Twitter CEO, Jack Dorsey Now Buys $10K Of BTC A Week

Twitter CEO, Jack Dorsey Now Buys $10K Of BTC A Week

by | Mar 7, 2019 | Bitcoin, blog, News

Jack Dorsey, Twitter CEO stated on a recent podcast that he is maxing out the limits on the Square Cash App and purchasing $10,000 dollars of Bitcoin a week.

If the Twitter CEO wants to buy more Bitcoin, we suggest he turn to Coinbase. Buy and sell limits are much higher.

On Coinbase regular users can purchase $25,000 a week. Verified users can purchase $25,000 a day. But once the funds are in your Coinbase wallet, there are no buy or sell limits.

What Jack Dorsey, Twitter CEO is likely doing is simply a dollar cost average strategy. Dollar cost averaging (DCA) is an investment strategy where a large purchase of a financial asset like an equity or cryptocurrency is spread out over time with the goal of reducing the impact of volatility.

From newsbtc.com:

“In a surprising turn in the conversation, he explained that he purchased $10,000 worth of Bitcoin, which currently amounts to 2.7 BTC, over recent weeks, and could do the same again in the following. Doing some napkin math, this works out to around $520,000 in cryptocurrency purchases a year (considering he doesn’t go over that amount or purchase any other digital assets) — or about 0.0928% of his $5.6 billion net worth. Although this isn’t a relatively large amount percentage-wise, it shows that Dorsey is looking to accumulate for the long haul, as he dollar-cost averages in.”

Twitter CEO, Jack Dorsey Discusses Bitcoin On The Joe Rogan Podcast:

Are you ready for the next crypto bull run? Many investors are using strategies like dollar cost averaging to build a diversified portfolio in preparation for the next major price movement. Stay tuned to the Bitcoinshirtz blog for the latest news from the Bitcoin and blockchain industry. 👍

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Canadian Crypto Exchange Loses $145 Million Because CEO With The Only Password Passes Away

Canadian Crypto Exchange Loses $145 Million Because CEO With The Only Password Passes Away

by | Feb 5, 2019 | Bitcoin, Cryptocurrency, Ethereum, News, Wallets

One of the largest bitcoin exchanges in Canada has reported a loss of almost $ 145 million USD. QuadrigaCX claims to have lost access to the companies cold storage containing a sizeable amount of crypto assets.  Included in the offline cold storage was 26,500 Bitcoin, 430,000 Ether, and 200,000 Litecoin.

From thehackernews.com:

“Following the sudden death of Gerry Cotten, founder and chief executive officer QuadrigaCX, the Canadian exchange this week filed for legal protection from creditors in the Nova Scotia Supreme Court until it locates and secures access to the lost funds.
In a sworn affidavit filed by Cotten’s widow Jennifer Robertson and obtained by Coindesk, Robertson said QuadrigaCX owes its customers some CAD 260 million (USD 198 Million) in both cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, as well as fiat money.
However, Robertson said the cryptocurrency exchange only has smaller amount in a ‘hot wallet’ (USD 286,000), claiming that to protect its users funds from hackers, majority of coins were kept in a ‘cold wallet’—a physical device that is not connected to the internet—by Cotten, who died of Crohn’s disease on December 9 in Jaipur, India.”

 

But not everybody is buying the story. Some researchers and QuadrigaCX users have been doubtful of the Canadian crypto exchange’s claims. The amount claimed seems higher than it should be. Some claim QuadrigaCX never had access to such a large pool of funds. It could be true but it could also be a sneaky exit scam.  

If the claim is true, the company will be filing for bankruptcy and the crypto assets on the cold storage will never be accessed again.  

Keep your passwords safe friends! And make sure you have a way for your beneficiaries to securely access your passwords and modern-day keys.