If Jack Dorsey, CEO of both Twitter and Square, isn’t heralding wide-scale adoption of bitcoin, no one is.
The tech entrepreneur’s 4.15 million Twitter followers now know that he owns a Trezor hardware wallet and he used BTC to make the purchase via the Square Cash app. At the current BTC price, he paid approximately $261.54 for the device (and presumably some accessories).
Dorsey killed two birds with one stone, so to speak, by demonstrating the ease in which the app works and illustrating good security habits for crypto newbies who might be following his lead. Now that he is scooping $10,000 worth of bitcoin each week, which is the cap set by the Square Cash app, Dorsey needed somewhere to safely store his funds. By announcing that he selected hardware security wallet Trezor as his device of choice, he gave Prague-based SatoshiLabs, which is the maker of the hardware wallet, some free press, which they ate up.
If you’re wondering why Dorsey chose Trezor over competing crypto hardware wallet Ledger, you’re not alone. His Twitter followers asked him the same thing, in response to which Jack pointed to the open-source nature of Trezor. As one follower stated and Jack agreed: “Ledger is great too, but it’s not fully open source. Their firmware is not open source due to vendor NDAs, as I understand it.” It warranted a response by Ledger:
Dorsey is forecasting “massive acceleration” for bitcoin over the coming decade and despite critics is doing his part to bolster the crypto’s use case as a currency. He has made it clear that sooner or later the Square Cash app will integrate Lightning Network technology, which will accelerate bitcoin transactions for everyday micro-purchases.
Dorsey has become increasingly engaged with the crypto community, especially since he participated in the Bitcoin Lightning Network Trust Chain, which is a bitcoin relay in which payments are passed from one user to another to demonstrate the speed of the network.
In addition to the tech community, U.S. politicians are beginning to incorporate crypto into their platforms. John Delaney, a 2020 presidential candidate who describes himself as an entrepreneur, cheered the recent DC Blockchain Summit in which CFTC Chairman Christopher Giancarlo touted his “do no harm regulatory approach to distributed ledger technology. Digital Currency Group’s Barry Silbert tweeted the development –
In his remarks, Giancarlo envisioned a world in which the blockchain was present during the Financial Crisis a decade ago, saying: “At a minimum, it would certainly have allowed for far prompter, better-informed, and more calibrated regulatory intervention instead of the disorganized response that unfortunately ensued.” Meanwhile, though Delaney may be a lesser-known candidate in the presidential horserace, he could be the one to make crypto and blockchain innovation among the topics of the election.