- Jack Dorsey leaving his role as CEO of Twitter has sparked speculation on the future.
- One observer, Adam Cochran, thinks Twitter could become more focused on Web 3 and Ethereum.
- Twitter has so far contributed greatly towards crypto adoption.
Jack Dorsey, founder, and Ex-CEO of Twitter, on Monday, took the internet by surprise when he announced that he was stepping down from being CEO of the social media giant. He announced via a tweet that was confirmed by the company that he would be handing over the position to Parag Agrawal, the then chief technology officer (CTO) of Twitter.
The announcement was huge for the cryptocurrency community which Dorsey has been a large part of. Dorsey is a known Bitcoin proponent and has led Twitter in the direction of building to accelerate Bitcoin adoption.
Where could Twitter and Dorsey be headed towards?
There have been several reactions from the crypto-community which has taken to speculating on what could be next for Dorsey. The obvious suggestion is that he will be focused on Bitcoin through working on his other company, Square, and its subsidiary, Cash App.
However, another subject of speculation has been what the new leadership of Twitter would bring to the table for the crypto space. On this, Adam Cochran, a partner at Cinnaemhaim Ventures, has speculated that Twitter may finally begin to be more focused on building towards the much talked about next iteration of the internet, Web 3.
Cochran points out that in the past, the company has tended towards this by announcing that it was developing features that would see it integrate non-fungible tokens (NFTs) which are a large part of Web 3, through Ethereum.
This has made the company appear to have conflicted with Dorsey who has consistently said he is focused on Bitcoin only. Part of the conflict indicators also includes the fact that Dorsey was at the head of the push to integrate Bitcoin tipping, through the Bitcoin Lightning Network, in Twitter’s Tip Jar feature.
“But, most importantly, Jack’s Bitcoin maximalism led to conflicting paths. Where Twitter is actively developing things like an NFT integration on Ethereum while their CEO bashes it and pushes tipping on a centralized lightning network,” he said.
This is why Cochran thinks that with Dorsey’s exit, Web 3 development and integration of Ethereum could take center stage at Twitter.
In the coming days, it would be interesting to see what happens at the company. The thought around Twitter’s future is also rekindling hope that Ethereum could soon unseat Bitcoin as the largest cryptocurrency even as Web 3 continues to expand.
This is not to take away from the fact that Twitter has been highly instrumental in Bitcoin and general crypto adoption. Twitter has established itself as one of the go-to places to discuss cryptocurrencies. “Crypto-Twitter,” as the large crypto-community is known on the platform, continues expanding. Twitter has also given multiple cryptocurrencies such as Bitcoin, and Solana recognition by allowing for customized logos to display when they are mentioned in conversation.