What’s the Impact of 4 Million Twitter Followers Being Exposed to CEO Purchasing Bitcoin Weekly

CEO Of Twitter Discloses His Trezor Hardware Purchase Powered By Bitcoin

Jack Dorsey, Chief Executive Officer of social media giant – Twitter – and also of Square, a mobile payments company, has recently announced on Twitter that he has purchased a Trezor hardware wallet using Bitcoin (BTC) through the Square Cash app.

Based on the existing price of Bitcoin, Jack must have spent about $261.54 on the hardware.

Implication Of Jack’s Disclosure

It would seem that Jack Dorsey’s announcement may have achieved a few different goals at the same time. The first could be regarded as a message of endorsement for Trezor and showing some sort of straightforwardness in the purchase and use of the hardware. The other is a way of showing the world and especially people who are new to the crypto business, that it’s advisable to practice safety and security, with their assets.

Satoshi Labs, which is situated in Prague, is the company responsible for making Trezor and Jack’s announcement may have given them a lot more publicity which they also seemed to appreciate. Jack tweeted:

“Just bought a @Trezor hardware wallet with bitcoin through @Cashapp.”

The official Trezor account also posted a tweet welcoming the CEO to the community of Trezor users. Their tweet said:

“We are proud to welcome you to the family, @Jack! Kudos for choosing open-source for your journey towards full digital sovereignty! #hodlon”

Why Jack May Have Chosen Trezor

Trezor’s major competition for crypto hardware is Ledger and many people seemed to wonder why Jack didn’t choose Ledger instead.

A few of his Twitter followers asked him this question after his announcement. Jack, in his response, mentioned that Trezor’s open-source policy was a significant factor in his decision making. Jack also concurred with the opinion expressed by one of his followers that

“Ledger is great too, but its not fully open source. Their firmware is not open source due to vendor NDAs, as I understand it.”

This little exchange seemed to elicit a response from Ledger as they opined that making the firmware of their products open source, might not be much of a solution. They tweeted the following:

“Hello @jack and thank you for raising awareness about Bitcoin! The security model of hardware is quite complex, and offering open source firmware isn’t a silver bullet. We’ll provide more flavour during MIT Bitcoin expo mitbitcoinexpo.org on Sunday”

Prediction For Bitcoin Growth

Jack Dorsey further expressed a prediction that over the next ten years or so, Bitcoin will experience a “massive acceleration”. He is also willing to do whatever he can to make sure it is used as currency in the near future, regardless of naysayers and skeptics.

He promised that at some point, the Square Cash app will incorporate the Lightning Network technology in its operations and he hopes that this will eventually hasten Bitcoin use for everyday business.

There also has been a noted increase in the CEO’s interest in the crypto sector, most notably recognized by his involvement with the Bitcoin Lightning Network Trust Chain. This trust chain is basically a network where payment transactions move from one person to another as a way to exhibit the general promptness of the network.

Support For The Crypto Community

The crypto community is currently getting a lot of support from sectors outside of tech. Politics in the U.S., is another sector that has shown considerable interest in crypto. A presidential candidate for the year 2020, John Delaney, recently expressed is support for the idea behind the recently held DC Blockchain Summit.

According to a post from Delaney’s official Twitter account:

“Chair Giancarlo’s speech at the DC Blockchain Summit sponsored by the Chamber of Digital Commerce highlights the need for tech-forward regulatory solutions. We want savvy leaders guiding the country on blockchain. I applaud the work of @DigitalChamber @PerianeDC & @giancarloCFTC.”

Mr. Giancarlo, delivering his comments, tried to visualize how things may have been different if blockchain was not only available but widespread during the decade-old Financial Crisis. He said:

“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.”

The hope is that even though Delaney may not be the most popular of the presidential candidates for 2020, the hope is that he might be able to create awareness for crypto and blockchain and discuss it for the elections.

The views and opinions expressed in the article What’s the Impact of 4 Million Twitter Followers Being Exposed to CEO Purchasing Bitcoin Weekly do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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