Posted 3 months ago | by @devadmin
Twitter founder and CEO Jack Dorsey has made a generous $1 million donation to DC crypto policy think tank Coin Center, the executive director Jerry Brito announced the gift in a tweet.
Coin Center has received and incredibly generous gift of $1 million from @jack — we’re speechless. ?
We were almost to our goal for the matching campaign when he put us over the top and then some.
Your confidence in our work is incredibly humbling.
— Jerry Brito (@jerrybrito) February 10, 2021
Last month, Grayscale Investments made a $1 million donation to the think tank adding that it would match up to an additional $1 million of donations. Brito expressed that Coin Center had nearly reached its goal when Dorsey’s donation came in, putting them “over the top and then some.”
Dorsey has long held an interest in Bitcoin, both through his payments firm Square and personally. In the past years, Dorsey has spoken about Bitcoin as a potential currency for the entire internet. Dorsey and Square have also announced numerous initiatives for Bitcoin including renewable energy mining for Bitcoin as Bitboy Crypto reported.
The latest donation to Coin Center comes as a new administration has taken over in Washington, D.C. With the new Biden administration comes new appointments in agencies and departments that will shape the crypto industry, including the Treasury Department under Janet Yellen, who was sworn into office just last month.
Coin Center recently led the public charge against the outgoing Trump administration’s proposed wallet regulations, which Joe Biden paused for review.
Dorsey who is also subsequently Twitter’s CEO, has long been bullish on Bitcoin, calling it “the internet’s money.”
Square reported its Bitcoin revenue for the first quarter was $306 million, and a total revenue as a company of $1.38 Billion. Coindesk reports that in the second quarter of 2020 the publicly traded payments company sold $875 million through its Cash App with $17 million in profit. While, Square sold $516 million in Bitcoin over the entire year of 2019.
During its second quarter Square also purchased $50 million dollars worth of Bitcoin, stating in a statement: “cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose.”
“We believe that Bitcoin has the potential to be a more ubiquitous currency in the future,” said Square CFO Amrita Ahuja. “For a company that is building products based on a more inclusive future, this investment is a step on that journey.”
Dorsey has long been bullish on Bitcoin and hes committed to buying $10,000 worth of Bitcoin (the max) a week from his own Square app.
Square is one of few companies holding the covetted Bitlicense from the New York Department of Financial Services (DFS).
Dorsey previously told the Times of London there will be a single world currency in the next ten years and Dorsey believes that will be Bitcoin.
“It’s slow and it’s costly,” Dorsey spoke about Bitcoin as a currency, “but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”
Though the world’s most popular digital currency “does not have the capabilities right now to become an effective currency,” Dorsey explained the “world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” expecting this to take place “probably over ten years, but it could go faster.”
Dorsey has previously described blockchain technology as “the next big unlock… something that at first is normally applied to accounting terms, but has the potential to be applied to so much more,” at the Computer History Museum in Mountain View, California, in an interview with The Verge.
“I think there are going to be a bunch of people who say, ‘Blockchain, let’s go apply it everywhere’ and ‘Let’s try to solve every single problem with it,’” Dorsey said, “in the same way that we try to solve every problem with machine learning and data science and deep learning and artificial intelligence. And I think we need to be more thoughtful. What are people struggling with? How does the technology help them progress or does it distract them?,” Dorsey said.
Dorsey who also serves as Twitter’s CEO has hinted last September that big things could be coming for Twitter in regards to Bitcoin, which means we could see Twitter having a Bitcoin tipping option in the future.
Bitcoin currently trading at [FIAT: $44,970.71] DOWN -3.6% in the last 24 hours according to Coingecko at the time of this report.