Thumbnail Source: https://news.bitcoin.com/payments-firm-square-may-build-a-hardware-wallet-dorsey-heckled-at-bitcoin-conference-over-censorship/
Jack Dorsey, CEO of both popular social media Twitter and payments firm Square Inc., has been passionate about the potential of Bitcoin (BTC) during the Bitcoin 2021 Conference, BTC dropping over the past 24 hours.
Brief Analysis
Looking at BTC over the past year, there is the usual spike that almost every cryptocurrency would have experienced, with crypto gaining a lot of popularity over 2021. At the beginning is a rocky road for BTC, relatively stable, the largest movement at this scale the one ending in September 2020, lasting for a few months. At the start of November, BTC gains momentum, its price hitting new records. This momentum speeds up towards the end of 2020, creating a bullish period for BTC. With the beginning of 2021, the momentum continues to increase with BTC, but spikes early January, facing its first decent drop from the start of its bullish run. BTC drops a bit for some time, but then is hit with strong new momentum, rocketing to over $55000. Note that the zone in which the drop occurred intersects with the current price, so it is possible that the same would occur for BTC now: a few weeks of the slow movement, then a month or so of great bullish movement to recover back to the original $60000 range. At the spike of BTC's new bullish run, it tumbles down a bit, rising back up to create a resistant point that slowly moves upwards. In May there is a decent spike from the beginning, but then there is the great crash a few weeks ago, the largest one in this range. Currently, BTC is at a resistant point around $36000, and from the movement mentioned earlier, it can be expected that BTC will remain around this area for some time, slowly trickling upwards, sometime in the future-facing a great bullish period.
Zooming into the 1 month for BTC, the crash and resistance of BTC are more noticeable. From the beginning, BTC remains relatively stable, but from the 13th experiences a great drop, continuing over the following week to hit its lowest on the 24th of May. From there BTC rises and creates a resistance area between $35000-$40000. Currently, BTC is still within this resistance zone, which starting from the 24th, has been about 2 weeks, now sitting around $36000.
Going into 1 day, a great crash in the scale becomes instantly noticeable. From the start of the trend, BTC experiences a decent spike, then creating a consistent resistance around $37800. This resistance goes on for hours, but towards 10 am, BTC dumps straight downwards, going down by over $1000 in about 10 minutes. There may be a cause for such a crash, possibly a whale sellout, but no causes have been personally found on the internet. From this dump, BTC has recovered to some extent, potentially moving back upwards for a recovery run.
Jack Dorsey's Dedication For BTC
On Friday, Jack Dorsey went on stage at the Bitcoin 2021 Conference in Miami, discussing his views on BTC amongst other events. Within this discussion, Dorsey reiterated his dedication to make BTC 'the native currency for the internet.' To Dorsey, BTC is the most important thing he needs to work on in his life. Within the Conference, Dorsey mentioned the following:
Bitcoin changes absolutely everything. I don’t think there is anything more enabling for people around the world. I don’t think there is anything more important in my lifetime to work on.
This dedication is not just in words, but in actions as well. Earlier in February this year, Dorsey announced the establishment of his own BTC 'node' software that will help him validate transactions and blocks on the BTC blockchain. The announcement can be seen here: https://twitter.com/jack/status/1357588751757627393.
Dorsey's passion for BTC is so strong that he claims that he would leave his job at Twitter and Square for BTC, showing how much commitment he has for it. In a sense, this could be thought of as the opposite of Elon Musk who is lazy around BTC and to be frank a significant contributor to BTC crashes. Within the Bitcoin 2021 Conference, Dorsey said the following:
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. But, I believe both companies have a role to play.
What is an important message to take from the quote is the final sentence: 'But, I believe both companies have a role to play.' Considering 'both companies' (i.e. Square and Twitter), it does come to the end that Dorsey does have a fair point. They both have valuable influences on BTC, Twitter through marketing, popularity, announcements, etc. and Square with the rollout of BTC payments as a widely accessible option. From this fact, Dorsey can be expected to continue working as CEO at Twitter and Square, looking at how he can fuel his passion for BTC with these two companies that he runs.
With Square, Dorsey tweeted that they are considering making BTC hardware wallets. These wallets also are not hugely centralised, built 'entirely in the open, from software to hardware design, and in collaboration with the community.' According to Dorsey, the development of such a project comes from 12 principles (11 will be mentioned since the 4th principle was repeated twice within the tweet):
1. Bitcoin is for everyone.
2. 'No keys, no cheese.'
3. Custody does not have to be all-or-nothing.
4. Most people access the internet on mobile.
6. Blend availability and security.
7. Safety is complicated.
8. Today's recovery mechanisms burn money.
9. Are small displays necessary?
10. Trust can't be required.
11. Layer 2 is essential for growth.
12. Cash App integration is obvious for us but only part of the solution.
If Square does introduce BTC hardware wallets, that would be a huge event for BTC, opening a wide range of opportunities for paying in BTC, especially with Square since many businesses currently are already using it. This can cause a bullish run for BTC as its volume increases, more people migrating into the crypto world. The announcement can be visited here: https://twitter.com/jack/status/1400839179513339905?s=20.
After the hardware wallet announcement, Dorsey was heckled at the BTC 2021 Conference by an attendee over 'censorship' and 'interfering in 'elections.' The tweet/video can be seen here: https://twitter.com/disclosetv/status/1400870769861795843?s=20.
Further Reading
Wikipedia - Jack Dorsey - https://en.wikipedia.org/wiki/Jack_Dorsey
Youtube (Blockchain Academics) - Jack Dorsey Banking The Unbanked @ Bitcoin 2021 Miami🔥🔥 - https://www.youtube.com/watch?v=KZWYL1ccBt8
Bitcoin.com - Payments Firm Square May Build a Hardware Wallet, Dorsey Heckled at Bitcoin Conference Over Censorship - https://news.bitcoin.com/payments-firm-square-may-build-a-hardware-wallet-dorsey-heckled-at-bitcoin-conference-over-censorship/
coinnounce - Jack Dorsey says nothing is more enabling for people than bitcoin. - https://coinnounce.com/jack-dorsey-says-nothing-is-more-enabling-for-people-than-bitcoin/
CoinGape - Jack Dorsey Says There’s Nothing More Enabling for People Than Bitcoin (BTC) - https://coingape.com/jack-dorsey-says-theres-nothing-enabling-people-bitcoin-btc/
The Block - Jack Dorsey defends his decentralization beliefs during bitcoin conference appearance - https://www.theblockcrypto.com/post/107341/jack-dorsey-defends-his-decentralization-beliefs-during-bitcoin-conference-appearance?utm_source=rss&utm_medium=rss
