Twitter’s Loss Could Be Bitcoin and Square’s Gain
Jack Dorsey, CEO of Square and Twitter, is in the midst of a battle with Elliot Management after the activist hedge fund secured a four percent stake in the company in a bid to make some changes. Paul Singer, the founder of Elliot Management, believes Dorsey is holding Twitter back in his role as a part-time CEO. Forbes reports that this could be a win for Square and Bitcoin, March 5, 2020.
Dorsey’s Time at Twitter May Be Up
Twitter and Square have both played important roles in the grassroots movement for Bitcoin and cryptocurrencies. Twitter serves as the primary avenue for cryptocurrency discussion while Square’s cash app has taken Bitcoin adoption to new heights.
Jack Dorsey was the catalyst for this, serving as one of Bitcoin’s most notable evangelists and promoting its use through business initiatives with both his companies. With Elliot Management’s new position in Twitter, Dorsey’s departure as CEO seems to be imminent.
Some believe Twitter has favored the Bitcoin maximalist side of the argument thanks to Dorsey’s stance on the matter. However, his departure as CEO would result in more scrutiny from the social media giant towards the cryptocurrency community.
It is unknown what will become of Blue Sky if Dorsey departs. There is no information regarding the future of the project and whether senior management at Twitter is on board as well.
The Bright Side
While Dorsey may be ousted from Twitter, this would give him more time to dedicate to Square, leading to him becoming a full-time CEO there.
More time to dedicate towards Square means Dorsey will be able to spearhead Bitcoin adoption at the company too. Square recently announced funding for Bitcoin developers who are helping the company bootstrap their efforts to promote Lightning usage.
Lightning adoption needs a real push, and an established player in payments like Square can help a great deal in realizing that vision.
With muted usage and limited adoption, Lightning has thus far failed to live up to the promise it once had. However, proponents of Bitcoin are bullish on the prospects for Lightning, especially with the launch of several value-add protocols that improve the user experience.