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Sunday Digest: Bitcoin Price Misery and Libra Losing Support

Sunday Digest: Bitcoin Price Misery and Facebook's Libra Fiasco

The White House doctor has proclaimed President Trump to be clear of the virus, after a meeting with Brazilian officials who later tested positive last week. Of course, this is the same doctor who allegedly called Trump the healthiest man he has ever assessed, shortly after he came to office. Still, time to buy discounted bitcoin before the apocalypse… just sayin’.

Bitcoin Price: Buy Now At 50% Discount
If we thought the past week started with a bitcoin price crash, we were still completely oblivious of what was to come.
Monday morning saw oil prices crash 30%, as Russia ignored calls from Saudi Arabia to limit production in the wake of coronavirus. Bitcoin also saw losses of about $500, but nobody was too concerned, due to its assumed nature as a safe haven asset. In fact, Google searches for ‘Buy the Dip‘ went parabolic.
The drop was readily attributable to a few whales dumping on BitMEX, which as we all know by now, can also have a knock-on effect as leveraged positions get liquidated. Were the whales just shaking out weak hands before buying back in at a lower price?
With prices stabilizing at around $8k, nerves were calmed. The popular stock-to-flow model which predicts a $55k BTC after the halving was apparently still on track, and despite coronavirus threatening to close Wall Street, Bitcoin seemed resilient.
Tether printers were pumping out USDT, a US Federal Reserve rate cut boosted crypto-lending demand, and an ‘insanely accurate’ pricing model placed a current bottom at $7577. Surely a rally was inbound?
Well… no. It seemed that the fresh Tether was being HODLed by traders fearful of further losses.
BitMEX boss, Arthur Hayes, predicted bitcoin would not drop as low as $3k, but that $6k-7k was where the maximum pain lay… shortly before bitcoin crashed to under $6k on BitMEX. One can only imagine how much the exchange made on liquidating those who had taken heed of Hayes’ previous suggestion.
But still, analysts were finding silver linings in the crash and suggesting a similar pattern historically before the last halving.
However, the pain was still not over. Bitcoin continued to crash, pushing below $4k and into the $3000 territory that BitMEX boss Hayes had previously predicted wouldn’t happen. During the rout, BitMEX had ‘hardware issues’ and went offline, which some thought was rather convenient, with many asking why the insurance fund wasn’t used to stop the negative feedback loop from liquidations.
While BitMEX lost a lot of user trust, exchange Deribit, which also went offline during the crash, topped up its own rekt insurance fund with 500 BTC from its own coffers, much to the appreciation of its users.
The effect of coronavirus panic on global markets (including crypto) was finally being understood and confidence was shaken. Investors thought BTC could fall as low as $3200, but of course, by that point, of course, the price had stabilized again in the low to mid-$5000s.
Fears of another dump on Saturday as a whale moved $10 million worth of BTC to Bitstamp have turned out to be unfounded (for now), and all eyes are on whether BTC can hold its current position.
On the plus side, you can now buy BTC at a 50% discount on last week’s price.
Ethereum Also Suffering
Bitcoin certainly wasn’t alone in its week of pain, with the whole cryptocurrency market suffering a similar fate.
Ethereum dipped briefly back below $200 on Monday… only to crash back below that level on Wednesday amidst network congestion that saw transactions take up to 45 minutes to be processed. The FTX exchange was obviously vying with Deribit for the crypto-integrity award, as it paid users gas-fees during the congestion out of its own pocket.
Then Thursday saw ETH’s worst trading day on record, and the rot continued into Friday, with price currently holding at just over $120.
Bitcoin and Crypto News In Brief
After a challenge from an activist investor, it was confirmed that Jack Dorsey would retain his position as CEO of Twitter. Dorsey is one of the most vocal mainstream champions of Bitcoin, so his removal would have been unfortunate for the number one cryptocurrency.
The Indian cryptocurrency party following the Supreme Court’s overturning of the banking ban was put on hold, as The Economic Times of India called for the ban to be reinstated by lawmakers.
The Australian Taxation Office reportedly contacted 350,000 cryptocurrency users, reminding them to self-report crypto-gains under threat of an audit.
Kraken added a number of fiat foreign exchange pairs to its cryptocurrency offering, in a move that some thought others in the crypto-space would follow.
A Florida judge gave short shrift to Craig Wright’s ever more spurious claims of attorney-client and spousal privilege and ordered him to produce the requested information within 3 days.
And Finally…
Many of the Libra Association’s founder members have now put their support behind a rival project, Celo Dollar. The project’s stated aims are similar to the more benevolent aims that Facebook claimed (banking the unbanked, etc), without the profiteering of an untrustworthy social media behemoth behind it.
Not that anybody is secretly happy that Facebook has had such a hard time cracking the cryptocurrency market it so confidently announced its entry into last year, oh no siree!
What do you make of this week’s news roundup? Add your thoughts below!

Image via Bitcoinist Media Library
Source: Bitcoinist News

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Major Bitcoin Influencer ‘Can No Longer Recommend’ Trading On BitMEX

Major Bitcoin Influencer 'Can No Longer Recommend' Trading On BitMEX

Following the recent major bitcoin and cryptocurrency market crash, popular influencer WhalePanda tweeted that he could “no longer recommend” trading on BitMEX, following criticism of the platform’s handling of the situation.

While prices plummeted, BitMEX, ‘very conveniently’ according to WhalePanda, went offline twice during peak trading, citing firstly a ‘hardware issue’ followed by a DDOS attack.
The Smoking Gun
Some traders and analysts suggested that there was no hardware issue, an idea which was swiftly rebutted by BitMEX.
However, with the BitMEX insurance fund actually getting bigger during the crash, many questioned why it wasn’t used to prevent the rolling liquidations and stem the losses.
Perhaps because there was a more profitable solution, according to some theories. Disclaimer: this is one opinion being shared on crypto-Twitter, and is being reported for interest reasons only. A tweet-thread by trader Lowstrife gives more details.
Circuit Breaker?
Lowstrife believes that BitMEX became completely disconnected from the rest of the market, after suffering a ‘slow’ cascading margin call. As leveraged traders were getting rekt, the liquidation engine continued the dump.
With an order book hopelessly overwhelmed by the volume in the liquidation engine, Lowstrife suggests that BitMEX killed the market as a circuit breaker for the negative feedback loop. If this is the case, he believes it was the right decision.
While BitMEX suffered from its ‘hardware issue’ the market bounced back almost 40% in under half an hour.
 Profit Time
If you thought that was the contentious bit, you were wrong. Lowstrife suggests that in the aftermath, BitMEX took over manual control of its liquidation engine. Having been previously flooding the market, it became reluctant to sell until the market had risen 1000 points.
At which point it started to profit.
Note that there is no suggestion that BitMEX deliberately crashed the market, simply that its liquidation engine exacerbated the crash, and then manual control was taken to profit from it.
Not The First Time for BitMEX
The risk of highly leveraged trades on platforms like BitMEX is that a crash can create a wave of liquidations causing a sell-off, further crash and into a feedback loop.
Bitcoin has previously spiked $300 in under a minute, attributed by many to the fact that BitMEX had gone offline for maintenance.
BitMEX has also faced regular accusations of market manipulation, due to which it becomes the major entity that benefits when Bitcoin does crash.
And why did the insurance fund not kick in to save the market? The relatively few drawdowns from such a large fund are also a source of criticism, although a recent investigation suggested it was functioning as intended.
In contrast, Deribit also went down during the crash and saw its insurance fund decimated. However, rather than inflict socialized losses on its users, the exchange topped up the insurance fund with 500 BTC from its own coffers.
It’s unlikely we will see a move of such integrity from BitMEX any time soon.
Do you think BitMEX is behind the latest Bitcoin crash? Share your thoughts in the comments below.

 
Source: Bitcoinist News

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Did Somebody Turn Off the Bitcoin Cash Transaction Generator?

Did Somebody Turn Off the Bitcoin Cash Transaction Generator?

With everybody busy bulk buying toilet paper and bemoaning the decreasing value of their portfolio, nobody seems to have noticed the crash in Bitcoin Cash transaction numbers. Until this morning that is, when Jameson Lopp pointed it out in a tweet.

Halving Comes Early
Joking that “The bcash (transaction) halving came early,” and “someone turned off their transaction generator,” Lopp highlighted the extreme drop off in transactions since March 8.
Prior to this date, the number of daily bitcoin cash transactions was generally in the 40-50k range or thereabouts. However, since then not a single day has seen more than 20k transactions.
There have been individual low days in the past, the most recent being January 1 this year, which might be expected the day after New Year’s Eve. However this is the first time such a dip has lasted for more than a day.
Interestingly, the two low days before January 1 also fell on the first of the month. Both December 1 and October 1 saw under 20k transactions, although November 1 was a fairly typical day, with a healthy 42.7k.
No Drop Off For Bitcoin And Ether
It is possible that the drop off is related to the drop in markets and panic over coronavirus, although bitcoin and ether have not suffered the same fate.

Over the same period, the number of bitcoin transactions has remained steady, within volatility realms, in a range of between 300k and 350k per day.
If anything, the number of daily ETH transactions has gone up since March 7, when the network saw 630k transactions, to 760k transactions yesterday. As Bitcoinist reported, at the height of network congestion yesterday, transactions on the Ethereum network were taking up to 44 minutes to be processed.
Bitcoin Cash In 2020
Bitcoin Cash has had a rather tumultuous start to the year. While the community was split over plans to implement a tax on miners in order to support developers and ensure the health of the network, the network itself stopped producing blocks for five and a half hours in January.
Things were going a little more promisingly for price, which gained 150% from the start of the year to hit almost $500 in mid-February. However the latest markets crash across the entire cryptocurrency (and non-crypto) sector, has wiped out all gains this year, with price currently languishing at under $170.
Why do you think Bitcoin Cash transactions have dropped off all of a sudden? Add your thoughts below!

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Source: Bitcoinist News

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Rhode Island Introduces ‘Economic Growth Blockchain Act’

Rhode Island Introduces 'Economic Growth Blockchain Act'

The state of Rhode Island introduced a bill, March 11, to establish an ‘economic growth blockchain act’. The aim of the bill is to create a blockchain-friendly business environment to encourage innovators to develop the next generation of digital products and services in the state.

Blockchain: It’s The Future, Apparently
To adhere to Rhode Island’s (and one would imagine most places) policy to promote a vigorous and growing economy and encourage job creation, two Republican lawmakers have come up with a plan. And that plan revolves around blockchain.

The state of Rhode Island understands that to compete in the twenty-first century economy, Rhode Island must offer one of the best business environments in the United States for blockchain and technology innovators, and should offer a comprehensive regulatory technology sandbox for these innovators to develop the next generation of digital products and services in Rhode Island.
The state intends to achieve this by building a robust public-private partnership, which will develop “an immutable interagency-industry-operability blockchain filing system.”
Blockchain Banking Solution
The bill also addresses the fact that existing legal frameworks are inadequate, having being put in place before blockchain technology existed. This has lead to many in the distributed ledger technology space, both in Rhode Island and across the US being denied banking services.
To counter this, the bill suggests the creation of “A new type of Rhode Island financial payments and depository institution that has expertise with customer identification, anti-money laundering and beneficial ownership requirements.”
Such an institution would be able to hold both traditional and digital assets as a custodian.
To further its aims, the state has established a 13-person blockchain technology advisory council.
Everything Is Better With A Bag Of Weed
Another item proposed by the bill is a blockchain-based track and trace platform for regulated products, specifically hemp and its derivatives.
This is intended to be a universal system, tracking product, payments and taxation accountability, to promote trust and protect public safety and health.
Rhode Island is not the first state to propose blockchain-friendly regulation to encourage investment, with Wyoming notably enacting four such bills just over a year ago.
However, with little movement currently at a federal level, it seems that forward-thinking state legislatures must stake their own path into the blockchain future. You never know, eventually the nations lawmakers might catch up.
What do you make of the Rhode Island’s new blockchain-focused bill? Add your thoughts on it below!

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Source: Bitcoinist News

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Chase Bank to Settle Crypto Lawsuit By May 2020

Chase Bank to Settle Crypto Lawsuit By May 2020

According to reports, Chase Bank has agreed to settle a class-action lawsuit, regarding crypto purchases made on its credit cards. The details of the settlement were not disclosed, but the parties expected to present a finalised settlement agreement within 60-75 days.

Crypto Is Cash When It Suits The Banks
The three plaintiffs claimed that the bank had breached its cardholder agreement, by changing the way that crypto purchases were handled in January 2018. While initially being classed as standard purchases, the bank switched to classifying such transactions as cash advances.
According to the lawsuit, this was done without notice, meaning that the plaintiffs were hit with unexpected cash advance fees and higher interest rates before they realised the change had occurred.
Shortly after this, Chase completely banned crypto purchases on all its credit cards.
“Cash-Like” Transactions
Chase had previously argued that it had not breached the cardholder agreement, suggesting that cryptocurrency purchases fell under the banner of ‘cash-like’ transactions.
However, the judge ruled last August that within the context of the cardholder agreement, ‘cash-like’ referred solely to financial instruments with a specific fiat value.
Chase has claimed that the sudden change was down to the Coinbase crypto exchange changing the merchant category code from ‘purchases’ to ‘cash advances’.
In February 2018, both Visa and Mastercard began reclassifying crypto purchases as cash advances in order to capitalise on higher fees. However Chase had already blocked such purchases entirely by this point.
Long Time Coming
As Bitcoinist reported, the case was initially brought by a single plaintiff, back in April 2018. However, after Chase moved to have the case dismissed in July 2018, an amended class-action complaint was filed, including more claims and two additional plaintiffs.
The initial case sought return of all related fees and charges, along with $1 million in damages.
Obviously it comes as no surprise that big banks, with their deep pockets and legal teams, will try to wriggle out of any liability, for as long as possible in an attempt to exhaust complainants’ energy and funds.
It has taken until now to reach an agreement in principle, despite the judge dismissing the contention that crypto purchases were ‘cash-like’ back in August last year.
The sooner Decentralized Finance (DeFi) comes of age and we no longer have to deal with banks, the better!
Are you surprised that the Chase bank lawsuit has taken this long? Let us know your thoughts in the comments section below!

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Source: Bitcoinist News

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BitMEX CEO Arthur Hayes Makes New Bitcoin Prediction

Bitmex bitcoin

BitMEX CEO and co-Founder, Arthur Hayes, just announced his latest Bitcoin prediction. Billed as “A look into my trader brain during this time of intense market volatility,” his latest trader digest gives his view on current global markets, and of course, Bitcoin.

Bitcoin Gotta Go Down To Go Up?
Considering the global pandemic concerns and return of macroeconomic volatility, Hayes notes that even at current levels, Bitcoin has outperformed most indexes in 2020. However, he believes that Bitcoin will be dragged down with global markets, although not as far as some commentators.
While I don’t believe we will revisit $3,000, max pain probably resides somewhere between $6,000 to $7,000 Bitcoin.
He explains that crypto hedge funds with quarterly liquidity or less will be “dumping coins into a falling market,” which “will push the price lower on the margin.”
Central Banks To Lower Rates And Print Money
However, at some point he expects central banks to “cut rates to zero and announce open ended quantitative easing.”
He believes that this will see Bitcoin run back up through $10k and on to $20k by the end of the year. Although it may not happen immediately.
When the futures basis goes flat or negative, that “will signal an evaporation of optimism,” and mark the point at which to strike. Hayes recommends firstly filling your bitcoin bags, and then stocking up on alt-coins.
He even thinks that Ripple (which he recently called ‘dog-s**t’ and refers to in the report as ‘cRipple’) might pop.
Would You Trust This Man?
Of course, whether you trust market advice from a man who makes money when your trades get liquidated is another thing. He certainly has a vested interest in encouraging you to make leveraged trades on BitMEX, and then seeing your position wiped out.
He also manages to make a bigger mistake in judgement call earlier on in the report:
I say the Fed should “Relax”, in the words of Duran Duran
Even if you trust a man who gains from your financial loss, surely you wouldn’t trust a guy who doesn’t know that “Relax” was by Frankie Goes To Hollywood, and not Duran Duran. Get your eighties music references correct if you want respect man!
What do you make of Arthur Hayes latest bitcoin prediction? Add your thoughts below!

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Source: Bitcoinist News

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Call Of Duty Launches Fortnite-Like Game With Virtual Currency

Call Of Duty Launches Fortnite-Like Game With Virtual Currency

Activision yesterday launched a free-to-play battle royale mode for its popular first person shooter, Call of Duty (CoD). Like many free-to-play games, it will feature its own virtual currency for buying upgrades, and generally creating revenue for the developer.

Call Of Duty: Warzone
Battle Royale games, in which players fight to the death in a shrinking play area to be last man standing, certainly seem to be the favour of the past few years. Games such as Fortnite and Apex Legends have dominated streaming channels, thanks to their large multiplayer battles and free-to-play nature.
It was only a matter of time before more traditional publishers came on board, and with Call of Duty: Warzone, Activision are diving into the market head first. Up to 150 players in teams of three compete to stay alive in a landscape containing thousands of buildings and other elements.
So where does the virtual currency come in?
Virtual Currency Creates Gaming Revenue Stream
Developing a game costs money, so the majority of free-to-play games implement some form of virtual currency which can be either earned in game or purchased for real money. In turn, this can be used to buy additional player skins, weapons, or other upgrades.
However CoD: Warzone takes this integration to the next level, with its two modes: Battle Royale and Plunder.
Completing missions or tasks in game earns you cash, with can be spent mid-game at ‘Buy Stations’. In Battle Royale mode, the Buy Station can be used to buy kill-streaks similar to those in regular CoD games, along with upgrades and respawn tokens to resurrect dead teammates.
In Plunder games, the mission is to collect as much loot as possible, which can be deposited for safe keeping at the Buy Stations, although this will alert nearby enemies to your location. Getting killed will cause you to drop half of your cash, meaning that you can go back and get it if nobody takes it in the meantime.
Gaming Loves Crypto
Cryptocurrency and the gaming industry have long been considered to be a natural fit, although the best ways of exploiting this bond are only recently being realised.
The US Internal Revenue Service got so concerned about people using in-game tokens that it even demanded that they be disclosed for tax calculation, although it has since gone back on this.
However, criminals have found a way to use in-game tokens like Fortnite’s V-Bucks to launder money. But then, criminals would, wouldn’t they?
What do you think of the new Call of Duty game? Add your thoughts below!

Images via Activision Game Blog
Source: Bitcoinist News

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Beware Australian Crypto Traders, ATO Audit Warnings Are Coming

Australia crypto

The Australian Taxation Office (ATO) is contacting up to 350,000 individuals to ‘remind’ them of their obligation to report crypto gains. At this stage the campaign is designed to “raise awareness and give people the opportunity to fix any mistakes.

Data Matching Program Used to Identify Crypto Traders
As Bitcoinist reported, the ATO launched a data matching program last year in order to identify Australian citizens who had invested in crypto. Under the program the ATO obtains data from crypto exchanges and other sources in order to match transactions to taxpayers.
Using this information, it is now contacting these individuals in order to remind them of their obligation to report such transactions. Even those who sold crypto back during the 2017/2018 financial year are being targeted and asked to review their returns.
Those who wish to ‘self-correct’ their returns are given a month to do so without penalty. However, failure to do this will lead to a formal audit process, and could mean additional charges and interest being added to any tax liability owed.
Lack Of Awareness
Cryptocurrency is classed as property in Australia, and hence any profits (or losses) made through buying and selling it are subject to capital gains tax. An ATO spokesman recommended keeping good records of any crypto trading to make it easier to declare in tax forms.
It is assumed that many of those receiving communications will simply have ‘dabbled’ in crypto and not appreciated the tax implications. However, some will have assumed that their trades were untraceable by the ATO, and this communication is intended to remind them to do the right thing.
Nanny State
Australia’s targeting of crypto investors is a perfectly reasonable response. After all, why should they get away without paying capital gains on their assets, while those who invest in shares and other assets do not?
However, recent reports suggest that Australian banks have been demanding invoices and detailed explanations of how money will be spent before allowing withdrawals. Perhaps the threat of audit is intended to dissuade those who do not wish to live in a nanny state, and wish to regain their own financial sovereignty through use of crypto?
But surely it is better to pay tax on your profits, than have to beg the bank to give you your own money for a new tv. If only the tax authorities spend as much time and effort pursuing large corporations for tax as they do going after individuals.
What do you make of the Australian Tax office targeting crypto users? Add your thoughts below!

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Source: Bitcoinist News

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Craig Wright Forced to Produce Tulip Trust Documents By March 12

craig wright lawsuit plot thickens

The US judge presiding over the Craig S Wright vs Kleiman case has ordered Wright to produce a list of requested documents by March 12. The latest filing on March 9 relates to Wright’s refusal to give details of how he obtained the list of Bitcoin addresses purportedly holding Satoshi’s estimated 1.1 million BTC, claiming both attorney-client privilege and spousal privilege.

“I Am Lawyer”
Since that refusal back in February, Kleiman and Wright’s lawyers have been arguing back and forth over whether the privilege claims are invalid or not. So it is nice to finally have the judge step in and put an end to this nonsense.
Bizarrely, to back up his claims of attorney-client privilege, Wright had produced an un-notarized sworn declaration from Denis Bosire Mayaka, a lawyer in Kenya, which read:

I am lawyer and obtained my bachelor of law degree in 2007 from Moi University in Kenya… I have represented Dr. Craig Steven Wright since 2012 on, among others, investment matters. Specifically, I represent Dr. Wright and Wright International Investments Ltd in connection with the Tulip Trust documents, including the Tulip Trust dated July 7, 2017.
He also produced a printed out LinkedIn profile to ‘confirm’ Mayaka’s qualification.
Craig Wright Doesn’t Fool the Judge
Unsurprisingly to everyone (and this must surely also include Wright), Judge Bruce Reinhart gave short shrift to Mayaka’s statement.

First, as finder of fact, I disregard the Mayaka Declaration because it has not been adequately authenticated. Particularly given my prior finding that Dr. Wright has produced forged documents in this litigation, I decline to rely on this kind of document, which could easily have been generated by anyone with word processing software and a pen.
Perhaps Craig Wright had been hoping the judge had forgotten that he had produced forged documents previously?
Even if Mayaka did have an attorney-client relationship with Wright’s wife, Ramona Watts, which the judge did not establish, the information was intended to be provided to Kleiman. There was no intention for the information to remain confidential, and hence attorney-client privilege does not apply.
For the same reason, the judge threw out Wright’s claim that spousal privilege applied when Ms Watts gave the information to him.
Wright now has until March 12 to provide the information about how he obtained the list of Bitcoin addresses.
What do you make of the latest Craig Wright lawsuit claims? Add your thoughts below!

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Source: Bitcoinist News

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Jack Dorsey Stays as Twitter’s CEO, Good News For Bitcoin

jack dorsey bitcoin

Twitter has come to an agreement with activist investor Elliott Management, in which Jack Dorsey retains his position as CEO. This announcement represents a major victory for Bitcoin and the crypto community.

Dorsey To Remain CEO Amid Board Room Shakeup
Jesse Cohn, Elliott’s head of US activism, will immediately join Twitter’s board, along with Silver Lake co-Chief Executive, Egon Durban. A third independent director will be appointed later.
The board, along with its new members, will also form a committee to evaluate a succession plan with Dorsey and make recommendations on corporate governance. One potential change in the sights of the new committee is the removal of its staggered board, and it plans to share its findings by year end.
Equity firm Silver Lake will also invest $1 billion into the social media company under the terms of the agreement. Twitter plans to use this money to fund its first ever share buyback, set at $2 billion.
Dorsey: Overburdened or Coping Well?
As Bitcoinist reported last week, Elliott Management took a sizeable stake in Twitter, and put forward four nominees for the board of directors in a push for change, including potentially replacing Jack Dorsey as CEO.
Elliott founder, Paul Singer, was reportedly concerned about Dorsey dividing his attention between his roles as CEO of two publicly listed companies, Twitter and Square, along with his plans to spend up to six months a year in Africa, which he has since said he will reevaluate.
As part of today’s deal, Elliott Management and Silver Lake have signed a standstill agreement, ceasing any further push for Dorsey’s removal.
Patrick Pichette, lead independent director of Twitter’s board said that the temporary board committee will be created to build on the board’s usual ongoing assessment of its management structure, although he is “confident we are on the right path with Jack’s leadership.”
As a board, we regularly review and evaluate how Twitter is run, and while our CEO structure is unique, so is Jack and so is this company.
Dorsey Is Good For Bitcoin
Jack Dorsey has been a great advocate of Bitcoin and one of its most visible champions. Through its implementation in Square’s Cash app, he has created one of the simplest ways to buy and hold Bitcoin.
Twitter also funds a team of developers who are working purely on advancing the Bitcoin ecosystem. If Dorsey were to be removed as CEO of Twitter, the ramifications may lead to a slower or reduced adoption of Bitcoin.
Are you glad that Jack Dorsey is staying on as Twitter’s CEO? Add your thoughts below!

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Source: Bitcoinist News