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Jack Dorsey says Square might get into bitcoin mining, sending the cryptocurrency surging

Move over, Elon. Now a tweet from Jack can send crypto sky-high.

Jack Dorsey says Square might get into bitcoin mining, sending the cryptocurrency surging
[Source images: Joe Raedle/Getty; Phira Phonruewiangphing/iStock]

If you’re wondering why bitcoin surged over the weekend, you have one man and a tweet to thank—and no, it’s not Elon Musk. On Friday, Twitter founder and Square CEO Jack Dorsey tweeted that Square “is considering building a Bitcoin mining system” that would be open source and available to individuals and businesses.”

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In other words, it was one of the most prominent tech CEOs alluding to the fact that he and his company see a bright future in bitcoin. And, as CNBC reports, bitcoin’s price surged after Dorsey’s tweet, topping out at over $62,500 per coin—almost a record high. As of the time of this writing, bitcoin is floating around $61,270, according to CoinDesk.

Dorsey followed up his tweet with some additional thoughts on bitcoin mining, saying that it needs to be more distributed, energy efficient, and accessible. And while Dorsey hasn’t committed to seeing the project through, he did announce that Square “will start the deep technical investigation required to take on this project.”

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About the author

Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com

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