Billionaire Jack Dorsey Bets on Blockchain as Bitcoin Price Craters

Bitcoin prices slipped 6% following a tumultuous week punctuated by a Google ban on cryptocurrency ads and escalating threats of regulatory scrutiny. Even a cash infusion in blockchain by Twitter billionaire Jack Dorsey couldn’t stop the slide. (more on this below.)

The price of one bitcoin token (BTC) traded at $7,767 as of this writing, down 6% from 24 hours earlier, according to CoinDesk. Bitcoin’s market capitalization has plunged 8.56% since yesterday.

All 10 of the top 10 most valuable cryptocurrencies by market cap slipped in tandem. The price of Dash, Litecoin, Eos, Dash, Ripple, Qtum, and Ethereum fell more than 7% during the last 24 hours. (See more: Cryptocurrency This Week: News Recap.)

bitcoin price now

(Source: WorldCoinIndex)

But just because bitcoin prices are tumbling today doesn’t spell doom for the cryptocurrency ecosystem. Twitter billionaire Jack Dorsey has invested in Lightning Labs, a blockchain startup that aims to speed up bitcoin transactions.

The Silicon Valley-based Lightning Labs has received $2.5 million in seed funding from a prominent group of tech luminaries, including:

  • Litecoin creator Charlie Lee
  • Square Inc. and Twitter co-founder Jack Dorsey
  • Former PayPal COO David Sacks
  • BitGo CTO Ben Davenport
  • Eventbrite co-founder Kevin Hartz
  • Venture capital firm Digital Currency Group
  • Robinhood co-founder Vlad Tenev.

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