Adoption of Bitcoin and other cryptocurrencies may suffer if Bitcoin critic Paul Singer succeeds in replacing known Bitcoin advocate Jack Dorsey as Twitter CEO.
Billionaire investor Paul Singer’s Elliot Management has bought significant stake in Twitter and is reportedly looking to implement new changes, including ousting Jack Dorsey from the top position.
Singer, a Republican ally and staunch Bitcoin detractor, was also reported to have nominated four directors to Twitter’s board.
Tesla Co-founder and CEO Elon Musk, however, expressed his support of Dorsey in a tweet:
“Just want say that I support @Jack as Twitter CEO. He has a good [heart].”
Just want say that I support @Jack as Twitter CEO. He has a good ❤️.
— Elon Musk (@elonmusk) March 3, 2020
Along with Musk are Twitter employees who have taken on the matter with the hashtag #WeBackJack.
Reasons Behind the Oust
The rationale behind Singer’s move primarily centered on the notion of bias as Dorsey heads another publicly traded company, Square. More reasons behind Singer’s motives, however, have surfaced including transforming Twitter to a pro-Trump platform, as well as finding ways to hamper Bitcoin and cryptocurrency adoption.
Regardless of any reason, the removal of Dorsey from the office will have a negative effective on cryptocurrencies, specifically industries that use the platform like Bitcoin trading, Bitcoin sports betting, and more.
Twitter continues to be a friendly environment for the crypto community. But with a new head who may likely be another Bitcoin detractor, Singer would have removed a strong and influential voice that is in support of Bitcoin and cryptocurrency adoption.
In 2018, it can be recalled that Singer expressed his disinterest in cryptocurrencies, saying:
“When the history is written, cryptocurrencies will likely be described as one of the most brilliant scams in history.”
He even criticized those who engage in trading cryptocurrencies. His perception toward Bitcoin and other digital assets contradict that of Dorsey.
Dorsey, on the other hand, said in 2018 that Bitcoin would “overtake the dollar in importance.” He said this would be possible as Bitcoin would become within a decade the single global currency to be used on the internet.
The crypto gaming community can now only hope that changes in Twitter’s management will not hit crypto adoption hard, and will not have adverse effects on the Bitcoin casino market.
If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.