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Jack Dorsey has decided to step down as Twitter CEO on Monday, November 29. However, some believe that his departure from the company is meant to free up his time to pursue his passion for Bitcoin (BTC).
In a press release on November 29, Twitter announced Jack Dorsey’s departure from the company. The board appointed former Chief Technology Officer Parag Agrawal as the new CEO and a member of the Board. Meanwhile, Bret Taylor will replace Patrick Pichette as the new Chairman of the Board but the latter will remain a member and will chair the company’s Audit Committee.
“I've decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey explained his departure from the firm. “My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead.”
However, there are those who believe that Dorsey could be planning to pursue his interest in Bitcoin. Dorsey is known to be a Bitcoin fan and even described it as “a foundational internet technology that is not controlled or influenced by any single individual or entity,” according to CNBC.
“If I were not at Square or Twitter, I’d be working on bitcoin,” Dorsey said at the Bitcoin 2021. The Miami event was held in June 2022 and attracted tens of thousands of Bitcoin enthusiasts.
His departure from Twitter means that he has now more time for his other company, Square. The payments firm has initiated crypto and blockchain projects in the past and many are excited to see what similar projects Dorsey might embark on next.
For instance, Square introduced Bitcoin buying and selling via the Cash App in 2018. In 2020, the company also launched the non-profit organization Cryptocurrency Open Patent Alliance (COPA) that aims to encourage innovation in crypto.
In July, Square create a new unit that is focused on building decentralized finance (DeFi) applications for BTC. Dorsey described the new business as “an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”
In October, the company also hinted that it could enter into Bitcoin mining. Square also recently released a white paper for a decentralized exchange for buying and selling cryptocurrencies.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” Square CFO Amrita Ahuja said. “As it grows in adoption, we intend to learn and participate in a disciplined way.”
