Speaking at the Bitcoin 2021 conference in Miami, Jack Dorsey, CEO of Twitter and Square, featured the properties that make Bitcoin an apparatus that can give monetary sway.
On the same day, Dorsey tweeted that Square is considering making a hardware wallet for bitcoin that would give customers more comprehensive control over their cryptocurrency. He affirmed that he would build it entirely in the open, from software to hardware design, and collaborate with the community.
It is not new to users that Jack Dorsey is a Bitcoin enthusiast as he has mentioned “Bitcoin” in his Twitter bio, nonetheless, in the 2021 conference, Dorsey stated
If I were not at Square or Twitter, I would be working on Bitcoin. Whatever I can do — whatever my companies can do — to make Bitcoin accessible to everyone, that is what I will do for the rest of my life.
Dorsey drafted his justification for a new Bitcoin hardware wallet in a thread of tweets. He reemphasized the significance of self-custody and the need to build a seamless mobile experience for crypto users.
In Dorsey’s view, “assisted self-custody” can significantly simplify the experience of controlling one’s crypto wallet.
Dorsey said that Cash App integration is evident but only part of the solution. A smooth experience likely depends on a custom-built app, but it doesn’t need to be owned by Square. Jack is also looking for potential L2 solutions, as L2 can solve the significant cryptocurrency network’s transaction speed and scaling difficulties. In a thread, Jack shared
Layer 2 is essential for growth. The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’ What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?
Square is one of the biggest corporate holders of Bitcoin, with 8,027 BTC on its balance sheet. Its holdings are currently worth $297 million based on prevailing prices. After Dorsey’s tweets, Share of Square rose about 2.7%.