The internet will soon have a native currency. And chances are that it will be Bitcoin. These are the opinions of Twitter CEO, Jack Dorsey. Speaking as a guest on Joe Rogan’s podcast, Dorsey talked about his vested interest in Bitcoin. Apart from his role at Twitter, he is also the co-founder of mobile payments company Square. This company developed the Cash App, a platform which also allows users to buy Bitcoin.
Jack Dorsey: an Enthusiast Supporter of Bitcoin Despite Bear Market Conditions
The Twitter CEO does not show any concern for the current dropping price of Bitcoin. His opinions are the opposite of the bearish attitude of crypto investors at the present. Speaking with Joe Rogan, Dorsey said:
We would love to see something become a global currency, it enables more access, it allows us to serve more people, it allows us to move much faster around the world.
He also said that the mobile payments company he co-founded was the first publicly traded company that allowed its users to buy cryptocurrency.
We’re the first publicly traded company to talk to the SEC about Bitcoin and about what that means, he said and added,
The reason why we enabled the purchasing of Bitcoin in the Cash App is that we wanted to learn about the technology, and put ourselves out there and take some risks.
People Need to Exercise Caution When Purchasing Cryptocurrency
Dorsey’s enthusiasm is tempered by the awareness that Bitcoin investments come with a risk. He spoke about the period when people invested headlong in the cryptocurrency, by maxing out their credit cards and using their life savings. For the Cash App, there are clear rules and constraints that prevent users from doing this.
You can’t buy Bitcoin on the Cash App with a credit card. It has to be the money you actually have in it, explained Dorsey. He believes that people need more education in cryptocurrencies and he takes his role as an educator seriously.
His company created a children’s book that explains what Bitcoin is, how it works and how it came into existence.
Bitcoin – the Best Candidate as the Native Currency of the Internet
For Dorsey, Bitcoin
was born on the internet, […] was tested on the internet, is of the internet. These are his key arguments in stating that the future common currency of the internet world will probably be Bitcoin.
When you think about the internet as a country, as a market, as a nation… it’s going to have its own currency. And what’s interesting about the internet as a nation – it’s the whole world. So, the whole world gets one currency. It gets one thing to communicate in. And that to me is just so freeing, and so exciting, Dorsey said.
He also believes that traditional financial institutions have a love-hate relationship with the blockchain technology that created Bitcoin. Banks love the technology because it increases the efficiency of their operations. However, they also feel threatened by the concept of a decentralised currency.
Putting His Money Where His Faith Is
Each participant receives a transaction in the smallest unit of Bitcoin, satoshi. Upon receiving it, they have to add the amount of 10,000 satoshis, which is 0.0001 BTC (valued at US$0.34) and pass the transaction on to a trusted person. Once they passed on the transaction, participants share the event on Twitter using the hashtag #LNtrustchain.
The chain of transactions started on the 19th of January. The latest transaction amount has reached the value of almost 3 million satoshi or 0.03 BTC (around US$100).