After listening to a recent episode of the Tales from the Crypt podcast, many crypto devotees are under the impression that Twitter CEO Jack Dorsey is spending $10 000 per week accumulating Bitcoin. He was discussing Stack Sat Saturday which is about Tales from the Crypt listeners buying $25 worth of Bitcoin every Saturday. “I saw that on Twitter,” Mr Dorsey said. “I would have participated but I’ve already exceeded my limit”.
After saying he’s maxed out the spending limit of $10 000 on his own payment company’s CashApp, Square, listeners jumped to the conclusion that he’s spending it all on Bitcoin. But he only alluded to that.
Dorsey has been front and forward regarding Bitcoin recently. He told Joe Rogan last month that Bitcoin was “something that was born on the internet, that was developed on the internet, that was tested on the internet…it is of the internet”. He also received and passed on the Lightning Torch on Twitter. He’s certainly been earning praise from crypto users across the board for his high profile advocacy of Bitcoin.
But there’s a little more to it. As an early seed investor in Lightning Labs, he has more than just an interest in the technology.
Satoshi’s White Paper Is “Beautiful”
The CEO of one of the world’s largest social media platforms is a divisive character, yet has his cheerleaders when he voices opinions within their own echo chambers. Twitter’s removal of “offensive content”, account blocking, and account verification have all come under scrutiny, particularly with people in the crypto space, who value privacy and free speech. But one word from him about how transformative Bitcoin could be, all is forgiven.
Dorsey said on the podcast that he first became interested in cryptography while growing up in Missouri, saying they’d had a “super active hacker culture”. Claiming he was on a cypherpunk mailing list that one day included a whitepaper by Satoshi Nakamoto, the mysterious creator/s of Bitcoin, he said: “Read it, thought it was beautiful, I think it was one of the most seminal works in the past 20 years in computer science”.
Remember the adage “don’t trust, verify” applies not only to Bitcoin, but to public figures too.
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