Twitter soul resigns, new CEO Crypto Blood

Jack Dorsey's obsession with Bitcoin is as deep as anyone else in Silicon Valley.

His Twitter profile, the number of times he mentions Bitcoin on Twitter, and his support for Bitcoin on the platform all reveal that he is the biggest Bitcoin player in Silicon Valley.

(On Jack Dorsey's Twitter profile, there's just the word "# Bitcoin.")

Unexpectedly, the Twitter founder, who showed up at the Bitcoin Conference in Miami wearing a flowered shirt, sporting a beard and crossing his legs, apparently saying that "Bitcoin is the most important thing I'm going to pursue for the rest of my life", was on the move so quickly.

On November 29, Jack Dorsey will step down as Twitter's chief executive and Chief technology officer Parag Agrawal will be named CEO and a member of Twitter's board of directors.

Where will the famous Bitcoin supporter go after he leaves office? Under Agrawal, will Twitter drift away from the Crypto community?

Jack Dorsey, Bitcoin Maxis

"If I wasn't at Square or Twitter, I'd be working for Bitcoin," Dorsey said this summer, and Jack's whereabouts have become a matter of great concern since his resignation.

As is well known, Dorsey is the co-founder of Twitter, but what many people may not know is that he was away from Twitter for years after Dorsey served as the company's first CEO from 2006 to 2008. It wasn't until 2015 that he returned to Twitter and managed it again, and since then he's been in both roles as CEO and executive at Square.

While Dorsey hasn't said exactly where he's going, speculation is rife that he might be turning his full attention to Square. After all, the company is closer to Bitcoin.

Square, founded by Dorsey in 2009, is a mobile payments fintech company that reported a $1.13 billion profit in the third quarter of this year. But the Crypto world is paying more attention to it not because of its main business, but because of Square's focus on Bitcoin.

Square could provide Dorsey with the platform he needs to realize his Crypto utopian dream. Square has invested heavily in Crypto, holding about 5% of Its Bitcoin cash reserves. Square's Cash App also allows users to buy and sell Crypto on its platform, and only one Crypto purchase is available, Bitcoin. Square is also considering building a Bitcoin mining system.

Square's most unique exploration in Bitcoin is that it is developing a Bitcoin-based DeFi system, rather than the Ethereum network that is now widely adopted.

Square is clearly going further with Crypto. While Twitter already has a Crypto team in place, it's far from accommodating Dorsey's Crypto ambitions. What's more, there are voices inside Twitter that are far from Crypto. Earlier, for example, Twitter flirted with the idea of investing directly in Crypto, but that was eventually blocked by Cfo Ned Segal.

With Square, rather than Twitter, Dorsey may be able to bet on Crypto's future. As a noted Bitcoin enthusiast, Dorsey has long said he wants to integrate digital assets into Twitter's future. Two years ago, he successfully introduced Bitcoin support to his own payments company, Square.

Earlier this summer at The B Word, Jack Dorsey expressed his support for Bitcoin as usual, saying, "The U.S. has a lot of problems with monetary policy, but Bitcoin could change all that. "It takes assets out of the hands of third parties, and Bitcoin allows you to actually own your own assets."

At the conference, he mentioned that Twitter was going to launch a number of initiatives to support Bitcoin, and judging by Twitter's support for tipping, Dorsey is making good on that promise.

In September, Twitter added an option for Bitcoin to its "tipping" feature. This is a monetization model for content creators supported within the Twitter platform, and until now "tips" had been calculated on a fiat currency standard. Now Bitcoin has joined the ranks of Twitter "tips".

(Photo: Twitter)

This is the promotion of Bitcoin to 500 million Twitter users. As the only remaining Bitcoin believer in Silicon Valley, Jack Dorsey still insists on "Bitcoin maximalism". At a time when Bitcoin was almost universally recognized as a commodity, Jack Dorsey was still exploring the possibility of Bitcoin becoming a "peer-to-peer electronic cash system."

With the resignation of the most famous Bitcoin believer, what's next for Twitter's Crypto route?

Will Twitter stay in the Crypto line under Agrawal?

There's no question that investors approve of Dorsey's work. On the day Dorsey announced her resignation, Twitter shares closed down 2.74%.

Whether or not Dorsey's successor remains interested in Crypto after Dorsey's departure is more interesting to the Crypto community.

His successor, Parag Agrawal, served as Twitter's CTO before taking over, having worked at the company for a decade. But he didn't promote Bitcoin with Dorsey's enthusiasm. Judging by his Twitter feed alone, the man is not active on social media, with Agrawal Posting just 10 tweets and 13 retweets in all of 2021, and even fewer mentions of Bitcoin.

(The last time Agrawal tweeted about Bitcoin was two years ago.)

But that doesn't mean Twitter will become less Crypto under Agrawal's leadership. Parag Agrawal, the current CEO, shares Dorsey's support for the idea of "decentralization," where next-generation Internet technology is not controlled by one company, according to the Washington Post. * Twitter doesn't seem to be going Crypto differently under Agrawal than it did under Dorsey, given the business he oversaw as CTO.

Agrawal used to lead Twitter's "Bluesky," and reported directly to the closely watched "Twitter Crypto" team.

Bluesky is a protocol dedicated to building decentralized social networks. Its mission is to enable multiple social networks to interoperate with other social networks through open standards. The agreement is still being studied. In August, Agrawal announced that Jay Graber, a former Zcash core developer, would lead the Bluesky team.

The Twitter Crypto team, led by Tess Rinearson, will "strategiise Crypto's future on Twitter". The ambitious project is planned as "a center of excellence for all Blockchain and Web3". The same team created Bitcoin tipping, which opened this fall.

Decrypt reports show that a source close to Agrawal noted that "Agrawal has become an integral part of Bluesky, so it's safe to say he's a Crypto."

Unlike Dorsey, Agrawal is not a Bitcoin maximalist in his approach to the Crypto community. It has been reported that members of the Bluesky project share similar tendencies. They are not averse to other Crypto technologies. In addition to Zcash developer Jay Graber, Bluesky's early members include Molly Mackinlay, director of Filecoin at Protocol Labs, Matthew Hodgson of the Open-source Crypto messaging protocol Matrix.

In addition to Twitter CEO, Tess, whom Agrawal promoted to Crypto, is also a board member of Mina Protocol. Mina Protocol is currently the lightest blockchain network in the world. A full Mina block is only 22KB, which enables faster synchronization and validation of the network, as well as higher performance of the Mina network.

For the Crypto community, a decentralized, spontaneous way of development is, of course, their original, original form of organization. However, from the results, the entry and promotion of world-class technology companies still played a huge role in the development of Crypto. When the hashtag "Twitter CEO" overlapped with "Bitcoin Maxis," that in itself was a huge boost to Crypto. Now, with Dorsey's resignation, the Crypto community is worried about the new CEO's Crypto approach. And As Agrawal's experience has shown, Twitter seems to be going Crypto's way.

在今年 6 月，Agrawal 接受采访时曾被问及对 Bluesky 的看法，他给出了一个非常去中心化的答案：「 我们相信，赋予更多个人和第三方的权力，可以帮助社区解决问题，帮助更多的人。 」

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