Twitter Leans Into Ethereum Shortly After Bitcoin-loving Ceo’s Exit

By Author: Adarsh
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Dating back to 2017 and Jack’s love for Bitcoin

Ethereum, Bitcoin, Ethereum blockchains, bitcoin-loving CEO, Blockchain, ETH, solidifying Jack Dorsey

Jack’s love for Bitcoin dates back to 2017 when he started supporting Bitcoin and titled it “King Coin.” Despite the cryptocurrency market crash back in 2018, Dorey remained calm and called it the future of world currency. The crash of the cryptocurrency market in 2018 was intense and tested the loyalty of Bitcoin lovers, which Jack passed with flying colors. His support and claim of Bitcoin being the future of cryptocurrency have influenced many worldwide to invest in Bitcoin. Apart from being loyal to Bitcoin, Jack invested thousands of dollars each week in 2019 to buy Bitcoin. This clearly states that Dorsey’s loyalty lies with Bitcoin compared to other cryptocurrencies, namely ETH.

Did Jack ditch Twitter for Bitcoin?
Jack’s love for Bitcoin is surely a factor in the untimely resignation of the company’s founder. Social media giants face a decline in active users as Gen Z is looking for other opportunities. Among all of this, ...
... it makes sense to consider a new venture which is the future of all digital payments. Twitter started making profits in 2018; however, it is still considered to make political impacts and not in the commercial field. Therefore, it makes sense for Dorsey to turn to his other company “Square,” which has been seeing immense growth in the cryptocurrency market since 2019. Square’s net worth is higher than Twitter’s, and Jack Dorsey thinks it’s time to quit, solidifying Jack Dorsey’s loyalty to Twitter.

Why does Jack love Bitcoin?
At the B-word conference, Jack Dorsey commented on some of the reasons that make his love for Bitcoin fonder and grow deeply. He believes Bitcoin to be a currency on the internet that works without any boundaries, native roots, but a currency that offers equal opportunities. He believes in the currency’s resilience and the principles behind its foundation. Apart from this, Jack loves how community-driven views drive Bitcoin and its market-making his love grows fonder for Bitcoin. Hence, there is no doubt in Jack’s love for Bitcoin, making it easier for him to ditch Twitter and its future with Ethereum Blockchain wallets.

Introducing ETH as a tipping feature on Twitter
Ethereum, Bitcoin, Ethereum blockchains, bitcoin-loving CEO, Blockchain, ETH, solidifying Jack Dorsey

In early 2022, Ethereum wallets had been incorporated on Twitter as a tipping feature where users can send and receive Ethereum. It does not come as a surprise that Twitter introduced this in less than a couple of months after the exit of its founder Jack Dorsey. The feature supports ETH and ERC-20 tokens which the company backed in its claim to CoinDesk. Users can also authenticate NFTs, which in the future can also turn into a platform for auctioning NFT, but it is far from reality. Parag’s entry as Twitter’s CEO has diversified its interest in the cryptocurrency market and removed Bitcoin’s spotlight.

Does Jack hate ETH?
Jack does not exactly hate Ethereum, but he has his own views. His views on his preference for Bitcoin over ETH mainly revolve around Bitcoin being the original cryptocurrencies in the market. He has retweeted one of the tweets by @notgrubles, who tweeted about how Ethereum marketers claim it to be a cryptocurrency like Bitcoin, which is the sole reason why Bitcoin lovers don’t like Ethereum blockchain. Hence, Bitcoin lovers consider Ethereum a scam as it associates itself with Bitcoin instead of establishing its own entity. Jack believes in this as he retweeted his post and focuses on Bitcoin. Jack Dorsey also claimed that he would never buy Ethereum at the Bitcoin Miami conference.

Understanding key differences between ETH & Bitcoin.
The key difference between Ethereum and Bitcoin is that the former uses ledger technology, whereas the latter is solely a digital currency. However, the common ground between ETH and Bitcoin is that both use blockchain technology which is the future of a far more robust system of tracing funds. With ETH’s ledger technology, many companies build programs that many claims to be the future.

Highlights from Jack’s Resignation letter
Jack’s resignation letter includes three parts which acknowledge the new CEO, endorse Bret, and lastly, his own thoughts. Jack acknowledges the CEO Parag and the board’s unanimous decision to make him the CEO; he also backs his professional journey. He respects the board’s decision. Apart from this, he also talks about Bret being a valuable Board member and that he will step away completely to give space to the new leadership and their decisions. His resignation letter’s last highlight includes a sentence that demonstrates clearly that the board’s vision of the company is not in-sync with him. Finally, he ended the letter stating that his love for the company is far greater than his ego, which is found rarely in giants like Twitter. The last aspect clearly hints and solidifies the speculation of Jack quitting the company for his love for BTC.

The Verdict
The verdict is crystal clear, judging by the aspects mentioned above of Jack’s history with BTC since 2007, his new company, and his highlights from the resignation letter. Jack clearly resigned from the company as the board did not agree to his vision, focusing on BTC and integration with Twitter. Furthermore, the company wishes to diversify the cryptocurrencies in its tipping feature, which reflected months after Jack’s exit from the company. Hence, the statement makes sense