Jack Dorsey Stepping Down as Twitter CEO Is Bullish on Crypto, Says Fundstrat – News

Twitter has a new chief executive officer following the resignation of Jack Dorsey on Monday. Dorsey, who is still CEO of Square Inc., previously said he wanted to focus on Bitcoin. The managing director and head of research at Fundstrat Global Advisors explained why Dorsey's departure from Twitter is bullish for crypto.

Twitter has a new CEO: Jack Dorsey is stepping down

Jack Dorsey announced his resignation from Twitter on Monday. In his letter The former CEO explained to the Twitter team that it was his decision to leave. Parag Agrawal, who served as Twitter's chief technology officer, is the new CEO. Dorsey is still CEO of Square Inc., which is currently in the works 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.

When asked “Is it bullish for crypto?” Lee confirmed:

Yes, it is bullish for crypto.

"One thing to keep in mind is that crypto is the intersection of financial services and technology. That's literally 60% of the economy. In fact, financial services make up the other half of GDP, so it's a huge market," he explained. “And there isn’t enough capital allocated to crypto innovation, so it takes people like Jack Dorsey to really focus, and I don’t think the space is over-invested yet.”

Lee added that it's still the earliest days for the crypto space, not just for projects like Bitcoin and Ethereum, but also "the amount of crypto stocks and companies built around crypto."

Earlier this month, Twitter launched a dedicated team to focus on cryptocurrency and decentralized apps.

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 Twitter CEO emphasized, “If [bitcoin] needed more help than Square or Twitter, I would leave them for Bitcoin,” noted:

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 a mainstream audience while strengthening the network and ecosystem,” Dorsey called during Square's Q3 earnings call earlier this month. "Our focus is on helping Bitcoin become the native currency of the Internet... We have a number of initiatives toward this goal. Cash App is just one of them."

Do you think Jack Dorsey stepping down from Twitter is bullish on Bitcoin and crypto? Let us know in the comments section below.

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