Jack Dorsey’s net worth is currently estimated at $11.8 billion, mainly because of being the co-founder of Twitter back in 2006. However, part of his net worth is also because of his venture with Square, which he founded three years later. Recently, he decided to step down from Twitter, and the reason is all about his passion for Bitcoin.
Twitter was part of the Internet 2.0 phase that ushered in a line of websites focused on allowing users to post their content and interact with each other on those platforms. Darcy DiNucci coined the term in 1999, but many of those first attempts faded when Myspace, Facebook, and Twitter came along and outshined everyone else. Since then, Facebook and Twitter have held firm as the most used platforms for user-generated content and participatory culture.
Jack Dorsey has been one of the few well-known faces worldwide because of his involvement with the Internet 2.0 movement. But the internet was missing something at one point, and Dorsey was one of those people who were innovative enough to solve it. For example, the internet needed a payment system users could feel secure using. That’s where Square comes into play.
Even though Paypal may have initially offered a solution in 1998 and Square didn’t come along until 2009, its $212 stock price has surpassed Paypal’s. Its $9.49 billion revenue informs us that Square is a solid financial company that people trust to facilitate digital payments. Its recent purchase of $50 million in Bitcoin shows the direction it’s going.
“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.”
Bitcoin is Jack Dorsey’s passion, and he stands firm on that, having said at one point that crypto will become the world’s single currency. Not only did he say that, but he went on to say that he wants Bitcoin to be THE native currency of the internet.
As he takes his departure from Twitter, he moves over so that a younger generation of leaders can step up. However, his passion for helping Bitcoin succeed in the global market is where his primary focus is at this point. Will it become the world’s single currency? With a powerhouse like Jack Dorsey behind it and the phenomenal trajectory that it’s on, all signs point toward it becoming a very historical reality.
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