Twitter co-founder Jack Dorsey is a big Bitcoin fan. He has been bullish on the cryptocurrency’s chances of becoming the native internet currency, and bearish on the prospects of others.
Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.
— jack (@jack) February 5, 2019
Recently, he has been throwing his weight behind a slew of Bitcoin-related projects--from tipping other users in Bitcoin on Twitter to passing around a “Lightning Torch” aimed at raising awareness of the Lightning Network—a faster way of paying with Bitcoin. He also took to the Stephen Livera podcast to declare Lightning Network payments will be coming to Cash App, a subsidiary of payments provider Square, which he owns. If that wasn’t enough, he’s taken to the airwaves again to divulge he’s been quietly buying bitcoin by the bucket load.
Speaking to Marty Bent on Tales from the Crypt, Dorsey mentioned that he has been buying Bitcoin using Cash App—and maxing out his weekly limits. The limit on the Cash App is $10,000. He didn’t mention how often he purchased Bitcoin using Cash App, just that he had maxed it out in the last week. But that’s not all.
Bent asked him about the Stacking Satoshis movement--a grassroots movement to buy tiny amounts of bitcoin over long periods of time--to which he replied, “I saw that on Twitter... I thought that was awesome. I would have participated but I already exceeded my limit on the Cash App so I can’t purchase any more.”
While Dorsey is buying big, on March 2, he posted on Twitter that he had bought 751,128 Satoshis, worth $29 at the time. He just can’t get enough of that distributed ledger stuff.
Dorsey has previously refused to state how much Bitcoin he owns. On February 5, he replied to a question on how much he holds by simply stating that he has, “enough.” But for a tech billionaire with a net worth of $5.3 billion--who recently sold shares in Square for $80 million--Dorsey's version of enough is about to get a whole lot bigger.