[Asia Economy Reporter Kwon Jae-hee] Jack Dorsey, the founder of Twitter and a prominent Bitcoin advocate, is estimated to have suffered significant losses due to the sharp decline in Bitcoin prices, according to the British daily The Telegraph on the 23rd (local time).
According to the report, Jack Dorsey is believed to have incurred large-scale losses through direct and indirect investments in Bitcoin.
Recently, the price of Bitcoin soared to $69,000 in November last year but has since dropped by about 40%.
In addition to social media platform Twitter, Jack Dorsey, who founded the online payment company Square, has praised Bitcoin’s potential as a payment and store of value.
His resignation as Twitter CEO in November last year was interpreted as a decision to fully engage in Bitcoin-related business.
In fact, Dorsey has focused on his role as CEO of the digital payment service company Square, working to elevate Bitcoin’s status. In December last year, he even renamed Square to "Block," after the blockchain technology underlying Bitcoin.
When Bitcoin’s price surged by 200% last year, Square (Block) announced that it purchased $50 million worth of Bitcoin.
The Telegraph explained that Square has emerged as a company pouring cash into Bitcoin, surpassing even the electric vehicle company Tesla.
Dorsey recently tweeted that Bitcoin will replace the US dollar, once again showing his commitment to going "all-in" on Bitcoin.
Nick Carter of investment firm Castle Island Ventures said, "If you were to name the person who has contributed to Bitcoin in every aspect, it would be Dorsey first."
However, the current situation surrounding Bitcoin is moving in a direction different from what Dorsey expected, and it is believed that he has suffered significant losses from his Bitcoin investments.
Since November last year, as Bitcoin prices have plummeted, the stock price of Block, which Dorsey has devoted himself to, has also nearly halved.
Block’s stock price once exceeded a total market value of $100 billion (approximately 120 trillion won) last year, coinciding with Bitcoin’s price surge.
The Telegraph commented, "If the current price decline continues, Dorsey might longingly miss the days when he was running Twitter."
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