Jack Dorsey’s departure is bullish for crypto

Recently, Jack Dorsey announced that he has resigned from Twitter. Parag Agrawal, Twitter’s former CTO, will take over as CEO.

In a resignation letter shared on Twitter, Dorsey explained that it was his decision to leave, adding “my trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

His resignation will allow Dorsey to spend more time on Square Inc., a digital payments company who he also founded and leads.

Fundstrat Global Advisors’ Tom Lee told CNBC that “people like Jack Dorsey marshal focus on crypto-innovation.” And, therefore, it is a bullish move for crypto.

“One thing to keep in mind is that crypto is the intersection of financial services and technology. That’s literally 60% of the economy. Really, financial services is the other half of GDP, so it’s a huge market,” he elaborated. “And there isn’t enough capital allocated towards crypto innovation, so it takes people like Jack Dorsey to really marshal focus and I don’t think the space is overinvested yet.”

Lee went on to say that the crypto space is still in its early days, not only in terms of projects like Bitcoin and Ethereum, but also in terms of the “amount of crypto equities and businesses built around crypto.”

Dorsey has been a long-time fan of Bitcoin, attributing his passion for bitcoin to its function as “ a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be.”

At the Bitcoin 2021 Conference in June, Dorsey said that if he were not at Square or Twitter, he would be working on bitcoin.

With Dorsey now free of his responsibilities at Twitter, many are curious to see what crypto tasks Square will take on next.