The co-founder and CEO of Twitter, Jack Dorsey, is busy with bitcoin (BTC). Dorsey visited Nigeria, South Africa, and Ghana, among others. Bitcoin is being widely sought in these countries.
The inhabitants of these countries have worked themselves in the top 5 of bitcoin searches at Google.
A top manager of a billion-dollar company does not just go anywhere. In addition to Twitter, Dorsey is also responsible for the Square company. With the Cash App, they offer, among other things, the purchase and sale of BTC.
In Africa, there is a large market for an easy money app. Dorsey firmly believes in bitcoin. Add that to business opportunities and you have an explanation for his visits.
You can clearly see via Twitter that it is not (only) about business meetings. Dorsey also joins small bitcoin meetups.
.@jack is showing us where the puck is going:
1. He's in Africa at local BTC meetups
2. His #CashApp is 'banking the unbanked' all over the country, 40% penetration in depressed areas
3. He's hiring cypherpunks & core devs
He's not yelling about ETFs or lettuce on the block https://t.co/QJXNrN28kX
— Jacob Kostecki (@jacobkostecki) November 11, 2019
Dorsey is clear about his goals: “I want to find out how difficult it is to start a business here. I want to see how I can help. I plan to live here for three to six months. ”
This looks like a long-term plan to launch the Cash App in different countries in Africa. Every country has its own rules and any problems, so it is important to get a good idea of that.
The entrepreneur sees opportunities mainly due to the lack of a properly functioning banking system. While smartphones and the internet are becoming more accessible and better, the money system is lagging behind.
That is a gap in the market that can be filled by bitcoin. And Dorsey hopes to contribute to that. (and what to earn through the Cash App)
Dorsey and bitcoin
With Square, Dorsey also wants to contribute to the development of the bitcoin protocol. After all, it is an important pivot in his future plans. Then it is important that the public protocol is maintained as well as possible and where necessary improved.
Square Crypto is the special bitcoin division of the company behind the Cash App. The employees there have one task: to build for bitcoin. In September the company hired three new developers.