Forget Elon Musk, Jack Dorsey Is the Hero Bitcoin Deserves for the Coming Years.
Follow those who are truly looking to advance the Bitcoin revolution.
At the beginning of 2021, Tesla made public the purchase of $1.5 billion worth of Bitcoin as part of its strategy to diversify its cash reserves. Elon Musk, the CEO of Tesla, became the de facto hero that the entire Bitcoin community began to worship.
Michael J. Saylor's commitment to the Bitcoin world had earned him the respect of the entire community in my eyes. This has been confirmed by Michael J. Saylor's attitude as a true Bitcoiner, taking advantage of every opportunity to strengthen MicroStrategy's position in Bitcoin.
At the time of writing, MicroStrategy now has over 105K BTC.
Elon Musk has never been a Bitcoiner, just a Dogecoiner
Elon Musk was quick to show that Bitcoin was just another opportunity for him. He took advantage of the momentum at the beginning of 2021 to allow Tesla to make a nice financial move.
In early April 2021, it was reported that Tesla had liquidated 10% of its Bitcoin holdings. Elon Musk explained that the goal was to prove the liquidity of Bitcoin as part of a strategy to diversify Tesla's cash reserves.
Meanwhile, Elon Musk kept supporting Dogecoin, a sh*tcoin described as a big joke by its creators. This was proof that Elon Musk's ego was acting up once again. The goal for Elon Musk now seems clear: to show that he is capable of making Dogecoin a bigger success than Bitcoin by his own influence.
This will obviously never happen, but many investors blinded by Elon Musk's influence will end up losing a lot of money by following him.
Elon Musk simply seized an opportunity with Bitcoin
In early May 2021, Elon Musk finally helped Bitcoin's price crash by announcing that Tesla was ending support for Bitcoin payments due to serious doubts about Bitcoin's environmental impact. At the same time, Elon Musk confirmed that it was not anti-fragile, unlike Bitcoin.
Indeed, this decision by Tesla, of which Elon Musk is the CEO, was in response to two interests:
Avoiding the loss of Tesla's precious carbon credits that have kept the company afloat forever.
Attempting to manipulate the price of Bitcoin to eventually buy more of it at a reduced price. On this second point, we are still waiting to learn more to draw definitive conclusions.
In any case, it was surprising to see Elon Musk suddenly start criticizing Bitcoin even though nothing had changed environmentally between January 2021 and May 2021. If Bitcoin had not changed in the first half of 2021, Elon Musk had.
Bitcoin will successfully address the issue of environmental impact in the future
Michael J. Saylor, a true Bitcoiner, took up the issue with other community figures to create the Bitcoin Mining Council, whose role is to fight the FUD (Fear, Uncertainty, and Doubt) fanned by Elon Musk about Bitcoin's negative environmental impact.
In the latest report from the Bitcoin Mining Council, we learned that the latest estimate is that 56% of the electricity for Bitcoin comes from renewable energy. This is an impressive figure when you consider that most of the world's major economies are below 15%.
Bitcoin is now reaping the first benefits of China's ban on Bitcoin. This will prove to be extremely positive in the months and years to come. As always with Bitcoin, time will work in its favor.
While Elon Musk has fallen from his pedestal, one man is becoming the hero the Bitcoin world deserves
As Elon Musk has come down from his pedestal in the Bitcoin world, we have seen over the months the quiet rise of a man who truly deserves the status of a Bitcoin hero in my eyes.
A hero who is trying to build services and products around Bitcoin to make things better. A man who doesn't just post tweets to flatter his ego all the time.
That man is Jack Dorsey.
The founder of Twitter and Square has been a strong supporter of Bitcoin for as long as he can remember. However, unlike Elon Musk, Jack Dorsey does not talk about Bitcoin to see people flatter his ego on social networks. Jack Dorsey fundamentally believes that Bitcoin will become the native currency of the Internet in the future and that decentralization is the best weapon to protect us from Internet censorship in the future.
Jack Dorsey is a true Bitcoiner who wants to advance the Bitcoin revolution
With Square, Jack Dorsey offers the CashApp application that makes it easy for American users to purchase Bitcoin. This has allowed Square to make juicy profits in recent months. The company took the opportunity at the end of 2020 to show its confidence in Bitcoin by buying just over 8.2K BTC with its cash reserves
In recent weeks, Jack Dorsey has been much more ambitious.
At the beginning of June 2021, Jack Dorsey explained that Square was thinking about creating a brand new Bitcoin hardware wallet. The desire is still the same: to give users more control over their BTC.
Competition in this field is always a good thing in my opinion. Seeing Square getting involved is great considering the financial power of this new tech giant.
Jack Dorsey will create a company aimed at launching a DeFi platform in the Bitcoin world, all in open mode
And then, on July 15, 2021, Jack Dorsey announced in person on Twitter that Square will create a new business:
“Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.”
The most interesting part of this announcement is the following:
“Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. @brockm is leading and building this team, and we have some ideas around the initial platform primitives we want to build.”
All the developments that will be made in this new company will be open:
These are the goals of someone who truly wants to make things better for the many through Bitcoin. In that sense, Jack Dorsey is the hero we deserve in the Bitcoin world. Someone who is making things happen without trying to make a big deal about himself.
This is in line with the behavior of all Bitcoiners who are advancing the Bitcoin revolution for the greater good.
The coming months and years are going to be really exciting in the Bitcoin world, and we will have to follow with interest the progress that will be made by Jack Dorsey's new company that wants to launch a DeFi platform on top of the Bitcoin system.
As always if you are a Bitcoin HODLer, your best days are ahead.