Jack Dorsey’s resignation as Twitter CEO is crypto bullish, says Fundstrat – Reuters

Twitter now has a new CEO after Jack Dorsey resigned on Monday. Dorsey, who is still the CEO of Square Inc., has previously said he wants to focus on bitcoin. Fundstrat Global Advisors chief executive and researcher explained why Dorsey’s departure from Twitter is bullish for crypto.

Twitter has a new CEO: Jack Dorsey resigns

Jack Dorsey announced Monday that he had quit Twitter. In his letter to the Twitter team, the former CEO explained that it was his decision to leave. Parag Agrawal, who served as Twitter’s chief technology officer, is the new CEO. Dorsey is still the CEO of Square Inc., which is currently working on several bitcoin projects.

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, believes Dorsey’s resignation from Twitter is bullish for the crypto market. In an interview with CNBC on Monday, he was asked what Dorsey’s exit from Twitter means for the bitcoin and cryptocurrency ecosystem.

In response to the question “Is it bullish for crypto?” Lee asserted:

Yes, it is bullish for crypto.

“One thing to keep in mind is that crypto is the intersection of financial services and technology. It is literally 60% of the economy. Really, financial services make up the other half of GDP, c ‘so is a huge market, ”he explained.“ And there isn’t enough capital allocated to crypto innovation, so you need people like Jack Dorsey to really focus and I don’t think so. that space is still overinvested. “

Lee added that these were still the early days of the crypto space, not only for projects like Bitcoin and Ethereum, but also for “the amount of crypto stocks and businesses built around crypto.”

Earlier this month, Twitter set up a dedicated team to focus on cryptocurrency and decentralized applications.

Dorsey said at the Bitcoin 2021 conference in June: “If I wasn’t at Square or Twitter, I would be working on Bitcoin.” The former CEO of Twitter pointed out: “If [bitcoin] need more help than Square or Twitter, I would leave them for Bitcoin, ”noting:

I don’t think there is anything more important in my life to work on.

His other company, Square, “is focused on helping bitcoin reach mainstream audiences while strengthening the network and ecosystem,” Dorsey said during Square’s third quarter earnings call at the Beginning of the month. “Our goal is to help bitcoin become the native currency of the Internet… We have a number of initiatives in this direction. Cash App is just one.

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