Jack Dorsey says bitcoin is only cryptocurrency he owns, but he isn’t saying how much – MarketWatch


Ever wanted to know how much bitcoin Jack Dorsey owns?

According to Forbes, the co-founder of Twitter

TWTR, -0.38%

 and founder of Square,

SQ, +0.22%

 has a net worth of $5.2 billion, but tracking down his digital currency holdings would require some cooperation from Dorsey himself.

So yesterday, nosy Twitter users inquired. But they didn’t get much detail:

“Why? How much?” asked Selina Wang, a Bloomberg News reporter. And Dorsey responded. Turns out the San Francisco-based entrepreneur has “enough.” Yes, exactly enough.

Dorsey was partaking in a so-called “lightning torch” where participants add a little sum of bitcoin

BTCUSD, -1.26%

 to a payment then pass it onto someone on Twitter they trust.

The series of transactions were between users of the Lightning Network, a second layer protocol that sits on top of the bitcoin blockchain and enables faster transactions. Enthusiasts hope it will solve the scalability issue bitcoin and other cryptocurrencies have fought to overcome. Scalability refers to the ability to process crypto transactions efficiently and more quickly, seen as a major hurdle in the adoption digital assets.

Read: A team at Northwestern think they have solved one of bitcoin’s biggest problems

Dorsey, a so-called bitcoin maximalist — someone who favors bitcoin over all other digital currencies — was asked why he only holds bitcoin. “Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand,” he responded.

The San Francisco-based entrepreneur has long touted bitcoin as the future of money, arguing the world is headed for a single currency of the internet.

According to Bitcoin Magazine, the “lightning torch” experiment included 141 recipients in 37 countries across six continents.

Read: Bitcoin will be the worlds single currency, says Twitter and Square CEO Dorsey

Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.

Let’s block ads! (Why?)


Source link

Previous Abra’s Non-Custodial Bitcoin Backed Global Investment App is a World First
Next Coinbase’s Wallet App Is Getting Bitcoin Support This Week - CoinDesk

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *