Twitter Adds Bitcoin Emoji, Jack Dorsey Suggests Unicode Does The Same

Twitter co-founder and CEO Jack Dorsey tweeted the newly added Bitcoin (BTC) emoji on Feb. 2 and tagged Unicode, the consortium managing the character standard, in an apparent suggestion to do the same. Twitter Adds Bitcoin Emoji, Jack Dorsey Suggests Unicode Does The Same

Dorsey’s tweet showed that, now, whenever a Twitter user writes the Bitcoin or BTC hashtag, an image showing its symbol appears next to it.

Dorsey’s apparent suggestion that the symbol be included in the Unicode text encoding standard was appreciated by the community, with Lightning Labs co-founder Elizabeth Stark joining the request.

After Twitter added the emoji to its platform, many cryptocurrency personalities test-tweeted it, including Tron (TRX) founder and Bittorrent CEO Justin Sun.

The official accounts of major cryptocurrency exchange Binance used the emoji and suggested that the cryptocurrency community should join in using the hashtag to get it trending on Twitter. Binance CEO Changpeng Zhao also retweeted the message stating, “Let’s do this.”

Jack Dorsey’s Involvement With Crypto

This is not the first foray into crypto by Twitter’s co-founder, who is also the CEO and founder of crypto-friendly mobile payments application Square. In early December 2019, he also announced that Twitter has a dedicated team to develop a decentralized standard for social media.

Updated: 3-6-2020

Ethereum Co-Founder And Elon Musk Back Jack Dorsey As Twitter CEO

While Twitter CEO Jack Dorsey could potentially be ousted by investors, at least two major figures in the crypto industry have already voiced support for the exec.

Vitalik Buterin, co-founder of major cryptocurrency project Ethereum, and Tesla CEO Elon Musk, who is known for his active endorsement to crypto, do not want Dorsey to step down from his position at Twitter. Musk simply stated:

“Just want say that I support @Jack as Twitter CEO. He has a good [heart].”

Buterin specifically questioned the competence of a new potential CEO that would replace Dorsey, saying:

“I also #StandWithJack. Twitter certainly has flaws but @jack has done a vastly better job than what I expect/fear from a hedge fund appointed CEO swooping in to replace him.”

Activist Investor Seeks To Oust Dorsey After Buying A 4% Stake In The Company

The comments come after Paul Singer, the billionaire founder of hedge fund Elliott Management, acquired a 4% stake in Twitter in a bid to push for major changes at the firm, including the removal of its CEO.

As reported by CNBC, Elliott now has more than a $1 billion stake in Twitter and has nominated four new board members. According to reports, Elliott has already caused troubles for major global companies like eBay, AT&T and triggered several CEO departures.

Subsequently after Bloomberg broke the news on Feb. 28, Twitter shares surged nearly 8%.

Dorsey Is Criticized For His Focus On His Crypto Payment Business Square

As reported by Cointelegraph, the activist investors apparently want to oust Dorsey for not paying enough attention to the company while focusing on his crypto business Square. Moreover, Dorsey has already faced criticism for his role as CEO of two publicly listed companies. Singer is also concerned about Dorsey’s plan to work up to six months a year in Africa.

Dorsey has emerged as one of the biggest public Bitcoin (BTC) advocates, voicing support of the world’s biggest cryptocurrency and claiming that it is the single currency of the future.

On March 4, Dorsey’s crypto payment firm Square Crypto officially introduced a new grant program supporting Bitcoin development.

Square, on the other hand, was recently awarded a patent for a technology that purportedly cracks a present barrier in cryptocurrency merchant transactions by providing a real-time system that exchanges crypto for fiat money. In November, the firm also issued a letter to shareholders showing that Bitcoin buyers on the app doubled in Q3 2019, but brought low profits.

Updated: 3-9-2020

$2B Deal Will Keep Crypto Bull Jack Dorsey As CEO of Twitter

Investment management firm Elliott Management has set up a deal with Twitter to save Jack Dorsey’s role as CEO of the social media network.

Following the deal closure — which considers a $2 billion share buyback — Elliott will gain a seat on Twitter’s board of directors, NBC reported on March 9. As part of the agreement, private equity firm Silver Lake will invest $1 billion in Twitter and also get a seat on the board. Twitter’s board of directors will continue to look for a third board member.

Commenting On The Deal, Dorsey Ostensibly Said:

“Silver Lake’s investment in Twitter is a strong vote of confidence in our work and our path forward. They are one of the most respected voices in technology and finance and we are fortunate to have them as our new partner and as a member of our Board.”

Concerns About Dorsey’s Plans

Paul Singer, a billionaire investor and the founder of Elliott Management, began pushing for the removal of Dorsey as CEO of Twitter in late February. The impetus behind the move lay in concerns of Dorsey’s time split between two $5 billion-plus companies — Twitter and crypto payment firm Square — and his desire to move to Africa.

Following the news about Dorsey’s possible removal, some of the major players in the crypto industry voiced support for the exec. Ethereum’s co-founder Vitalik Buterin and Tesla CEO Elon Musk, who is also known for his active endorsement of crypto, did not want Dorsey to step down from his position at Twitter.

Buterin specifically questioned the competence of a new potential CEO that would replace Dorsey, saying: “I also #StandWithJack. Twitter certainly has flaws but @jack has done a vastly better job than what I expect/fear from a hedge fund appointed CEO swooping in to replace him.”

Updated: 9-10-2020

Jack Dorsey Still Thinks Bitcoin Is The Strongest Contender For An Internet-Native Currency

The Square CEO remains a vocal champion of the Blockchain space.

The world of cryptocurrency moves at a whirlwind pace but Twitter CEO Jack Dorsey remains committed to its earliest lodestone, Bitcoin (BTC).

In an interview with Reuters on Sept. 10, Dorsey, who also founded the mobile-payment platform Square, said he believes the coin’s potential still outshines later developments:

“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

Dorsey connected Bitcoin’s founding principles with the cooperative and decentralized ethos that he considers to be the driving spirit behind the web:

“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet.”

Dorsey lauded the fact that “anyone with a great idea” who wants to be part of Bitcoin can join the community — they “don’t have to be part of a company,” he said.

Dorsey appeared committed to both Bitcoin and the internet in an idealized form — free from the specters of oligopoly, the excesses of corporate and government surveillance, and the stubborn asymmetries of power and capital that the advocates of decentralization must necessarily wrestle with.

Consistent with this belief in the possibility for grassroots control over the cryptocurrency’s — and the internet’s — future direction, Dorsey told reporters that it’s important to focus on improving users’ experience of Bitcoin in order to foster its widespread adoption.

The cryptocurrency needs to evolve to become as “intuitive” to use and as convenient as existing digital payments infrastructure, he said. Cost- and time-efficiency, particularly when it comes to transaction processing, are another crucial hurdle to overcome, he added.

Dorsey’s commitment to an ideal ethos of the internet and cryptocurrency does not imply he is blind to the gulf between ideal and reality, however.

Last winter, Twitter funded a dedicated team of open source architects, engineers, and designers tasked with developing a decentralized standard for social media. Dorsey said that the goal was for Twitter to ultimately be a client of the fruits of their efforts.

Outlining the challenges that Twitter faces as a centralized platform, Dorsey identified blockchain, the technology that underpins Bitcoin, as a key technological development that points to the real possibility of a viable, decentralized future.

“Much work to be done, but the fundamentals are there,” he wrote.

Updated: 10-8-2020

Jack Dorsey’s Square Adds 4,709 Bitcoin To Its Balance Sheet

They went so far as to refer to cryptocurrency as “an instrument of economic empowerment.”

In a surprise move, Square announced the acquisition of 4,709 Bitcoin (BTC) worth roughly $50 million at time of publication. The company’s co-founder Jack Dorsey has been a long-term proponent of Bitcoin and crypto, while the company’s CashApp allows its users to invest in Bitcoin.

This news comes months after another publicly traded company, MicroStrategy, decided to convert a portion of its treasury into Bitcoin. Currently, the company holds 38,250 BTC and its CEO Michael Saylor has become one of the most vocal Bitcoin advocates. Though MicroStrategy is a large company in its own right with a $1.5 billion market capitalization, it pales in comparison to Square, which holds an $81 billion capitalization.

Square’s Accompanying Press Release Indicated That The Move Is Something Of An Ideological Statement:

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.”

On September 30, Dorsey chastised Coinbase CEO Brian Armstrong for his apolitical leadership:

#Bitcoin (aka “crypto”) is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at *least* acknowledge and connect the related societal issues your customers face daily. This leaves people behind: https://t.co/0LMlF1qcmG

— jack (@jack) September 30, 2020

The press release noted the investment represents approximately 1% of Square’s “assets as of the end of the second quarter of 2020.” As of June 30, the company’s total assets amounted to $7.8 billion, so the acquisition may represent closer to 0.64% of the company’s assets.

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