Jack Dorsey Resigning as CEO of Twitter Is Bullish for Crypto, Says Fundstrat
Twitter now has a new chief executive officer after Jack Dorsey resigned Monday. Dorsey, who is still the CEO of Square Inc., previously said that he wants to focus on bitcoin. Fundstrat Global Advisors’ managing director and head of research explained why Dorsey’s departure from Twitter is bullish for crypto. Twitter Has New CEO: Jack Dorsey Steps Down
Jack Dorsey announced Monday that he has resigned from Twitter. In his letter to the Twitter team, the former CEO explained that it was his decision to leave. Parag Agrawal, who served as Twitter’s chief technology officer, is the new CEO. Dorsey is still the CEO of Square Inc., which is currently working on several bitcoin projects.
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.”
Earlier this month, Twitter set up a dedicated team to focus on cryptocurrency and decentralized apps.
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.” Tags in this story Bitcoin, bullish for crypto, Fundstrat, Jack Dorsey, jack dorsey bitcoin, jack dorsey quit, jack dorsey resign, jack dorsey resigns twitter, jack dorsey square, Square, Twitter, twitter new ceo
Do you think Jack Dorsey resigning from Twitter is bullish for bitcoin and crypto? Let us know in the comments section below. "NFT" Chosen as 2021"s Collins English Dictionary "Word of the Year" NEWS | 10 hours ago AMC and Sony to Gift NFTs to "Spider-Man: No Way Home" Advance Opening Ticket Buyers NEWS | 15 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRChain and Hoo: The Arrow Has Already Been on the String Next articleFinance Committee Approves Legislation Delaying Crypto Tax in South Korea Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed It2021 Crypto Literacy Report Suggests 96% of Americans Fail to Comprehend Basic Crypto Knowledge
A recent study suggests that 99% of people from Mexico and Brazil and 96% of Americans fail to grasp the basic concepts of cryptocurrencies. Out of all the survey respondents aware of bitcoin, 17% in the U.S., 15% in Brazil, ... read more.Paytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years Annual Volume of Crypto Transactions Made by Russians Reaches $5 Billion, Bank of Russia Finds Retail Giant Newegg Confirms Shiba Inu "Coming Soon" as AMC Theatres Gets Ready to Accept SHIB Payments Despite Crypto Market Rout, Total Value Locked in Cross-Chain Bridges Jumps 9% in 30 Days