- Bullish vs Bearish - 50%50%
- Market Impact - 25%25%
Over the past week, Jack Dorsey (founder of Twitter and Square) has come out and strongly endorsed Bitcoin on Joe Rogan podcast and has followed up with contribution to the lightning network. Majority of the crypto community has come out blindly praising Jack for his recent shilling in hopes of positive price impact that his comments will have on Bitcoin and their own bags.
What a lot of people don’t realize is that Jack is trying to position his Square App business as a front runner for the impeding possibility of mass crypto adoption. Square was one of the first established payment processing apps to offer Bitcoin support and gained a huge following as a result. Jack has been steadily increasing his shills ever since and the recent streak comes as no surprise.
The real question is whether Jack sincerely believes in Bitcoin and blockchain technology for its intrinsic qualities or he sees crypto as Square’s gateway to future payment and off chain processing dominance. What’s giving us pause with the former is Jack’s record of recent censorship on Twitter and the centralization aspect of his current businesses.
Blockchain and Bitcoin represent a decentralized and censorship resistant technology that is governed by network consensus. Is a 40 year billionaire really in favor of a technology that doesn’t give him the final say? Does he really believe that the future is decentralized when Twitter’s enforcement of censorship has consistently shown to reflect internal bias?
All these questions are worth pondering when it comes to Jack Dorsey’s Bitcoin shills. There are still too many inconsistencies in his “conduct” to really believe that he sees the value in Bitcoin and blockchain for its decentralization aspect and not merely as a means of growing his Square business.