Jack Dorsey, the co-founder of Twitter and Square, spoke on an interview with Quartz about how he envisions the future of finance, and crypto as well as the end of cash. He always gave his views on a global token for the Internet.
Bitcoin (BTC) Price Today – BTC / USD
Dorsey: Crypto and Blockchain is the Circular Trend
According to the Quartz interview with Dorsey, the second secular trend today is Blockchain and crypto. The Twitter co-founder believes that the Internet deserves a native as it is regarded as an equivalent to a nation-state. Having a global currency for the Internet will allow top companies to move faster and reach more people.
He calls it an opportunity to align each community, and country, around the globe. It will bring more people online, hence, we can imagine a parallel trend where they will have access to the currency. There will still be conversions to the local currency like the British pound. However, being able to have a single currency will take away the barriers from the past and change our thinking of global markets.
Dorsey Hopes More Individuals Can See the Benefits of A Stateless Currency When Speaking Libra
Dorsey is hoping that all private companies would see the benefits of a stateless currency that will be accessible to everyone.
About the Facebook coin, Dorsey says it’s all rumors, claiming that he has no idea of what Facebook is building. He said he will have to see what’s happening to allow him an informed decision. He said we need a currency for the internet. The internet has been an entity that isn’t under the control of any company or government. In his view, the Internet is for the world and everyone around the world.
Dorsey Thinks Bitcoin Stands the Best Chance of Becoming the Internet’s Currency
Regarding Bitcoin’s chances of becoming the Internet’s currency, Dorsey said he doesn’t see any currency that would challenge BTC. He thinks BTC is an amazing brand and calls them the strongest candidate stating that the principles behind Bitcoin are pure. The fact that it is meant to be deflationary, incentivize savings instead of spending, makes it a worthy choice.
Dorsey believes Bitcoin’s resilience puts it in pole position to be the Internet’s currency. Because BTC has been around for 10 years, means it’s been tested and trusted across all dimensions from security threats, to forks, and government/miners agendas BTC is resilient enough to all those challenges and threats. Although resilience, BTC is very valuable. Dorsey is bullish about Bitcoin’s chances of becoming the Internet’s currency. Dorsey also sees the Bitcoin community as passionate. Something he calls it a dream of cryptographers for the last 30 or 40 years.
So in his view, while concluding the Quartz interview, realize something that’s now usable. Many people who want this to happen or make it happen want it to be better. Dorsey thinks they need to do so with the appropriate Internet principles. The goal is having a connected world that will see everyone participate with equal access. It will be powerful according to Dorsey.