Dorsey Could Be Forced from Twitter
If that’s the case, bitcoin’s price could suddenly shoot sky high. The situation is that approximately $1 billion in Twitter stock has been purchased by Elliott Management, a Wall Street investing firm run by Republican Paul Singer. Singer has often referred to bitcoin in a negative light, and recently called it one of the most “brilliant scams in history.”
However, Dorsey – as we all know – feels very differently. Aside from Twitter, Dorsey has also committed many hours of his time towards his second company Square, which has unveiled a new crypto-based department known as “Square Crypto.” The enterprise recently witnessed nearly $200 million in bitcoin transactions in 2019, as reported by Live Bitcoin News.
Dorsey has also stated that this year, he will spend anywhere between three and six months traveling throughout Africa and working hard to bring the benefits of bitcoin to the continent’s many peoples. It’s unclear where he’ll be making his home at this time, though he has researched several nations and is exploring his options prior to taking flight.
Lastly, Dorsey has mentioned in the past that bitcoin will likely serve as the world’s single currency about eight years from now.
Singer doesn’t necessarily care about the state of bitcoin, but he does care about the state of Twitter considering how many shares he’s purchased. He wants the company to remain profitable, and with so many shares under his belt, Singer has the potential power to oust Dorsey from Twitter and take the company in an entirely new direction.
Should this occur, Singer’s maneuvers could potentially have an indirect effect on the world’s number one cryptocurrency by market cap. The removal of Dorsey from Twitter could allegedly free him up to devote all his time, attention and energy towards making bitcoin the asset we all know it could be. Through his work at Square Crypto, Dorsey could begin building the future he first talked about in 2018: one in which everyone uses bitcoin… and only bitcoin.
This could also move the asset’s price into extraordinarily high territory.
At the time of writing, Square Crypto is focused largely on Lightning-based projects designed to speed up transaction times in the bitcoin network by ensuring smaller payments occur strictly off chain. This involved releasing a “Lightning Development Kit” for companies and enterprises seeking to integrate the power of Lightning into their platforms and operations.
Lightning Is the Future
In a tweet, Dorsey explained to his many followers:
Square Crypto is focusing on Lightning.
In addition, the company has recently given grants to two separate bitcoin developers so that they can devote their full attention to platforms that will enhance the asset’s standing in the financial space.