Big Bitcoin evangelist Jack Dorsey has recently released his own hardware Bitcoin wallet called BitKey. Forbes reported that Dorsey, the co-founder and former CEO of Twitter, has ventured into creating his own storage device for Bitcoin. The wallet is shaped like a small hexagon.
Dorsey is a well-known advocate for Bitcoin and has been pushing for its adoption, believing that it has the potential to change the world. He has been critical of other cryptocurrencies, even Ethereum, calling it centralized. Dorsey has also urged Apple’s team and CEO Tim Cook to integrate Bitcoin into their products.
The BitKey wallet was created by the company Block, which Dorsey co-founded after stepping down as Twitter CEO. Dorsey has been vocal about the importance of self-custody for Bitcoin and other digital currencies, emphasizing the need to eliminate intermediaries like crypto exchanges for owning crypto.
The wallet is aimed at a wide customer base and is expected to have an affordable price. Currently, cold wallets for cryptocurrencies can range from $50 to $200, depending on the brand. This new wallet from Block will be a competitive option for users looking for a secure and affordable way to store their Bitcoin.
The release of Dorsey’s BitKey wallet comes after the incident involving FTX, where billions of USD in cryptocurrency became inaccessible to customers due to poor management by the company’s former CEO, Sam Bankman-Fried. Dorsey’s emphasis on self-custody and the use of hardware wallets aims to prevent such incidents and provide users with full control over their digital assets.
With the growing interest in cryptocurrencies and the need for secure storage solutions, Dorsey’s foray into the hardware wallet market with BitKey could have a significant impact. As a prominent figure in the Bitcoin community, his endorsement of the wallet could encourage more individuals to take self-custody of their Bitcoin and enhance the overall adoption of cryptocurrencies.