After Jack Dorsey resigned on Monday, Twitter now has a new CEO. Dorsey, who is still CEO of Square Inc., has previously stated that he wants to focus on Bitcoin. The managing director and head of research at Fundstrat Global Advisors explained why Dorsey left Twitter to be bullish on cryptocurrencies.

Twitter has a new CEO: Jack Dorsey steps down

Jack Dorsey announced on Monday that he has resigned from Twitter.exist His letter For the Twitter team, the former CEO explained that leaving was his decision. Parag Agrawal, who served as the chief technology officer of Twitter, is the new CEO. Dorsey remains the CEO of Square Inc., which is currently working on Several Bitcoin projects.

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, believes that Dorsey’s resignation from Twitter is good for the crypto market. In an interview with CNBC on Monday, he was asked what Dorsey’s withdrawal from Twitter means for the Bitcoin and cryptocurrency ecosystem.

To answer this question, “Is it bullish on cryptocurrency?” Li is sure:

Yes, it is bullish on cryptocurrencies.

“One thing to remember is that encryption is the intersection of financial services and technology. This is actually 60% of the economy. Indeed, financial services are the other half of GDP, so this is a huge market,” he explained . “And there are not enough funds allocated for crypto innovation, so people like Jack Dorsey can really focus. I don’t think there is over-investment in this area.”

Lee added that it is still in the early stages of the crypto space, not only for projects such as Bitcoin and Ethereum, but also “the number of crypto stocks and companies built around crypto.”

Earlier this month, Twitter set up a Dedicated team Focus on cryptocurrency and decentralized applications.

Dorsey said at the Bitcoin 2021 conference in June, “If I’m not in Square or Twitter, I will be committed to Bitcoin.” Former Twitter CEO emphasize, “if [bitcoin] Need more help than Square or Twitter, I will leave them to Bitcoin,” pointed out:

I think there is nothing more important than this in my life.

His other company, Square, “focuses on helping Bitcoin reach mainstream audiences while strengthening the network and ecosystem,” Dorsey Said At Square’s third-quarter earnings conference call earlier this month. “Our focus is to help Bitcoin become the native currency of the Internet… We have taken many steps to achieve this goal. Cash App is just one of them.”

Do you think Jack Dorsey’s resignation from Twitter is bullish on Bitcoin and cryptocurrencies? Please let us know in the comments section below.

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