• According to Fundstrat, Jack Dorsey’s resignation as CEO of Twitter is a positive sign for cryptocurrency

  • Following the resignation of Jack Dorsey on Monday, Twitter now has a new CEO. Dorsey, who is still the CEO of Square Inc., has previously stated that he wishes to concentrate on bitcoin. The managing director and head of research at Fundstrat Global Advisors explained why Dorsey’s departure from Twitter is good for crypto.

    Twitter has a new CEO after Jack Dorsey stepped down.

    Jack Dorsey announced his resignation from Twitter on Monday. The former CEO explained his decision to leave in a letter to the Twitter team. The new CEO is Parag Agrawal, who previously served as Twitter’s chief technology officer. Dorsey is still the CEO of Square Inc., which is working on a number of bitcoin-related projects.

    Dorsey’s resignation from Twitter, according to Tom Lee, managing partner and head of research at Fundstrat Global Advisors, is a positive sign for the cryptocurrency market. He was asked what Dorsey’s departure from Twitter means for the bitcoin and cryptocurrency ecosystem in an interview with CNBC on Monday.

    In response to the question, “Is it bullish for cryptocurrency?” Lee confirmed:

    Yes, cryptocurrency is on the rise.

    “It’s important to remember that cryptocurrency is at the crossroads of financial services and technology.” That equates to roughly 60% of the economy. “Really, financial services account for the other half of GDP, so it’s a massive market,” he added. “And because there isn’t enough capital allocated to crypto innovation, it takes people like Jack Dorsey to marshal focus, and I don’t believe the space is overinvested yet.”

    Lee added that the crypto space is still in its infancy, not only for projects like Bitcoin and Ethereum, but also for “the amount of crypto equities and businesses built around crypto.”

    Twitter established a dedicated team earlier this month to focus on cryptocurrency and decentralized apps.

    Twitter established a dedicated team earlier this month to focus on cryptocurrency and decentralized apps.

    “If I weren’t at Square or Twitter, I would be working on bitcoin,” Dorsey said at the Bitcoin 2021 Conference in June. “If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin,” the former Twitter CEO emphasized, noting:

    I don’t believe there is anything more important for me to work on in my lifetime.

    Dorsey’s other company, Square, is “focused on helping bitcoin reach a mainstream audience while strengthening the network and ecosystem,” he said during Square’s Q3 earnings call earlier this month. “Our primary goal is to assist bitcoin in becoming the Internet’s native currency… We have a number of initiatives aimed at that end. Cash App is just one example.”

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