Short-Lived Woe for the Underpaid – Jack Dorsey’s Twitter CEO makes $1.40 at Company, but not too bad Considering he buys Bitcoin Weekly
Jack Dorsey – TL;DR Version
- Jack Dorsey Paid a salary of $1.40 (Not millions) for service as CEO
- A consolation prize of an extensive Bitcoin stash which he continually invests in
- Dorsey has been very bullish on Bitcoin and Blockchain technology
If you’re one of those that is feeling a measure of sympathy for the CEO of Twitter, Jack Dorsey, on account of his annual salary being $1.40 for all it entails. First of all: why? Second of all, any sympathy ought to be fleeting, thanks to his own Bitcoin stash, which is likely making the microscopic salary something that he can adjust to.
The Worst Salary in the World – $1.40 as Twitter CEO
I’m not sure there is a worse salary to be given for a job that requires so much of an individual. Reported by the Washington Post, according to a financial filing which was published by the regulatory body, the Securities and Exchange Commission on Monday April 8th, 2019 – Twitter CEO, Jack Dorsey makes an annual salary of $1.40 over the course of the 2018 fiscal year.
It is determined by the amount that this is likely a comical reference to the designated character limit for posts on the social networking platform. And considering that the same has been reported in the past, Dorsey has a good sense of humour about it.
This is considering the fact that during the 2017 fiscal year, Dorsey’s other company – Square – allegedly furnished the dual CEO with a salary of $2.75 over the course of the year. This number is a reference to the processing fee attached to transactions made through square’s payment hardware.
While we may think of this as being some kind of mathematically confusing salary range to take on for someone in two high-powered offices, it’s actually a common phenomenon for billionaires in the tech world to pass of any kind of large annual salary, due in large part to the fact that they own an enormous volume of equity within their company/ies already.
Whether or not they bring home a high powered salary, these billionaires would be able to accrue large compensations thanks to the strong performance of their companies.
Going further into the documentation from Twitter, when Dorsey was re-appointed as the CEO, he went on to decline compensation back in 2015. While this seems like a crazy thing for an incoming CEO to do, Dorsey currently holds 2.3 percent of the overall stock in the company, and is currently worth a total of $4.7 billion as of writing.
Dorsey’s Silver Lining – Bitcoin Hoard
When it comes to the prospect of a take-home salary, it’s the lifeblood of any working individual, couple or family. But for CEO’s of major companies like Dorsey, these become negligible, instead the sheer massive stake that he currently holds in Bitcoin makes the need for a salary all the more dubious.
According to previous reports, Jack Dorsey has taken to continually purchasing up to $10,000 worth of Bitcoin on a weekly basis, ever adding to his growing stake in the digital asset.
While we know that this is a hoard that is steadily increasing, there is no concrete figure for how much the Twitter CEO actually owns. But with the value of BTC steadily rising, up by 40 percent compared to the beginning of the year, we can at least conclude that it’s enough to be comfortable.
A great deal of this growth from Bitcoin, and cryptocurrencies as a whole can be directly attributed to its performance over the course of April 2019 so far. Effectively, we can easily say that Dorsey, and his stash collectively are doing well enough to forgo salaries.
Dorsey’s Bullish Approach Towards Bitcoin
While CEO’s have moved from highly hostile approach to Bitcoin to one that is reserved, Dorsey has been pretty bullish on BTC. Having attended an episode of the Joe Rogan Experience earlier in 2019, the CEO went to re-affirm his own positivity towards the crypto, going as far as to proclaim that it has the potential to be the native currency of the new internet.
While the CEO has been a pretty big Bitcoin booster, chairing both Twitter and Square, Dorsey has been hard at work in supporting it from the technology front. Over the course of March, he went on to showcase his own Casa Bitcoin node after he announced the rapid integration of the Lightning Network through the Square Cash App.
Along with being the type to walk the walk of Bitcoin integration, Dorsey intends to contribute to the implementation of the crypto ecosystem, stating that they are on the look-out for new developers in order to work on open source crypto technology initiatives.
Along with this news, the CEO went on to state that he will be paying people out of his own pocket for those interested in developing projects with Bitcoin.
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.