Jack Dorsey reiterates his support for Bitcoin emerging as Internet’s native currencyJune 14, 2019
Jack Dorsey, Co-founder of Twitter and CEO of Square Inc., is known for his contribution to the crypto-ecosystem, something he labelled as “giving back” to the Bitcoin ecosystem. He popularized the use of cryptos like Bitcoin after Square Inc’s Cash App launched its support for Bitcoin trading in January 2018.
In an interview with Quartz, Jack Dorsey spoke about his views on the future of finance, Bitcoin and the role it may play in the future.
Dorsey said that he considers blockchain and cryptocurrency to be a secondary trend to financial systems. Taking the analogy of a country and its native currency, if the Internet was to be considered as a nation-state then, cryptocurrency is its global currency. He added,
“Having a global currency that is native to the internet will allow companies like ours to move much faster and reach a lot more people.”
Dorsey also gave his views on bringing people together online in a way that everyone has access to the same currency. Such a currency can be readily converted to fiat currency when required, in a way that it affects our thinking about the global market.
When asked about his views on Facebook’s GlobalCoin and its prospect as a global internet currency, Dorsey replied,
“All of them have been rumors, so I don’t know what they’re building and I don’t know the details. I’d have to see that to have an informed decision. But I would go back to, we need a currency for the internet. And the internet being an entity that isn’t controlled by any company or any one government, that is for the world and for the people of the world.”
“I would hope that all private companies can see the value of having a stateless currency that all people can access, and is not bounded or constrained by any one corporate entity.”
Towards the end of the interview, when questioned about his views on Bitcoin emerging as Internet’s currency, Dorsey responded that Bitcoin stands as the strongest contender for becoming Internet’s currency. Dorsey cited the ‘purity’ of its creation and its focus on ‘public good’ as the reasons to back ‘powerful’ Bitcoin.
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