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Jack Dorsey believes Bitcoin has the power to become the internet’s native currency.
Jack Dorsey, the ex-CEO of Twitter and current CEO of fintech company Block joined Michael Saylor, the CEO at MicroStrategy at the Bitcoin for Corporations event held online. They discussed Bitcoin, Twitter, changing finance ecosystem and even Facebook which is now Meta. A long-time Bitcoin promoter and adopter, Dorsey called the cryptocurrency different from the others in terms of being predictable, transparent and deliberate. Dorsey believes Bitcoin has the power to become the internet’s native currency.
Major Conversations with Jack Dorsey around Bitcoin
Jack Dorsey spoke on several aspects through which the novel cryptocurrency Bitcoin could help people and institutions. He opined that the current financial system needs a currency that will make sure decisions made by the superpower don’t affect smaller nations nestled in another part of the world. This, according to him, is possible with Bitcoin. He also explained how Bitcoin’s transparent feature is an answer to problems of incompatibility in financial products within the traditional financial system where transaction costs and other charges are hidden inside a black box unreachable by the managers.
Dorsey also added that even though a company is not dealing directly in Bitcoin, it should educate itself about the cryptocurrency and its potential impact on the business post its integration with products and service offerings. Additionally, Twitter’s ex-CEO also shed light on TIDAL, the music platform his company Block acquired. He acknowledged NFTs can help achieve the same but called the digital token infrastructure as being built on a faulty platform. Taking a dig at Meta (Facebook formerly), he stated that the move by the company to own a digital currency led to a wastage of years. Building upon the existing Bitcoin network would have been smarter in Dorsey’s opinion.
Talking about his company Block, he mentioned that the adoption of Bitcoin takes it to its original goal, which was to make the financial system accessible to everyone in the rise of credit card usage. With Bitcoin, it can now make an accessible ecosystem driven by permissionless and autonomous money. By integrating Bitcoin with its payment app Cash App post challenging discussions with the SEC, Dorsey challenged the payments status quo including protocols, compliance, technology, law and so on. Cash App’s recent development was its integration with LDK which added Lightning Network to the app.
About the ‘Bitcoin for Corporations’ Event
Bitcoin for Corporations is an annual free event sponsored by Bitcoin proponent and CEO of MicroStrategy Michael Saylor. At 122,478 Bitcoins (as per a recent Twitter post), the latter’s company has the largest stake in Bitcoin compared to any other institution or individual in the world. The event explores the many benefits Bitcoins can provide to the corporate world in terms of crucial elements such as advanced analytics, knowledge transfer, bitcoin strategies, strategic vendors, etc. Jack Dorsey joined Saylor in this year’s Bitcoin discussion at the event.