UK Markets close in 1 hr 41 mins

Twitter CEO Jack Dorsey took part in a bitcoin game called 'Pass the Torch'

Oscar Williams-Grut
Senior City Correspondent, Yahoo Finance UK
Bitcoin fan: Twitter CEO Jack Dorsey speaks during a press event at CES 2019 at the Aria Resort & Casino on January 9, 2019 in Las Vegas, Nevada. Photo: David Becker/Getty Images

Jack Dorsey, the CEO and founder of Twitter (TWTR) and Square (SQ), took part in a bitcoin game on Tuesday that involves passing and adding to a small pot of digital cash.

The game, called “Pass the Torch,” involves “a user, who can be anyone from the crypto community, receiving a transaction through Bitcoin’s lightning network, then adding 10,000 satoshis (approximately $0.34) and passing the entire pot to the next player,” according to Mati Greenspan, an analyst at eToro who follows the sector.

Dorsey sent the address of his bitcoin wallet to crypto podcast host Matt Odel on Twitter after Odel asked him to take part in the game. Dorsey subsequently sent the pot to Elizabeth Stark, a former Yale and Stanford lecturer who is now working on the Lightening network. She is yet to pass it on, according to TaketheTorch.online.

The Lightening network software sits on top of core cryptocurrency code and is designed to speed up transaction processing on blockchains like bitcoin. The “Pass the Torch” game was created by Lightening enthusiasts to showcase the technology.

Love these experiments,” Dorsey tweeted after taking part in the game. “Lessons here that go beyond finance and currency.”

Dorsey confirmed in other tweets that he only holds bitcoin and would not buy ethereum, the second biggest cryptocurrency by market value.

Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand,” he tweeted.

I think it has the greatest chance of being the Internet’s native currency. If you think of the internet as you would a country, that’s huge,” read another.

“To say that Jack is a bitcoin advocate is a bit of an understatement. Over the weekend, he was on the air with Joe Rogan stating that bitcoin will probably become the native currency of the Internet,” Greenspan said.

The Square Cash App has recently become a major on-ramp for people buying bitcoin. When asked yesterday whether Square would add other cryptos to the Cash App, Jack replied with a simple ‘Nah.'”

The bitcoin “torch” began passing from wallet to wallet on January 19th and has so far been passed 153 times by 143 people, according to TaketheTorch.online. It has reached 37 countries.

————

Oscar Williams-Grut covers banking, fintech, and finance for Yahoo Finance UK. Follow him on Twitter at @OscarWGrut.

Read more:

Memo: UBS shakes up tech division to keep pace with data, AI, and the cloud

UK startups suffer ‘worrying’ drop in funding

A hedge fund billionaire has given Cambridge £100m — one of the biggest UK university donations ever

British retail is in turmoil — but the City still loves JD Sports

Kraken buying UK crypto platform for hundreds of millions as CEO says: ‘We don’t believe crypto is dead’