Jack Dorsey’s Recent Bitcoin Bullishness Could Be an Indicator of His Lightning Lab Investment
Jack Dorsey, the man behind the Twitter and a renowned silicon valley entrepreneur is a big fan of cryptocurrency, especially Bitcoin. Jack has been vocal about his support for blockchain powered privacy centered cryptos and also believe that in 10 years time, Bitcoin might become a regular form of payment over the internet.
Being an silicon valley tycoon, Jack Dorsey has been expanding his portfolio beyond Twitter and has made an investment into Square a megalith which allows buying and selling of Bitcoins and currently valued at around $29.7 billion.
But being a strong supporter of digital currencies like Bitcoin, it often confuses people on why does his social media platform Twitter has maintained a strong stance against the crypto advertisements.
Twitter has banned any kind of crypto-related advertisement on its platform, and one possible reason could be crypto scammers using the platform to lure people and dupe them of their hard-earned money.
Jack’s Lightning Network Connection
If you are new to the crypto space, Lightning network is an off-chain scalability solution for Bitcoin which has been plagued by slow transaction processing speeds and high transaction fees.
Jack Dorsey along with David Sacks, Charlie Lee, Kevin Hartz, and others have put in a total of $2.3 million into the Lightning Lab project which is responsible for building the lightning network.
The lightning network is being seen as a massive step in resolving the scaling problems associated with the Bitcoin. Jack’s Square company being a part of the project can mean only one thing that the Twitter CEO is not just a crypto bull but an optimist who believes in the Bitcoin and its vision.
The Role Of Square in the Lightning Network Project
Square which allows buying and selling of Bitcoin have invested into the Lightning Lab, which is a scaling solution to help the main Bitcoin Blockchain to reduce some burden. However, in order to make use of the network both the parties in the transaction must own a Lightning network supported wallet.
Square which allows for Fiat to BTC purchase and not vice versa can become a common custodian Wallet service on the lighting network. Thus, it won’t just make money through custodian services but also through the transaction fee.
The recent bullish nature of Jack towards the Bitcoin adoption is being seen as an indicator of his investment into the lightning network. This latest development can prove to be a game changer for both Jack Dorsey and the Lightning network.
Twitter stock prices might touch new heights and lightning network might see much wider adoption since the square has deep rooted networks in USA.