Definition: Jack Dorsey is the co-founder of Twitter and the founder/CEO of Block, Inc. (formerly Square), a self-described Bitcoin maximalist who has funded core Bitcoin development, championed Lightning Network adoption, and positioned his payments company around Bitcoin as the “native currency of the internet.”
Crypto Involvement
Block Inc. and Bitcoin
- Cash App — First major US fintech app to enable retail Bitcoin purchases; millions of users buy BTC via Cash App monthly. Cash App generates significant BTC revenue for Block.
- Spiral (formerly Square Crypto) — Block’s open-source Bitcoin development arm, which funds Bitcoin Core developers, Lightning Network development, and the Bitcoin Development Kit (BDK).
- TBD (formerly TBD by Square) — Dorsey’s decentralized web project focusing on decentralized identity (DIF/DIDs), decentralized finance without tokens, and self-sovereign data. Led the “Web5” framing (Web2 + Web3 combined).
- TBDEX — TBD’s decentralized exchange protocol for fiat-to-crypto remittances without stablecoins or intermediaries.
- Bitcoin mining — Block developed a custom Bitcoin mining ASIC chipset and system for individuals, released publicly. Dorsey frames this as decentralizing hashrate.
Bitcoin Maximalism
Legal Defense Fund
Timeline
- 1976 — Born in St. Louis, Missouri.
- 2006 — Co-founded Twitter.
- 2009 — Founded Square (now Block).
- 2018 — Square invested in Lightning Network development; Cash App enabled BTC buying.
- 2020 — Founded Square Crypto (now Spiral) to fund Bitcoin open-source work.
- 2020 — Square purchased $50M in Bitcoin for its corporate treasury.
- 2021 — Square purchased an additional $170M in BTC. Block rebrand announced.
- 2021 — Left Twitter CEO role; Parag Agrawal succeeded him.
- 2021 — TBD launched; coined “Web5.”
- 2022 — Co-founded Bitcoin Legal Defense Fund.
- 2023 — Block announced in-development Bitcoin mining hardware.
- 2024–2025 — Continued to fund bitcoin core dev through Spiral while publicly critiquing DeFi and ETH.
Controversies
- Twitter and Bitcoin — Critics argued Dorsey used his Twitter CEO position to promote Bitcoin; he largely stepped back from public advocacy while at Twitter.
- Web5 criticism — Researchers and developers questioned whether “Web5” was substantively different from Web3 or simply a rebrand to avoid Ethereum. Some criticized it as vaporware.
- Block stock exposure — Block holds significant BTC on its balance sheet; some investors see this as misalignment with Block’s core payments business.
Social Media Sentiment
Dorsey is widely respected among Bitcoin maximalists as one of the most serious and well-funded advocates in corporate America. Ethereum ecosystem participants view him as dismissive and closed-minded. His no-token stance is a recurring point of both praise and criticism.
Related Terms
Last updated: 2026-04