Jack Dorsey is set to turn his full attention to cryptocurrency after resigning as CEO of Twitter.
The 45-year-old announced earlier today that he would be stepping down as head of the social media leviathan, with chief technical officer Parag Agrawal taking the reins of the $19.75bn company.
The move follows months of rumours about internal disharmony over Dorsey’s insistence on running both Twitter and mobile payments company Square at the same time. It’s also understood some of the Twitter hierarchy were growing intolerant of his ‘obsession’ with Bitcoin.
Dorsey has made no secret for his love of Bitcoin, stating recently it was the single most important project he will work on in his life, and even going so far as to say it had the potential to bring about world peace.
Earlier this year, he spoke of his passion for Bitcoin at the Bitcoin 2021 Conference.
“Bitcoin changes absolutely everything,” he said.
“I don’t think there is anything more important in my lifetime to work on.”
The multi-billionaire may even have prophetically set the wheels of his Twitter exit in motion when he followed up his comments by saying “if I were not at Square or Twitter, I would be working on Bitcoin. If Bitcoin needed more help than Square or Twitter, I would leave them for Bitcoin”.
Weeks after his appearance at the conference, he announced that Square would be expanding its operation into Bitcoin “with the sole goal of making it easy to create non-custodial, permissionless and decentralised financial services”.
Today’s announcement now leaves Dorsey free to envelop himself in that project with Square – a company he founded and owns a 25% stake in.