The CEO of Square company, a payment company, has been in the news because of his recent updates on cryptocurrencies. He has been a massive fan of bitcoin and other cryptocurrencies for a very long period now and is looking forward to bringing about a new venture to promote the use of digital tokens. However, recently, the most popular across the globe Cardi B tweeted that she is not entirely sure about the future of these digital currencies. She asked if cryptocurrencies were going to replace fiat currencies, and in reply, the former CEO of Twitter made a tweet. He said that yes, bitcoin has the capacity of replacing the United States dollars, and it is just a matter of time that it happens.
As cryptocurrencies are very volatile, they only require a tiny spark to fluctuate. According to the reports, the main reason behind the recent increase in prices of bitcoin as well as the second most popular cryptocurrency, Ether, is none other than the tweet by Jack Dorsey. After the spread of tweets from the CEO of Twitter, the prices increased by 5.6%. Ethereum also increased a little.
Earlier, the prices of both cryptocurrencies were lower, and the prices of bitcoins stood at $48,677.03. Ethereum was standing at $4021.04. The cryptocurrency market has been very volatile since mid-November. It reached the highest price of all time and declined significantly after that. It has led to widespread chaos in cryptocurrency investors and uncertainties about the market. It is yet to discover if bitcoin will reach the $100,000 mark in 2021 or not.
Jack Dorsey has been one of the most famous supporters and movers of the cryptocurrency market. He is entirely in favour of bitcoin and says that bitcoin will form the future of payments and currencies. Therefore, it has developed his application named square and separated a company of Twitter. He is currently the CEO of this new company and changed the name from Square to Block. He has been a massive fan of cryptocurrencies and especially bitcoin since 2018 when cryptocurrencies rose to high fame. In August 2021, he also made a tweet that bitcoin has the capacity of uniting different nations and eventually the whole world. He has been one of the most popular cryptocurrency enthusiasts, and his tweets affected the whole world to a large extent because he is an influential person.
Earlier, he was the boss of Twitter but later on decided to give up the post of CEO because he wanted to focus on cryptocurrencies. So, in November, he resigned from the post of CEO and gave the position to the chief technical officer named Parag Agarwal. He was very much engaged in bitcoin and other cryptocurrencies when he worked with Twitter. He enabled this cryptocurrency as tipping for the platform and said he would integrate NFT authentication. To know more, go to oil profit .
However, the current CEO of Twitter is also not against cryptocurrencies, but he is also a supporter. He has been working on multiple decentralise projects for the company and look forward to integrating cryptocurrencies for the common good of the company. Twitter is also becoming a mainstream project for cryptocurrencies to flourish because more and more people are promoting digital tokens.
In October 2021, Jack Dorsey also mentioned that Square would focus on bitcoin and other cryptocurrencies projects. Also, promoting the use of cryptocurrencies among users will bring a system for cryptocurrency mining. The new system will be based on silicon and open-source individuals to perform their cryptocurrency mining operations right from their homes.
As he said in October, if the company keeps on promoting digital coin use on different platforms, the new hardware model for collaboration of the cryptocurrency community with the Fiat currency community is not far away. Twitter’s comment on the promotion of coins is spreading like fire, and multiple cryptocurrency enthusiasts are purchasing the coins as they are about to go high. It is all because the person who commented recently is very influential, and their comments lead to a massive part in the whole cryptocurrency. Due to this, the prices of bitcoin has also increased. Later on, they are further expected to go higher. However, it is not only bitcoin that is expected to take the place of different fiat currencies. DOGE was also much more stable than the United States dollar recently, which is a matter of concern for the Federal Reserve.