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The CEO of Twitter and Square says there will be a native currency for the internet. Jack Dorsey, CEO of Twitter and the mastermind behind the popular money transfer application “Cash App,” shared his confidence about Bitcoin.
Appearing on the Joe Rogan Experience podcast, he stated that the Internet will eventually have a currency, which he thinks will likely be Bitcoin.
Jack Dorsey explained that he still feels that BTC meets all the conditions to become the common currency of the internet in the future.
For the Twitter and Square chief, Bitcoin, the top-ranked cryptocurrency seems best-suited to that role.
No plans, just personal view
Jack Dorsey said that he has no plans for that at the moment, however, he expressed his personal view towards cryptocurrency and the internet.
“I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, it is on the Internet.”
Jack Dorsey believes that the internet will have its native currency one day, although he doesn’t know what that would be.
Bitcoin could be the currency of the internet
But when he elaborates his opinion further, he says that it could be Bitcoin. His opinion is based on the tests Bitcoin has been through all this time, the principle behind its creation. And all of that happened on the internet.
Twitter CEO has no plans to create his own currency, but he wants to participate in the growing technology, which he said to have done through the CashApp project.
Twitter CEO claimed that his company is the first publicly traded company that offers crypto (Bitcoin) purchasing as a service.
Dorsey has made similar observations, commenting in May 2018 that Bitcoin should be the native currency of the Internet.
Thus, Dorsey says Square’s focus is solely on BTC with no present plans to offer support for other cryptocurrencies on the Square Cash App.
Speaking about Square’s decision to offer support for the largest cryptocurrency, Dorsey said it gave the company the ability to serve more people across the world far better than was possible using mainstream channels.
“We’d love to see something become the global currency. It enables more access, it allows us to serve more people and allows us to move faster around the world.”
Twitter CEO: The Internet is like one nation
Dorsey compared the Internet to a single nation that exists digitally. Hence, it only makes sense that it would have its own universally accepted currency.
Present-day fiat money is usually subject to nationalistic policies that might not appeal to different places across the globe. Bitcoin, however, is based purely on mathematical algorithms providing a certain sense of neutrality and universality devoid of any geographical or political bias.
Jack Dorsey thinks the internet will eventually have its own currency and BTC is out in front in the race to be the chosen crypto. Twitter CEO doesn’t necessarily think mass adoption is near, but that worldwide cryptocurrency use will take hold soon.
Banks don’t like Bitcoin’s disruption
As the first and still biggest cryptocurrency, it’s not a bad bet. Bitcoin processed an incredible $9 billion in the past 24 hours, dwarfing any other blockchain by miles.
Dorsey also mentioned the attitude of banks towards Bitcoin. Unsurprisingly, banks and many other financial institutions aren’t fans of Bitcoin’s disruptive tendencies, the Twitter CEO said.
JPMorgan analysts released, in January, a report claiming that BTC’s value could only exist in a dystopian economy. In 2018, Warren Buffet called Bitcoin “rat poison squared.”
“People treating BTC like virtual gold,” said Twitter CEO
“We notice that people are treating it (Bitcoin) as an asset, like virtual gold. We want to make it easy, just the simplest way to buy and sell Bitcoin. But we also knew that it had to come with a lot of educations, a lot of constraints,” said Dorsey.
Reminding what happened 3 years ago, when people had the “unhealthy way” of purchasing Bitcoin by using their life savings, Dorsey decided to put a very “simple” restriction and constraint on his app.
“You can’t buy Bitcoin on CashApp with a credit card. It has to be the money you actually have in it. We look for day trading which we discouraged and shut down, that’s not what we’re trying to build, that’s not what we’re trying to optimize.”
The bottom line
When the master of industry like Jack Dorsey speaks about the efficiency of cryptocurrency tends to lead to ecstatic investors. However, Dorsey has warned against wild speculation and hopes to push the public towards using digital currency rather than the narrow mentality of “hodl” and wait for riches.