Jack Dorsey, the co-founder and CEO of Twitter, said that he believes Bitcoin will be the internet’s own native currency in an interview with Joe Rogan on 2 February.
The Twitter CEO has a history of making such claims. In May of last year, he stated, “the internet deserves a native currency”. He went further: “The world ultimately will have a single currency; the Internet will have a single currency. I personally believe that it will be Bitcoin.” However, he is not sure whether it will indeed be Bitcoin and not some alternative cryptocurrency, because Bitcoin is currently “slow and costly” although he added, “as more and more people have it, those things go away.”
The positive future of Bitcoin is not just a personal conviction of Dorsey’s; it is business too. He is the founder and CEO of Square, a mobile payments company awarded Yahoo Finance’s company of the year award. Square allows users to send payments in fiat currencies as well as Bitcoin. In November, the platform announced $43 million in revenue through Bitcoin payments alone in Q3 2018. This is up 10% from Q1 2018, when the company reported $34.1 million in Bitcoin revenue, of which only $200,000 was profit.
When asked if financial institutions and governments are pushing back against Bitcoin, he said to “just look at some of the major banks and their considerations on Bitcoin” to find the answer. While Dorsey noted that “they all love blockchain, because of the efficiencies it can create for their business and potentially new business lines,” he suggested that blockchain technology is “certainly threatening to certain services behind banks and financial institutions, it’s threatening to some governments as well.”
Dorsey foresees other benefits from blockchain technology other than in payment systems. The permanent record of any uploaded data “is what blockchain helps enable, down the line, and we need to make sure that we’re paying attention to that. We’re moving to a world in which anything created exists forever, that there’s no centralized control over who sees what.”
Last year he spoke at a Twitter transparency hearing at the U.S. House Committee on Energy and Commerce where he publicly noted that blockchain could be used to combat misinformation and scams online. While this does appeal to the government and other centralized institutions, a less sought-after decentralized solution is what the blockchain will provide.
Source: https://cointelegraph.com/news/twitter-ceo-jack-dorsey-still-believes-bitcoin-will-be-internets-currency, image from CryptoSlate.