Connect with us

Digital Assets

Twitter CEO Reveals What Inspires Him to Support Bitcoin

mm

Published

 on

Jack Dorsey, the CEO of Square and Twitter, is one of several billionaires that supports and advocates for the crypto industry. In the past, Dorsey has shown signs of support by adding a Bitcoin emoji on Twitter, using Square to launch a Bitcoin hardware wallet, and he even made plans to move to Africa and work with its IT experts to make use of crypto and other technologies to start the process that will transform the continent.

This time, however, he decided to reveal some details about things regarding Bitcoin that are making him so supportive of the world’s largest cryptocurrency.

Dorsey speaks of Bitcoin during The B Word conference

Dorsey spoke about Bitcoin during a popular crypto conference known as The B Word. This is a well-known event hosted by the Crypto Council for Innovation, and it has attracted many influential speakers.

Dorsey said that the thing that really drove his thinking — the thing that drives his passion behind it — is a single question – “if the internet has a chance to get a native currency, what would that be?”

For Dorsey, the answer can only be Bitcoin. Bitcoin’s principles, resilience, use cases (such as helping the unbanked and supporting entire communities) are what makes him believe in Bitcoin and its potential. But, above all, Dorsey said that what shaped his view of Bitcoin and what made him so supportive of it is its network and its community. In fact, he said that the crypto community reminds him of the early days of the internet.

Why is Dorsey so supportive of Bitcoin?

This is also rather easy to see and understand. Many still remember the early days of the internet quite well, where talented developers were coming together to make this new thing a place that will offer an easy way for people around the world to connect, share ideas, information, and work for the betterment of the society as a whole. A similar thing is now happening with crypto, only this time, it is all about using the power of the community to help those who are financially struggling.

Billions of people around the world live in poverty, abandoned by banks just because they don’t offer institutions the ability to earn from them. The crypto industry is about empowering people like that. This is one of the reasons why Satoshi Nakamoto created Bitcoin in the first place, and this single goal has remained in the heart of the crypto industry to this day. Empowering people who do not wish to depend on the banks is what allowed DeFi to explode last year while empowering artists and collectors alike is what allowed NFTs to blow up in 2021.

This single goal is still pushing the industry forward, and Dorsey is completely fascinated by it. He said it himself, explaining that “It’s deeply principled, it’s weird as hell, it’s always evolving. It just reminded me of the internet as a kid.”

It is safe to say that Dorsey believes in the future of crypto, and he has high hopes for it. He even hopes that cryptocurrencies could help create world peace. He is aware that this won’t happen overnight — it is a long-term mission, but he still thinks it is possible.

He has been saying similar things for years now. One example is the Bitcoin 2021 Conference that took place only last month when he said that Bitcoin can change everything and that he honestly doesn’t think there is anything more important in his lifetime to work on. It is this thinking that inspired him to use Square to buy $50 million in BTC last year. He even announced that Square is continuing to push deeper into the crypto industry by creating a new business that will revolve around using Bitcoin to offer decentralized finance services.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

Newsletter Subscription

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.