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Twitter CEO Jack Dorsey Spends $10,000 Weekly Buying Bitcoin?

By Katelyn James | March 7, 2019
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Twitter CEO Jack Dorsey Spends $10,000 Weekly Buying Bitcoin?

Twitter and Square CEO Jack Dorsey has hinted that he may be spending as much as $10,000 a week buying Bitcoin (BTC).

On a podcast with Tales from the Crypt earlier this week (Mar 4), Dorsey was sharing about how he got into Bitcoin, and what he sees are the similarities between this cryptocurrency and Twitter. While discussing “Stacking Sat Saturday” – a movement where users buy $25 in Bitcoin to display how crypto is increasingly being adopted – Dorsey said that he had heard about it via Twitter. He was, however, unable to join as his CashApp account limit for purchasing Bitcoin had been fully used up.

Square’s CashApp sets a Bitcoin purchase limit of $10,000 a week. Dorsey said he might be able to take part the following week after his purchasing limit is reset, a possible sign that he might be spending at least that much-buying Bitcoin on a weekly basis.

Dorsey is famously known for strongly holding and advocating the view that Bitcoin is the Internet’s native currency. He recently told an interview with Joe Rogan in February that “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is on the internet.”

Earlier this week, TheCryptoSight reported (Mar 3) that Square had released its Q4 2018 performance results. Its earnings for the quarter registered as the highest Bitcoin revenue achieved to date since it began supporting the crypto – beating analysts’ expectations.

However, guidance for its Q1 2019 performance was weaker than anticipated, leading partly to its shares falling as much as 7% in immediate after-hours trading than on the news.

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