Twitter founder, Jack Dorsey to invest in new Bitcoin wallets amid price crash | Ripples Nigeria
Connect with us

Business

Twitter founder, Jack Dorsey to invest in new Bitcoin wallets amid price crash

Published

on

Twitter ban on political adverts prompts calls for Facebook to do same

Twitter founder, Jack Dorsey, has said he would build a hardware wallet for Bitcoin to improve security in the cryptocurrency market and expand the number of people using the digital asset.

Dorsey has been an active investor in the Bitcoin market.

His payment company, Square, invested $50 million in cryptocurrency following its acquisition of 4,709 Bitcoins in October 2020.

The Bitcoin bought by the company for $10,617, currently sells for $37,206.75.

Beside the acquisition, Dorsey partnered with American rapper, Shawn Carter, in February to set up 500 Bitcoins worth $23.3 million at the time fund to drive the cryptocurrency penetration in Africa and India.

In his new investment in the cryptocurrency market, the Twitter founder would build a wallet with non-custodial solutions for the global market.

READ ALSO: Elon Musk crashes Bitcoin, Ethereum prices with breakup tweet

He said the software and hardware design would be made public when the Bitcoin wallet is completed.

Dorsey said: “Square is considering making a hardware wallet for #Bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.

“We want to kick off this thinking the right way by sharing some of our guiding principles.

“Bitcoin is for everyone. It’s important for us to build an inclusive product that brings a non-custodial solution to the global market. Much respect to everyone who has gotten us this far. What are the biggest blockers to get a non-custodial solution to the next 100 million people?”

The Twitter founder’s statement followed the crash in Bitcoin after Tesla counterpart, Elon Musk’s recent statements on the most popular cryptocurrency.

Tesla had declared on May 12 that the automobile makers would no longer accept Bitcoin as means of payment for its products.

The announcement and his Friday tweet caused a 40 percent decline in Bitcoin price since the cryptocurrency hits its highest value of $64,801 on April 14.

Join the conversation

Opinions

Investigations