Billionaire CEO Jack Dorsey has opined that all Twitter users can own a Bitcoin wallet through the Lightning Network. But making that possibility a reality would lead to greater adoption of Bitcoin.
It is not acceptable to store NFT via Twitter
However, Dorsey remains opposed to allowing non-fungible token (NFT) ownership for Twitter users. Dorsey's idea for a Bitcoin wallet linked to a Twitter account came up when he responded to a tweet in which a Twitter user said that using Twitter accounts for NFT storage would be more beneficial for Ethereum than Twitter.
Despite the fact that the founder of Twitter has mentioned it, he did not provide any clear indication of a plan to make it happen. However, the crypto community is already excited about that, especially with Dorsey-owned Square Inc.'s growing share of the crypto market.
While Dorsey continues to highlight the benefits of cryptocurrencies and often calls it the internet money, he has yet to back it up with an executed action. In addition to expanding in this regard, the company has revealed that it plans to provide other services related to cryptocurrencies.
The Twitter founder drew ‘Ethereumists’ ire earlier today when he tweeted a screenshot explaining why some Bitcoinists believe Ethereum is a scam. The Ethereumists were angry that his tweet proves that he supports that theory.
Bitcoin has never hidden the fact that he is a Bitcoin enthusiast and recently hosted a Bitcoin related event to offer suggestions on how to advance the king coin. He even invited the harshest Bitcoin critic at the time, Elon Musk, to the event to discuss with him.
Square posts solid 12-month performance
Square's earnings report, especially this year's, shows that the majority of the company's earnings come from Bitcoin-related services. Dorsey's belief that anyone can own Bitcoin is one of the main drivers behind his company Square that develops hardware wallets.
Square intends to make this hardware wallet highly secure, available, and accessible to everyone. The creators of Cashapp also announced that they plan to develop a new DeFi market, but have not yet given a development timeline. The company's user base and ease of use of its CashApp is sufficient leverage for the growth and popularity of the yet-to-be-named platform.
Another investment firm files a Bitcoin ETF proposal
Meanwhile, there is a new Bitcoin futures exchange-traded fund (ETF) proposal for the Securities and Exchange Commission (SEC). It comes from Valkyrie digital assets, an institutionally recognized asset management firm. Part of Valkyrie's proposal indicates that the company intends to use exchanges registered by the US Commodity Futures Trading Commission (CFTC) to conduct its Bitcoin transactions.
However, the Valkyrie subsidiary in the Cayman Islands will be responsible for the purchases. It should be noted that the asset management company had previously applied for sec approval to launch a spot Bitcoin ETF. Valkyrie's Bitcoin ETF proposal would have resulted from recent comments by SEC chief Gary Gensler about the regulator approving a Bitcoin ETF proposal.