Billionaire Bitcoin advocate, Jack Dorsey, buys Trezor as wallet of choice

  • By Tom Cleveland

  • March 13, 2019
  • 3:01 am BST

Jack Dorsey, the outspoken CEO of Twitter and Square, is beating the crypto drum again amongst his 4.15 million Twitter followers. He has been in the news of late on several occasions over the past month with the likes of Forbes and various podcasts to express his undying support for all things crypto. On this occasion, he relied upon his own network to draw attention to the wisdom of owning an offline wallet. His choice – Trezor. He made the purchase, some $261.54, for the hardware wallet and accessories by using Square’s CashApp and, of course, BTC as the medium of exchange.

Dorsey is well aware that his recent twitter feed was an excellent teaching moment to demonstrate how easy it is to use Square’s app to buy things with Bitcoin, while also educating the entire crowd on the wisdom of safe security habits. When asked why Trezor and not Ledger, the other market leader in the wallet sector, Dorsey favored the open source nature of the Trezor device: “Ledger is great too, but it’s not fully open source. Their firmware is not open source due to vendor NDAs, as I understand it.”

The Trezor team was quick to acknowledge Dorsey’s patronage via Twitter: “We are proud to welcome you to the family, @Jack! Kudos for choosing open-source for your journey towards full digital sovereignty! #hodlon!”

Dorsey has also been a crypto champion for some time, proud of the fact that his publicly traded company was the first of its kind to offer crypto purchasing, Bitcoin for the moment, as a service. He has since become increasingly engaged in expanding awareness both within and without the crypto community. As has been reported recently: “Dorsey is forecasting “massive acceleration” for Bitcoin over the coming decade and despite critics is doing his part to bolster the crypto’s use case as a currency. He has made it clear that sooner or later Square’s CashApp will integrate Lightning Network technology, which will accelerate Bitcoin transactions for everyday micro-purchases.”

During his interview with Joe Rogan at Forbes, Dorsey also explained the necessity for an “Internet currency”, as he put it: “I believe the Internet will have a native currency, and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet.”

Dorsey went on to add: “We’d love to see something become global currency. It enables more access, it allows us to serve more people and allows us to move faster around the world.”

At present, the Square development group is working with Bitcoin’s Lightning Network staff for eventual integration, but Dorsey wants to be sure everything is right before an announcement is made: “You know, it’s not ‘if’, it’s more of a ‘when’… How do we make sure that we are getting the speed that we need and the efficiency?… From a merchant perspective, and that’s something we really need to get right.”

A much larger impact, some analysts say “huge”, could be had when Twitter incorporates cryptos and blockchain technology in some material way on its operating platform. Dorsey is positive on this front: “I think there’s a lot there… It’s really compelling and something we want to spend a lot more time on… We finally have these technologies, more broadly at the blockchain level, that I think can help us address some of the challenges we are facing with Twitter, including trust and identity, certainly providing more economic incentive rather than what Twitter provides today, which is reach. So, it is a pretty active conversation within the company and around the company.”