Are Cryptocurrency and Twitter mutually exclusive?
March 21, 2021 will mark 15 years since Jack Dorsey founded Twitter and posted the first tweet, “Just setting up my Twitter”. It is now auctioning off this simple one-line tweet as a non-fungible token (NFT) on a platform called “Values”.
Jack Dorsey is not Mark Zuckerberg
The highest bid was made by Sina Estavi, CEO of Bridge Oracle, for $ 2.5 million, and after the auction is completed, the proceeds will be converted into Bitcoin and then donated to charity.
What Jack Dorsey created with Twitter can be more influential than Facebook, especially when it comes to spreading the news. However, influence, respect, and popularity do not necessarily go hand in hand. Mark Zuckerberg was once considered technologically savvy, rebellious, and he gained a lot of respect thanks to the platform he built. We’ve seen how quickly the tide has turned against Facebook and Zuckerberg as a result of centralized and opaque decision-making practices, disregard for privacy, and censorship.
Jack Dorsey may face the same fate. Twitter has recently experienced a tidal wave of controversy, given the way it has handled hacks in recent years, as well as the censorship of confidential tweets and material during the presidential campaign and the 2020 election. At the time, Dorsey said:
“We have faced something impossible. We have a responsibility to help strengthen public opinion, while at the same time ensuring that as many people as possible participate”. And for many, the ban on former President Trump’s actions sounded like partisan censorship.
Crypto-Twitter Will Thrive
But Dorsey’s story is more complex. While Zuckerberg and Facebook have made little effort to integrate blockchain and cryptocurrency into the business, Dorsey is an ardent proponent of crypto. He has done a lot to promote the industry and adoption. For example, another Dorsey-based company, Square, Inc., is a financial technology payment company and offers cryptocurrency brokerage services through its CashApp app.
Last month, Square announced it had invested $ 170 million in Bitcoin, more than three times its most recent investment in the cryptocurrency.
“Combined with Square’s previous purchase of $ 50 million worth of Bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020,” the company announced.
There is no denying that Dorsey has done and will do a lot for the cryptocurrency industry. So the question is: Are the concepts of cryptocurrency and Twitter mutually exclusive, or can they find a way to co-exist?
From the outside, the term “cryptocurrency twitter” probably doesn’t mean much. Crypto-twitter at its most basic level is just a forum, a community of people who are involved in cryptocurrency as a profession, passion, hobby, interest, or even skepticism.
But if you ask someone who spends a lot of time in the industry, you’ll get a very different answer. Twitter helps in many ways to support the goals of Bitcoin and cryptocurrency. Crypto-twitter is a world that offers insights and perspectives from some of the greatest financial and technological minds, often uncensored. This allows newcomers to the industry to interact with “OG”, people who have been working in the crypto space for many years, and learn from each other. It gives those interested in the space a place to share, ask questions, and keep up to date with the latest news. It even gives people who would otherwise not want to communicate or be known in the industry a place to interact with others while remaining anonymous.twi
However, crypto-twitter is not without its contradictions, which is not surprising for a centralized platform used to conduct semi-anonymous discussions with a penchant for freethinking.