Dorsey has kept Square investing in Bitcoin since last October and supported bitcoin purchases through Square's Cash APP, opening the way for compliance funds to come in.

And when Musk attacked bitcoin for its energy use and hinted at Tesla breaking up with it, he jumped to the defense, tweeting that bitcoin mining would accelerate the global energy transition to renewable energy.

Image taken from Twitter

Jack Dorsey is clearly more obsessed with Bitcoin than Musk, who has gone from trumpeteering to turning his back on him by "tricking men who flirt with women's feelings." One netizen even joked that if one day you find someone who loves you as much as Jack Dorsey loves Bitcoin, you should marry...

Image taken from Twitter

A true "doer"

Jack Dorsey's dedication to Bitcoin over the years, from advocacy to investment, from the foundation to the community, is clear to all, and he will continue to do so.

Square first enabled bitcoin purchases through its Cash app back in 2018, at a time when the currency was at a low ebb and didn't generate much buzz. But in the last two years, as the digital currency market has boomed, bitcoin has surged in volume and become the most important business for Cash apps.

Recently, Jack Dorsey tweeted that Square is building a hardware wallet designed specifically for Bitcoin, in an effort to give consumers more control over the cryptocurrency they own. The feature of the wallet is that your bitcoin is not controlled by Square or any other company. It is more like a physical wallet in our daily lives, where you can use it as you want, and the unused bits are kept safely by you.

He developed the wallet because he wanted to make it easier to trade and store bitcoin, and make it more accessible to everyday people. He is also considering integrating the wallet with a mobile phone and co-developing it with the community in an open-source approach to both hardware and software.

"We don't want to compete with those hardware wallets, we just want to take Bitcoin transactions to the next level and benefit more people."

Image from The Capital website, copyright belongs to The original author

It has long been Jack Dorsey's goal to make Bitcoin accessible to more ordinary people. He previously invested in Celo, a company exploring the use of phone numbers as public keys with the aim of introducing cryptocurrency transactions to billions of smartphone users around the world. He also invested in Coinlist, a platform that helps fund and sell digital currencies, with the goal of building community and driving digital currency exchanges.

In addition to supporting bitcoin exchanges and investing in bitcoin, Square Crypto formed an independent team in 2019 to focus on open source Bitcoin and fund the development of Bitcoin projects. Last September, Square launched the Cryptocurrency Open Patent Alliance (COPA), whose members are required to make their patents available to all of them free of charge, in an effort to remove patent barriers to blockchain innovation.

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

In March, he sold his first Twitter post 15 years ago for a whopping $2.755 million in NFT, converting the proceeds into bitcoin and donating them to African charitable foundation GiveDirectly. He is also working on a Twitter project called Blue Sky, which aims to create a set of consensus platform standards and decentralize the current highly centralized platform.

Now, as Jack Dorsey becomes more and more involved with Bitcoin and Blockchain, there are many people who worry that his heart is wrong and that Bitcoin will eventually dissipate like a bubble rather than develop as he wishes.

But for Jack Dorsey, no matter how it ends, one "yes" will probably suffice.

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