Twitter’s new chief executive officer has been appointed following Monday’s resignation of Jack Dorsey. Dorsey remains Square Inc. CEO and previously indicated that he would be focusing on Bitcoin. Fundstrat Global Advisors’ managing director and head of research explained why Dorsey’s departure from Twitter is bullish for crypto.
Twitter’s New CEO is Jack Dorsey
Jack Dorsey said Monday that Twitter had fired him. In his letterThe former CEO of Twitter explained to his team that it was his choice to retire. Parag Agrawal, who served as Twitter’s chief technology officer, is the new CEO. Square Inc. is continuing to be led by Dorsey, who is also the CEO.
Tom Lee, managing partner and head of research at Fundstrat Global Advisors, believes that Dorsey’s resignation from Twitter is bullish for the crypto market. In an interview with CNBC Monday, he was asked what Dorsey’s exit from Twitter means for the bitcoin and cryptocurrency ecosystem.
Responding to the question, “Is it bullish for crypto?” Lee affirmed:
Yes, it’s bullish for crypto.
“One thing to keep in mind is that crypto is the intersection of financial services and technology. That’s literally 60% of the economy. Really, financial services is the other half of GDP, so it’s a huge market,” he elaborated. “And there isn’t enough capital allocated towards crypto innovation, so it takes people like Jack Dorsey to really marshal focus and I don’t think the space is overinvested yet.”
Lee added that it is still the earliest days for the crypto space, not only for projects like Bitcoin and Ethereum but also “the amount of crypto equities and businesses built around crypto.”
Twitter created a team specifically to deal with cryptocurrency and decentralized applications earlier this month.
Dorsey said at the Bitcoin 2021 Conference in June, “If I were not at Square or Twitter, I would be working on bitcoin.” The former Twitter CEO emphasized, “If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin,” noting:
I don’t think there is anything more important in my lifetime to work on.
His other company, Square, is “focused on helping bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem,” Dorsey said during Square’s Q3 earnings call early this month. “Our focus is on helping bitcoin to become the native currency for the Internet … We have a number of initiatives toward that goal. Cash App is just one.”
Is Jack Dorsey’s departure from Twitter a positive sign for Bitcoin and Crypto? Leave your comments below.
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