More faith than Musk, Twitter founder is set to step in to save Bitcoin

This article is sourced from Silicon Star and edited by Vicky Xiao.

Recently, the cryptocurrency market, which was once bustling, suddenly went quiet.

Since May, both mainstream cryptocurrencies like Bitcoin and Ethereum, as well as non-mainstream ones like Dogecoin and Shiba Inu, have all plummeted. Hundreds of thousands of people were instantly liquidated, and major cryptocurrency exchanges experienced outages, with billions in funds disappearing in an instant. This bloodbath has continued to this day.

As the cryptocurrency market bleeds, speculators are fleeing in droves. The previously rampant bullish sentiment about the arrival of a cryptocurrency bull market has quieted down, and those who predicted Bitcoin would reach $100,000 have vanished. Even cryptocurrency leader Elon Musk seems to have a hint of "betrayal." In recent days, even the "washed-up internet celebrity" Donald Trump has joined in, harshly criticizing Bitcoin as a scam.

Although the scene resembles a chaotic collapse, there remains a group of staunch Bitcoin believers fighting on. Among them, the most notable is Jack Dorsey, the founder of Twitter and Square, a legendary entrepreneur in Silicon Valley. In the midst of market turmoil, this "heavyweight" Silicon Valley mogul continues to hold high the Bitcoin banner, choosing to stand firmly with the believers.

The Most Staunch Bitcoin Holder

In June, Miami entered the hottest season of the year, but even the 35-degree heat could not dampen the enthusiasm of Bitcoin believers. 12,000 Bitcoin supporters from around the world gathered at this year's Bitcoin conference to discuss the present and future of Bitcoin, with Jack Dorsey among them.

"Bitcoin absolutely changes everything. For me, Bitcoin is not just an investment; it is the most important endeavor I will pursue for the rest of my life. If necessary, I would give up my work at Twitter and Square to dedicate all my energy and time to Bitcoin." When Jack Dorsey, dressed in a floral shirt, sporting a big beard, and casually crossing his legs, said these words, he seemed to transform into a shining "Bitcoin angel" in the eyes of the audience.

Image from Bitcoin Magazine, copyright belongs to the original author

In fact, Jack Dorsey became a "Bitcoin maximalist" many years ago, a term specifically referring to those who firmly believe that Bitcoin is the only way to change the future financial system. It is important to note that they only believe in Bitcoin and do not include other cryptocurrencies like Ethereum, Litecoin, or Dogecoin.

This group often uses a professional term called HODL, which stands for "hold on for dear life," representing their hope for Bitcoin to change the world. In simple terms, they are not speculators but more like guardians, and Jack Dorsey is undoubtedly a leading figure among them.

Since 2015, his public statements about Bitcoin have consistently shown unwavering support. He once said that the Bitcoin white paper is as beautiful as poetry and called it one of the most important works in computer science over the past 30 years. He believes that Bitcoin will become a single global currency within ten years, and at this conference, he reiterated that Bitcoin will be the only choice to change the traditional financial system.

Jack Dorsey's love for Bitcoin goes beyond mere words.

To promote compliant Bitcoin trading, Square began supporting Bitcoin purchases as early as 2014. To globally promote Bitcoin, he co-founded a fund called ₿trust with famous American rapper Jay Z to encourage Bitcoin development in Africa and India. To address the energy consumption and pollution issues often criticized about Bitcoin, he invested $10 million in a Bitcoin clean energy initiative to promote more environmentally friendly mining methods.

While Facebook and YouTube shied away from cryptocurrencies amid regulatory turmoil, Twitter has consistently maintained an open attitude toward digital currencies, even developing a dedicated emoji for Bitcoin.

In March of this year, when Jack Dorsey participated in an online hearing debate with Sundar Pichai and Mark Zuckerberg, a Bitcoin clock displayed in his home unexpectedly went viral. This clock, called BlockClock mini, is designed specifically for Bitcoin and can display the price of Bitcoin, the blocks released by miners, and even connect to digital wallets via Wi-Fi to check balances.

Supporters joked that he wasn't looking at the time but at the future.

Jack Dorsey's Bitcoin clock at home, image captured from a network video

More Devoted than Musk

People say that time reveals true colors, and adversity shows true feelings. Many who previously viewed Musk as the leader of Bitcoin have now realized they were mistaken; it is Jack Dorsey, with his big beard, who is the true leader of Bitcoin.

In terms of influence in Silicon Valley and the tech world, Jack Dorsey is certainly not inferior to Musk and has even been referred to as the "second Steve Jobs," considered the person in Silicon Valley most resembling Jobs.

He is a genius, quiet and introverted, but self-taught programming from a young age and became a programmer at 15. The companies he founded, Twitter and Square, have changed the way information is exchanged and brought about a revolution in commercial payments. He is an art enthusiast, having studied violin, illustration, and fashion design, obsessed with aesthetic design and detail. At the same time, he is also an eccentric, eating only one meal a day, practicing meditation for twenty years, and sporting a nose ring, tattoos, and a big beard as his unique trademarks.

Jack Dorsey over the years, image sourced from the internet, organized by Silicon Star

Although Jack Dorsey has many facets and his style of action is often difficult to decipher, one of his main characteristics is that once he commits to something, he loves it with focus and depth, and his love for Bitcoin is no exception. Unlike Musk, who often "talks big" and then backtracks, Jack Dorsey is very dedicated to Bitcoin, remaining consistent whether in a bear market or a bull market.

Moreover, it can be said that Musk's recent antics regarding Bitcoin are almost all things he has played out.

For example, in January of this year, Musk briefly changed his Twitter bio to "bitcoin," causing the price to soar by $6,000, while Jack Dorsey changed his Twitter bio to "bitcoin" back in April 2020 and has kept it that way ever since, without any pretense.

Image captured from Jack Dorsey's personal Twitter page on June 9, 2021

Another example is when Musk announced in February that Tesla invested $1.5 billion in Bitcoin, while Jack Dorsey had already been continuously investing in Bitcoin through Square since October of last year and supported Bitcoin purchases through Square's Cash App, opening the door for compliant funds to enter.

When Musk criticized Bitcoin's energy consumption and subtly hinted at Tesla's breakup with Bitcoin, Jack Dorsey immediately spoke out in defense, tweeting that Bitcoin mining would actually accelerate the global transition to renewable energy.

Image from Twitter

Compared to Musk's behavior of promoting Bitcoin and then flipping on it like a "scumbag," Jack Dorsey is clearly much more devoted. Some netizens even joked that if one day you find someone who loves you like Jack Dorsey loves Bitcoin, you should marry them…

Image from Twitter

A True "Action Taker"

Over the years, from promotion to investment, from funds to communities, Jack Dorsey's dedication to Bitcoin is evident, and he will continue to take action.

In 2018, Square launched the ability to purchase Bitcoin through its Cash App for the first time. At that time, Bitcoin was at a low point, so it did not attract widespread attention. However, in the past two years, with the prosperity of the digital currency market, Bitcoin trading volume has surged and has become the most important business for Cash App.

Recently, Jack Dorsey tweeted that Square will create a hardware wallet specifically designed for Bitcoin, aimed at giving consumers greater control over their cryptocurrency holdings. The wallet will feature that the Bitcoin held by users will not be controlled by Square or any other company, resembling a physical wallet that can be accessed at any time, while the unused portion is securely stored by the owner.

The reason for developing this wallet is that he wants to make Bitcoin transactions and storage simpler and more accessible to everyday people. He is also considering integrating this wallet with mobile phones and developing it collaboratively with the community in an open-source manner for both software and hardware.

"We don't want to compete with those hardware wallets; we just want to elevate Bitcoin transactions to a new level, benefiting more people."

Image from The Capital website, copyright belongs to the original author

In fact, Jack Dorsey's goal has always been to bring Bitcoin to more ordinary people. He has previously invested in Celo, a company exploring the use of phone numbers as public keys, aiming to introduce cryptocurrency transactions to billions of smartphone users worldwide. He has also invested in Coinlist, a platform that helps with digital currency fundraising and sales, aiming to build communities and promote digital currency trading.

In addition to supporting Bitcoin trading and investing in Bitcoin, Square also established an independent team called Square Crypto in 2019, focusing on Bitcoin open-source work and funding Bitcoin project development. In September of last year, Square established the Cryptocurrency Open Patent Alliance (COPA), where members must ensure that their patents are freely available to all members, aiming to clear patent barriers on the path of blockchain innovation.

Outside of Bitcoin, although Jack Dorsey has little interest in other cryptocurrencies, he is very fascinated by the expansion and transformation of blockchain-related technologies, believing that blockchain is a great technology waiting to be unlocked.

In March of this year, he sold his first tweet from 15 years ago on Twitter as an NFT for a high price of $2.755 million, converting the proceeds into Bitcoin and donating them to the African charity GiveDirectly. He is also promoting a project on Twitter called Blue Sky, aiming to create a set of consensus-based platform standards to decentralize the currently highly centralized platform power.

Now, as Jack Dorsey's ties to Bitcoin and blockchain deepen, many people worry that his heartfelt devotion may be misplaced, and Bitcoin may not develop as he hopes, but instead ultimately dissipate like a bubble.

But for Jack Dorsey, regardless of the outcome, a simple "I loved" may be enough.