Bitcoin Forum

The CEO of Twitter and Square, Jack Dorsey, has noted that he is using thousands of U.S dollars (fiat currency) weekly on Bitcoin (BTC), the leading cryptocurrency by market cap, hoping that the crypto market will turnaround. He revealed that he had hit his weekly BTC purchasing limit of $10,000 using his individual Cash App.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/twitter-ceo-buys-bitcoin/

https://coinidol.com/upload/resize_cache/iblock/4cc/900_900_1/4cc4e29086264a70ec998ad87179175a.png

Must be nice! :P

I guess he's putting his money where his mouth is. If he really thinks Bitcoin will be the internet's "native currency" then there's really only one direction this thing can go.

Must be so nice to be able to do something like that. $10,000 weekly, so he can buy more than half a million per year. It's pretty interesting to see that somebody can do something like this continuously. But I believe he doesn't have to feel the pressure when your investment becomes -90%. He's too rich to feel that.

Isnt he is doing it on the square inc cashapp ???
He owns it so he is essentially just pocketing the money he is buying bitcoin with. Double dipping. :D
What he is really doing is promoting his own companies service then doing it for the good of bitcoin exposure. :-\

That's a nice point rdbase, never thought about it before. So essentially he's just promoting his apps and use profits from that apps to invest in other assets. Yup, killing two birds with one stone.

News like this can get the price flying more than 5% if we're on bull market.

Jack Dorsey has been a bitcoin supporter since the beginning and has been in bitcoin related controversy too. Buying bitcoin worth $10k weekly must turn out to be a really good to him especially now since the market is bearish, he should be getting more amount bitcoins compared to a bull market. He must be a real player because he is investing the money he earned from his app into a highly potential asset.
I wish I could buy BTC at such volumes  :P

It should be compared with his incomes and our. $10,000 is a lot of money for the average Joe. Let' say he gets $1500 monthly and buy $150 of BTC it represents 10% of his income. If $10k represent only 0.5% of Dorsey's incomes then it's not a lot (if I can say). Joe makes a much greater saving effort than Dorsey.

Chances are, Jack decided to buy the maximum amount of BTC only that week, when Facebook, WhatsApp, Telegram and Signal Launched Crypto Alone, it was only for company strategies where when BTC prices soared they could sell expensive.

1. https://thecryptocurrencypost.net/facebook-telegram-and-signal-plan-to-issue-their-own-digital-coins/

2. https://medium.com/@Risksavage/facebooks-whatsapp-telegram-and-signal-are-launching-their-own-crypto-af13e8dac0ae

0.5% doesn't even come close. Dorsey is worth $5.5 billion. I don't know how much he "earns" per week, but $10,000 only works out at less than 0.0002% of $5.5 billion. Given how much Dorsey seems to support bitcoin, I'd be very surprised if he doesn't own a lot more than that. As rdbase points out, I'm sure the reason he says he is buying $10,000 per week is because that is the weekly limit of Cash App. This is all advertising.

I'm sure he has a wallet with several hundred bitcoins sitting in it.

I like that. Jack is a straight fella. He's a Bitcoin only dude, I wish more people were like him. He could easily choose to accept tons of altcoins, but he's not doing it. Lightning integration will do the service well, especially with how people love to buy thousands of smaller whole units at once instead of 0.0000 whatever chunk of a whole Bitcoin.

Who doesn't want to be a Satoshi millionaire or billionaire?

Him basically shilling his CashApp Bitcoin purchases will do Bitcoin only good.

That's normal to promote/advertise his own business but with a twist with bitcoin. I like this dude actually.
With this kind of news, bitcoin will boom slowly.

On point, you're correct guys Jack Dorsey is being loved by the bitcoin community and I also like him. He don't give some unreal predictions and is helping to expose bitcoin through his apps.

We need more of Jack Dorsey in the community. It's a multi advertisement on his side and we're all benefiting out of it. With big names like him, people would start to believe bitcoin that it's something that they shouldn't ignore.

I don't generally put much faith in "big names" or "tech celebrities" endorsing bitcoins or cryptocurrency, but I must admit he is a bit of a breath of fresh air. He's just steadily buying bitcoin, and saying what all of us believe - it is the future of money. He's not making any wild price predictions, he's not shilling any trash altcoins, he's not being paid for his advertisements. He is genuinely interested in the tech and its applications. Compare him to someone like John McAfee, who is only in it for personal gain, accepting payment to tweet about any old shitcoin.

Dorsey spreading the idea of bitcoin around twitter in a realistic and honest way will be a great boost.

@rdbase whether he is virtue signaling or not. It does help bitcoin's price, it doesn't changes the fact that those 10K worth of BTC will be off the market, this may be considered a minuscule amount to affect the Bitcoin's price in the current market but it does in the bigger picture iyam. We are in a bear market and we need news like these to make headlines to make something happen in this rigid market.

Not only that, but his coins could potentially be used to support LN when it comes to adding liquidity to the network. He bought himself a hardware LN node recently, so it's a pretty realistic option if you ask me.

To make things sound even more bullish, he stated that it's only a matter of time before Cashapp starts utilizing LN. In order to actually make it work in an appropriate manner, they have to open hundreds/thousands of well funded channels.

LN currently counts 774BTC in liquidity, and the way things go, we'll see 1000BTC before the end of the second quarter. That milestone will generate even more positive news and attracts more merchants and users to Bitcoin.

@BitHodler Exactly in the bigger picture Bitcoin is winning. With Bitcoin's reward having next year, Things are really setting up for a big bull market.

I do really much preferred or do really like to read up these kind of peoples feebacks or views towards Bitcoin or onto the things that they have
done which doesnt tagged with any obvious reasons for the benefit for themselves.For Dorsey it is just really just like a simple investors target and hopes,
we dont know if he intended just shill out his apps but i dont really see that way.