Twitter CEO to Convert the Proceeds of his NFT into Bitcoin Before Donating
In spite of the fact that GiveDirectly accepts ETH and ERC20 tokens. So far, his tweet NFT has the highest bidding of $2.5 million.
Twitter co-founder and Chief Executive Officer Jack Dorsey cleared any speculation of him joining the Ethereum party.
Last week, Dorsey put up his first-ever tweet – “just setting up my twttr,” on sale as a non-fungible token (NFT). The creator of a tweet basically decides to mint their tweet on the blockchain, creating a 1-of-1 autographed version.
The highest bid on Dorsey’s tweet is currently $2.5 million.
Dorsey clarified on Wednesday that the last date to bid on the tweet is March 21st, and he will “immediately convert proceeds to Bitcoin.”
The Bitcoin proceeds would then be sent to COVID-19 relief in Africa through GiveDirectly, a global NGO that makes digital cash transfers.
“Pretty nifty and extremely generous, Jack!” commented GiveDirectly.
Interestingly, GiveDirectly actually supports ETH and ERC20 tokens besides Bitcoin, stock transfer, wire transfer, check, PayPal, and through cards.
But Dorsey is all about Bitcoin, which he believes could become the currency of the Internet. As of writing, one BTC is currently about $55,000, up 13.5x from its March lows.
The payments company Square, led by Dorsey, has also invested a total of $220 million in Bitcoin.
And if one thinks it would be more efficient to make a direct cash donation than going the blockchain route, Dorsey doesn’t think so.