Key Takeaways:
- Jack Dorsey said he believes Bitcoin will become the native currency of the Internet
- The Twitter CEO says he plans to develop projects that would boost crypto adoption
Jack Dorsey on Bitcoin: “I don’t think there is anything more important in my lifetime to work on.”
Billionaire Jack Dorsey is the co-founder of Twitter and founder of Square. He continues to be unequivocally supportive and bullish on the outlook for Bitcoin. He had the chance to share his comments on the world’s largest digital asset this past Friday at the Bitcoin 2021 Conference in the US.
“Bitcoin changes absolutely everything,” Jack Dorsey said on Friday during the conference. “I don’t think there is anything more important in my lifetime to work on.” At the event, he discussed his view on the fledgling cryptocurrency market. Also, he said he plans to develop various projects that would boost the adoption of cryptos into mainstream finance.
“If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin,” Mr. Dorsey said. “But I believe both companies have a role to play.”
Jack Dorsey mentioned he expects Bitcoin to become a way for people to protect their financial health against fiat currency devaluation. Moreover, he went further to say there is “nothing more enabling for people around the world [than Bitcoin].”
Jack Dorsey Dismisses Alternative Cryptos and says CBDCs are “bumps in the road”
The Twitter Chief Executive, who has called Bitcoin’s whitepaper “poetry”, believes the orange coin will become the currency of the Internet and this is why he had invested Square’s cash into bitcoin. Square has allocated about 5% of its cash reserves to Bitcoin. Previously, the payment company had invested roughly $230mn in the digital currency.
“Whatever my companies can do to make it accessible to everyone is how I’m going to spend the rest of my life,” Jack Dorsey devotedly explained. He was also asked about his view on alternative coins, or altcoins. The billionaire programmer said that “all of the other coins, for me, don’t factor in at all,”. On the topic of central bank digital currencies (CBDCs) he briefly described them as “bumps in the road”, and pointed to Bitcoin as a “better alternative.”
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