When you’re the CEO of one of the world’s major social networking platforms, your wallet packs some serious firepower. That’s good news for Jack Dorsey, CEO of Twitter and long time bitcoin bull, who hinted during a podcast this week that he spends $10,000 per week on acquiring the original cryptocurrency.
Dorsey was speaking on the cryptocurrency podcast, “Tales From The Crypt”, during which he let slip that he hit his spending limit on Square’s mobile payments app CashApp – which he also owns – for bitcoin.
Hitting the Spend Limit
Dorsey did not explicitly specify the amount, however Square’s CashApp has a weekly cap of $10,000 which users can spend on bitcoin. CashApp has become one of the most popular apps in existence for purchasing bitcoin
Dorsey’s slip occurred whilst he was discussing so-called¸ “Stacking Sat Saturday”, a trend where users spend $25 every Saturday on Bitcoin in order to draw attention to the growth of crypto. Dorsey admitted he wouldn’t be able to take part this week as he had hit his limit but wanted to take part next week.
“I saw [Stacking Sat Saturday] on Twitter, I thought it was awesome. I would have participated but I already exceeded my limit on the CashApp so I couldn’t purchase anymore.”
Similarities Between Bitcoin and Twitter
Dorsey went on to discuss what he sees as similarities between the original crypto and the early days of the social networking platform Twitter. He discussed how the internet as a tool allowed people to challenge engrained notions of what separates us in the real world. Nation states and different currency zones are only artificial constructs – tools like Twitter and bitcoin allow us to break these constructs down and conceive of “one humanity”.
Long Time Bull on Crypto
Dorsey is known for being extremely bullish about crypto, seeing it as the natural native currency of the internet. He revealed in May 2017 that he holds only bitcoin in terms of cryptocurrency and sees digital currencies as the future of legitimate global payments.
He further explained to Joe Rogan during an interview why he believes in bitcoin being the future of money on the internet.
“[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”
This sentiment was further advocated on Tales from the Crypt, where Dorsey stated rhetorically:
“What does the internet ultimately want? It will want a native currency.”
Alex has been putting words on paper since he was old enough to hold a pen; when he bought his first bitcoin in January 2017, those words discovered their place within crypto as well. He holds a master’s degree in international relations from Leiden University in the Netherlands, and his special expertise lies in European cryptocurrency regulation.