Twitter's stock price has soared after a coaching change. Will the post-Dorsey era bet on Ethereum?

Produced | Baize Research Institute

Produced | Baize Research Institute

Since then, Dorsey has left the Twitter company he has led since 2015. Dorsey has recently been pushing for the merger of the Twitter social platform and the crypto space, and as a high-profile company executive, he has done much to increase the visibility and influence of Bitcoin and encrypted assets. So for the encryption community, this incident is undoubtedly a blockbuster. What does his resignation mean for the encryption community? Will he continue to promote the growth of the encryption field in the future?

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Led Twitter integration with Bitcoin

"Bitcoin has deep principles, it's weird, and it's always evolving," he said alongside Tesla CEO Elon Musk at the "B-Word" conference in July. Reminds me of the internet as a kid. Hopefully bitcoin will eventually create or help create world peace.”

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IMAGE: Important characters at the B-Word meeting. From left to right: Musk, Sister Wood, Dorsey.

During Twitter's second-quarter earnings call that same month, Dorsey said bitcoin was the "best candidate" to become the internet's "native currency," which would mean people and companies could use bitcoin anywhere on the planet. Free trade in goods and services.

He said: "I think Bitcoin is a big part of our future. Bitcoin has a lot of innovation beyond being a currency, especially when we think about decentralizing social media and providing more economic incentives. So I think this Important to Twitter, we will continue to monitor and invest aggressively in this space."

In addition, under the leadership of Dorsey, Twitter still has a more important exploration, that is, Bluesky, a decentralized social platform that has been under development since 2019, and this will also become a standard for a decentralized social platform and paradigm, and the Bitcoin Lightning Network will also play an important role in it. Currently, Blueshy is still under development.

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Twitter after "De-Dorsiization"

The new CEO, Prarag Agrawal, has been with Twitter since 2011 and was the company's first "distinguished engineer" and has been the company's chief technology officer (CTO) since 2017. So will his appointment cause Twitter to abandon plans to embrace encryption?

There's reason to think so, based on the stock market's reaction, as news of Dorsey's departure sent Twitter's stock soaring more than 10%, an unusual reaction to the resignation of a longtime CEO. The market reaction was not just a vote of investors on Dorsey's crypto stance, but also the frustration of large investors who have long complained about Dorsey's lack of focus and Twitter's poor performance. Given this pressure from investors, the incoming Agrawal could cause Twitter to cut back on its crypto plans, or even abandon them entirely.

According to the investigation, Agrawal has made almost no public comments on anything in the past few years, let alone the field of encryption. The executive has only one tweet that mentions bitcoin: a November 2019 post about a bitcoin meetup in Nigeria, where he used the fire (emoji) to convey the importance of bitcoin to the event. Agrawal posted just 10 tweets and 13 retweets in all of 2021, most of which did not involve the crypto space.

But the fact that Agrawal led the decentralized social platform Bluesky as the company's CTO has led some to think that Twitter will not abandon the encryption field. According to an anonymous source, “Agrawal is an integral part of Bluesky and it’s safe to say he’s a believer in crypto assets. Even if he’s not, Twitter needs user engagement to grow, and the crypto community is one.” Very important community."

Another speculation about Twitter's future direction is that it may be more friendly to Ethereum.

Jane Wong is a hacker known for tinkering with code on apps like Instagram and Spotify to discover new features the companies haven't announced yet. Twitter already integrates bitcoin payments for tipping, but Wong used some special tricks to add an ethereum wallet to it. As a result, some members of the crypto community on Twitter saw the news and speculated that Dorsey's departure might lead the company to be more pro-Ethereum.

However, whether Twitter will continue to embrace the encryption space in the future, or abandon this strategy, only time will tell.

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Dorsey bets on Square

In his resignation letter, Dorsey believes that Twitter's social platform should be free from the control of the founder and the company, and that "independence and independence from the influence or guidance of the founder" is essential. This view is consistent with the decentralized spirit of Web3.0, and perhaps Dorsey will strengthen his ambitions in Square, another payment company he leads.

Some members of the crypto community believe that Dorsey's departure may be because Square, which is building a bitcoin wallet and decentralized exchange, is ahead of Twitter on Web 3.0, and Dorsey seems to have devoted more time and Attention goes to Square Corporation.

Square, one of the largest payment processors in the world, has already made a big bet on encryption under Dorsey. Cash App, the payment application of Square, has already allowed users to buy and sell bitcoin. According to the company's financial report data, Square's bitcoin service revenue in the first quarter of this year was $3.5 billion, and bitcoin revenue in the second quarter was $2.7 billion.

It’s worth noting that just two weeks ago, Square released the white paper for a decentralized exchange called tbDEX, filling in a “pit” since it first announced plans in July.

In the white paper, we learn that tbDEX is a "protocol for discovering liquidity and exchanging assets (such as Bitcoin, fiat currency, or real-world commodities)" by utilizing decentralized identity (DID) and verifiable certificate (VC) Establish a source of identity in the real world, facilitating a decentralized exchange between assets. Additionally, the exchange bypasses financial intermediaries and other gatekeepers (such as centralized exchanges) that protect the border between fiat and digital currencies.

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risk warning:

risk warning:

According to the "Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions" issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote or endorse any operation and investment behavior. Participate in any illegal financial practice.