- Analysis
- May 17, 2022
Jack Dorsey: Square wants to provide liquidity for the Lightning Network
Twitter co-founder Jack Dorsey claimed on his personal account that his crypto payment company Square wants to increase the liquidity of the Lightning Network. In an exchange of tweets with the CEO of FTX, Dorsey argued that proof-of-work is important for Bitcoin (BTC).
A few hours earlier, Sam Bankman-Fried had expressed his rejection of Bitcoin as a future means of payment. Later, he added that BTC only has the potential of a “store of value”. He also mentioned that the Lightning Network is useful in transferring the most important cryptocurrency in the world. On his personal profile, the Twitter co-founder wrote:
“We want Square to have the liquidity to process real payments on a large scale with the Lightning Network.”
Earlier this month, Twitter founder and Block co-founder Jack Dorsey and MicroStrategy CEO Michael Saylor wrote a letter to the U.S. Environmental Protection Agency (EPA). In it, they defended Bitcoin mining and rejected the impact on the environment.
The letter to the EPA was signed by more than 50 executives. Among them were companies such as Argo Blockchain, Benchmark Capital, Bitfarms, Block Inc, Fidelity Investment, Grayscale, Galaxy Digital, Iris Energy, Lancium, Luxor Technology, Marathon Digital, Mawson Infrastructure, NFX, Monbanc Corporation, SkyBridge Capital, NYDIG, Riot Blockchain, US Bitcoin Corp and others.
Jack Dorsey Continues to Advocate for Bitcoin
The Twitter co-founder defended the proof-of-work (pow) approach, even calling it the “holy grail” of Bitcoin (BTC). He argued that he is more “practical” and “intuitive” for those involved in cryptocurrencies. In addition, he stressed that he has his “full confidence” in the PoW, according to U Today.
The founder of Block (formerly Square) also stated that proof-of-stake (PoS) is “not scalable”. Previously, he had argued that the current decline in the price of cryptocurrencies will accelerate their acceptance and thus the price will rise again.
In the first week of May, Block’s first-quarter corporate results exceeded Wall Street’s expectations. And this despite the fact that the total revenues decreased due to the weakened Bitcoin.
The company, which is led by Twitter co-founder Jack Dorsey, posted an operating profit, also known as adjusted EBITDA, of $195 million. This exceeded Wall Street’s average expectation of $136 million.
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