Jack Dorsey, Twitter founder and CEO, has not been backward about coming forward in relation to his love of Bitcoin. His first public comments date back to August 2017, although his other company, Square, began working with it since 2014. In March 2018 he backed Bitcoin to become the internet’s single currency, and it seems that recently he’s been putting his money where his mouth is – by buying up as much Bitcoin as he can.
Dorsey Maxes Out CashApp Bitcoin Limit
Dorsey appeared on the ‘Tales from the Crypt’ Bitcoin podcast Monday, where conversation with host Marty Bent turned to ‘Stacking Sat Saturday’, a trend where users buy set amounts of BTC every week to illustrate the growing adoption of cryptocurrencies. Dorsey said that he would have participated had he not “already exceeded my limit on CashApp. I can’t purchase anymore.”
While Dorsey did not specify the exact amount he has spent, the maximum weekly buy limit for Bitcoin on Square’s CashApp is $10,000, suggesting that he is picking up over 2.5 BTC per week at the moment. Dorsey clearly believes that it is just a matter of time until the market picks up again and is getting himself in the best possible position to take advantage of it while the price is low.
Bitcoin White Paper is “Seminal”
Dorsey went on to discuss Bitcoin and blockchain in more detail, stating his belief that the Bitcoin white paper is “one of the most seminal works in twenty years in computer science” before discussing its integration with the Square platform. Dorsey recently said that incorporating Bitcoin’s Lightning Network into Square’s popular Cash App was not an ‘if’ but a ‘when’, also stating that incorporating a Bitcoin-based tipping mechanism into Twitter was a “compelling idea”, an idea that has been adopted by Tippin.
Dorsey’s bullish view on Bitcoin’s future, and the fact he is putting his own money on the line, comes at a time when Bitcoin is trying to push out of the range is has been stuck in since November, so every piece of positive news is needed right now!