Jack Dorsey is an American technology entrepreneur best known as the co-founder of Twitter and Square (now Block, Inc.). He has become one of Bitcoin's most visible and influential advocates in mainstream technology, directing significant resources from his companies toward Bitcoin development and declaring Bitcoin the most likely candidate to become the internet's native currency.
Background
Dorsey co-founded Twitter in 2006 and served as its CEO in two stints, shaping it into one of the world's most significant social media platforms before its acquisition by Elon Musk in 2022. He simultaneously founded Square in 2009, a financial technology company focused initially on mobile point-of-sale payments for small businesses.
Bitcoin Integration at Square and Block
Square began offering Bitcoin purchases through its Cash App in 2018, bringing Bitcoin access to millions of mainstream users who already used Cash App for peer-to-peer dollar transfers. This integration was one of the largest single expansions of retail Bitcoin access in the United States at the time.
In late 2020, Square purchased $50 million worth of bitcoin for its corporate treasury, citing bitcoin's "economic empowerment" as a value aligned with Square's mission. In 2021, the company made a further $170 million purchase.
Square rebranded as Block, Inc. in 2021, a name that nodded to blockchain technology while also reflecting the company's diversified portfolio of products. Under the Block umbrella, Dorsey launched TBD (formerly known as tbDEX), a project aimed at building a decentralized exchange protocol and open financial network on top of Bitcoin. Block also created Spiral, a division dedicated to funding open-source Bitcoin development, which supports projects including the Lightning Development Kit (LDK).
Bitcoin Mining and Hardware
Block announced development of a Bitcoin mining system aimed at making mining more distributed and accessible. The project reflects Dorsey's concern that Bitcoin mining has become too concentrated among large industrial operators, and his belief that more distributed mining would strengthen Bitcoin's security and decentralization. Block also developed Bitkey, a self-custody Bitcoin hardware wallet designed for mainstream users.
Open-Source Funding
Dorsey has made personal donations to fund open-source Bitcoin and Lightning Network development. He was an early investor in Lightning Labs and has been vocal about the importance of funding the engineers who maintain Bitcoin's open-source infrastructure. Through Spiral, Block has provided grants to numerous Bitcoin and Lightning developers.
Public Advocacy
Dorsey has been unusually outspoken for a major technology CEO in his endorsement of Bitcoin specifically -- as distinct from cryptocurrency broadly. He has expressed skepticism about most altcoins and has positioned Bitcoin as fundamentally different in its decentralization and monetary properties. His influence has shaped how a significant segment of Silicon Valley thinks about Bitcoin.
Significance
Dorsey's integration of Bitcoin into Cash App, his corporate treasury purchases, his funding of Bitcoin development through Spiral, and his investments in Lightning Labs represent among the most consequential mainstream endorsements Bitcoin has received. As the leader of a publicly traded company with tens of millions of users, his decisions brought Bitcoin infrastructure to a scale few others could match.
External Links
- Jack Dorsey on Wikipedia
- Block, Inc. Official Website
- Spiral (Bitcoin Division of Block)
- TBD - Open Financial Network
- Jack Dorsey on Twitter/X
- Bitkey Hardware Wallet
References
- Lightning Labs -- company he invested in early
- Elizabeth Stark -- Lightning Labs CEO he backed
- Lightning Network -- payment protocol his companies support
- Strike -- Lightning-based payments company in the same ecosystem
- Bitcoin Core -- open-source project funded in part through Block's Spiral
- Bitcoin 2024 -- conference series in which he has participated