In a natural move, Jack Dorsey, the iconic founder of Twitter, and its CEO, stepped down today, handing the role to Parag Agrawal.
It was a nice, transparent action – as transparent as you can be if you’re the CEO of one of the largest centralized social media networks in the world. There was also a bit of bitter-sweet humor, because just before announcing he’s leaving. Jack tweeted: “I love Twitter”. This lead to a string of mean-ish comments, of the type: “all men are telling ‘I love you’ to a woman, before leaving her”.
This move has at least two major consequences, one of them being related to cryptocurrencies in general.
The first one is a strong message sent across the entrepreneurship ecosystem: a founder-led company is not necessarily a great company. Among other issues, it has a single point of failure. While not talking directly about decentralization, this move is a fair move in that direction. Distributing power to many different, but complementary roles, will strengthen the structure. Also, with a single move, Jack Dorsey made a dinosaur out of Mark Zuckerberg, who is still leading Facebook. Not only leading it as a founder, but steering it abruptly towards the Metaverse. Whatever that means for him. Zuckerberg is pretty much alone now, and less and less effective.
The second impact is related, as I said, to crypto. Jack Dorsey is a big supporter of Bitcoin. He was famously saying at the end of a conversation with Elon Musk: “I hope Bitcoin brings world peace”. Quite an ambitious goal. Well, from this position, Jack can be way more useful to the world than as a Twitter CEO. Whether is by investing directly in projects or infrastructure, or by advocating for adoption and smart regulation, he has the chance to become one of the most balanced characters in this world. I don’t say “balanced” in the sense of dialogue, but mostly in the sense of “belonging to both worlds”. Just like Elon, Jack is not some random dude who got the chance to mine Bitcoin in 2013-2014, and ended up with a few hundreds Bitcoin, thus turning into a crypto-millionaire. He is a proven entrepreneur, and his involvement in crypto has a lot of potential.
But, at least for now, his involvement “all in” in Bitcoin is just a rumor. I wonder if the recent spike in BTC price was because of that… And now, that if the “news” is out, selling should resume. I guess we’ll see pretty soon.