Jack Dorsey Sees Bitcoin As the Native Currency of the Internet
|Sylvain Saurel||Sep 14|| 3||1|
Jack Dorsey is known to the general public as the founder and CEO of Twitter. What the general public knows a little less, however, is that Jack Dorsey is also the founder of Square, an innovative online payment service of which he is also CEO.
Finally, the general public probably doesn’t know that Jack Dorsey has always been a big Bitcoin fan.
Well aware of the bright future that awaits Bitcoin, Jack Dorsey has decided to take action in 2018 to promote its adoption by the general public. To do so, his company Square launched the CashApp application, which allows to quickly and easily convert U.S. dollar into Bitcoin.
CashApp application is becoming increasingly popular. It posted record profits in 2020, which makes sense as the demand for Bitcoin continues to grow.
In an interview with Reuters, Jack Dorsey has once again declared his love for Bitcoin. Jack Dorsey believes that Bitcoin is the most viable solution to play the role of the native currency of the Internet:
“I think the internet warrants a native currency and Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”
Given his success with Twitter and Square, Jack Dorsey’s opinion is highly respected in the Tech world.
If this statement in favor of Bitcoin is not surprising coming from Jack Dorsey, it comes on top of all the positive elements in favor of Bitcoin that have been accumulating for several months.
Jack Dorsey explains that the decentralization of Bitcoin and the cooperation that it promotes is in line with what led to the creation of the Web:
“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet.”
The fact that Bitcoin belongs to everyone is also important to Jack Dorsey.
Anyone can decide to come to the Bitcoin network and contribute to support this monetary revolution that has the potential to change the world of the future.
If Jack Dorsey is extremely Bullish about the future of Bitcoin, he is nonetheless lucid.
In his interview, Jack Dorsey also points out what constitutes a weakness for Bitcoin today. This weakness is not so much related to the network itself, but rather to the tools that make it possible to use the Bitcoin network.
Dorsey believes that applications made to use Bitcoin need to become much more intuitive. All the complexity of the Bitcoin system needs to be transparent to end-users.
In addition, there is a lot of educational work that needs to be done so that the general public can realize the incredible potential of Bitcoin.
As a strong advocate of the decentralization brought by Bitcoin, Jack Dorsey remains aware of the challenges that Twitter faces as a centralized platform. In fact, he has decided to create a dedicated team at Twitter to work on the development of a decentralized standard for the social media of the future.
From this point of view, it seems that Twitter is a bit behind Voice, which is already a reality in 2020.
As a reminder, the goal of Voice is to make available to the largest number of users a decentralized human social network where censorship will no longer be the norm as it is the case on Facebook in particular.