Jack Dorsey, the CEO of Twitter seems to be going all-in on Bitcoin (BTC). According to a recent report released by CNBC, Dorsey is investing up to $10,000 a week in the popular digital asset. Square predicts that there will be a massive acceleration for the price of the digital asset.
Jack Dorsey Spends $10k Weekly on Bitcoin
This could definitely be a turning point for crypto. After being more than a year in a bear trend, the most popular cryptocurrency could start a new bull run in the near future. According to Brian Kelly, there are several improving fundamentals on the Bitcoin network.
Kelly explains that the number of addresses in the crypto network has grown 20 percent from January lows. These addresses are also at the same level as in November 2017 when Bitcoin was well above $6,000.
At the same time, there are several companies and institutions that are starting to pay close attention to the Bitcoin market.
About Jack Dorsey, Kelly commented:
“He (Jack) understands the payment network. There is a part of the Bitcoin network called the Lightning Network that he has said it’s only a matter of time – not if, but when – that Lightning Network comes to the Square app.”
Jack Dorsey has been supporting the Bitcoin space and the Lightning Network (LN). The Lightning Network is the ultimate scaling solution for Bitcoin that will be allowing users to process thousands of transactions per second without congesting the network. They will also allow micropayments to be processed for low fees and almost instantly.
On the podcast Tales from the Crypt, the CEO of Square and Twitter, said that he is spending $10,000 per week on Bitcoin. He has also mentioned which are the parallels between Bitcoin and Twitter.
Although Dorsey did not specifically say that he is investing $10,000 per week, he suggested it. He mentioned that he couldn’t participate from the “Stacking Sat Saturday” initiative on social media due to the fact that he exceeded his limit to purchase Bitcoin on CashApp.
Bitcoin has registered the first positive month in February since July 2018. The digital currency has been falling on a monthly basis for over 6 months. This is why it is very important for the digital asset to start growing again and remain close or above $4,000 in the coming weeks.
A few days ago, Bitcoin reached $4,200 but then it dropped down to $3,600 again. Currently, each Bitcoin can be purchased for $3,900 and it has a market capitalization of over $68 billion.