Jack Dorsey, CEO of Twitter and Square, goes onto a podcast called ‘Tales from the Crypt’ and alludes to spending $10,000 per week (the Cash App limit) on Bitcoin. While this isn’t a lot of money for him, it is for most other people. He seems to be taking a big bet on Bitcoin.
The host of ‘Tales from the Crypt‘, Marty, along with others in Tales from the Crypt started a movement called ‘Stacking Saturday’ where everyone buys $25 worth of Bitcoin. Jack Dorsey replied, “I saw all of the screenshots on Twitter, I thought that was awesome. I would have participated but I already exceeded my limit on Cash App, so I couldn’t purchase any more.”
When the host mentioned that they will be doing it tomorrow, Jack replies “Tomorrow I probably can, I think we have a limit that rotates every week or so.”
It could be the case that Jack has been dollar cost averaging himself into Bitcoin for the past weeks and maybe even months. While he has been a huge proponent of Bitcoin for a while now, this is really big news. Add the fact that last week he got himself a Casa Node to test the Lightning Network and even said, “It isn’t a question of if, but when Lightning Network will make its way to Cash App.”
“What does the internet ultimately want? I think it will want to have its own currency. A currency that is effectively global and exists on its territory instead of through the territories of various nation states that we have today.“
When asked about his opinion of money being taken out of the government’s hands, he replied,
“The internet creates a new reality and it will want its own currency. It is independent of the state for me…I would want our nation states to figure out how to make that work for their constituencies and provide bridges to it. There’s going to be a ton of issues but I see more net positives than I do negatives and it enables us to organize around bigger existential things that no one nation-state can solve.”