Twitter founder and CEO (Jack Dorsey) Jack Dorsey created a Bitcoin node to support the core network of the cryptocurrency by verifying transactions and blocks across the network.
Jack Dorsey is the latest of a number of high-profile personalities who have publicly pledged to support the burgeoning cryptocurrency, which has seen massive price gains over the past year.
The digital currency has seen a steady rise from under $ 5,000 in March to over $ 38,000.
The increase in value has been driven by increased interest from institutional investors looking to diversify their portfolios during the economic uncertainty caused by the coronavirus pandemic.
Endorsements from the likes of Elon Musk also contributed to the sudden market moves, with the head of SpaceX and Tesla companies recently changing his bio via Twitter to the one word Bitcoin.
In his final question-and-answer session on the Clubhouse app, Musk reiterated his interest and positive expectations about Bitcoin.
“I think at this point Bitcoin is a good thing, and I’m a bitcoin supporter,” he saidI think Bitcoin is about to gain widespread acceptance from traditional financiers.
The decision (Jack Dorsey), who also heads the online payment platform Square, to operate the Bitcoin node provides more tangible support for the cryptocurrency, as it provides the digital infrastructure needed to verify transactions over the network.
Dorsey shared the news via Twitter, and tweeted Shot A screen that shows the node during the synchronization process with the Bitcoin blockchain.
The node means that Dorsey has a role in processing Bitcoin transactions and recording them in encrypted blocks of data, where the nodes are necessary to keep the Bitcoin network functioning.
And in 2019, when Bitcoin was experiencing a sharp price drop, (Jack Dorsey) revealed that he was spending thousands of dollars every week on Bitcoin in anticipation of a major market shift.
At the time, Bitcoin was worth one-tenth of today’s prices, and he said: I was I think then there is a tremendous acceleration that could happen within the next ten years, adding that he was looking for ways to better support the Bitcoin community.
I am not waiting for this to happen to me or us as Square, I want to help make it happen, and for me, it all comes back online.
– jack (@jack) February 5, 2021