Jack Dorsey, the CEO of both Twitter and Square, has announced in the past that he is a fan of bitcoin. It is no secret that he respects cryptocurrencies above all other financial institutions, but to be fair, his explanations have always been quite brief and do not contain much information.
Jack Dorsey on why he believes in BTC so much
Today Dorsey, after referring to bitcoin as the best currency on the internet, revealed why he has so much faith in the world’s number one cryptocurrency by market capitalization. In a recent interview, Dorsey referred to Bitcoin as “consensus-driven” and “built by everyone.”
While the currency isn’t built by literally every living human being on the planet, it seems that what Dorsey is referring to is the fact that bitcoin is a currency enabled by its users rather than the financial companies that distribute or store it. Banks generally control fiat currencies. They control how much people should get and who has access to it.
Native fiat currencies are constantly the subject of traditional banks and monetary systems, while Bitcoin is designed to give users freedom from these institutions. So the phrase “built by everyone” is probably a reference to this and to the idea that if people continue to use bitcoin for basic services like buying goods, it will constantly adapt to match what people are looking for in a business. coin.
In the interview, Dorsey explains:
The Internet is something driven by consensus and built by everyone, and anyone can change its course. Bitcoin has the same patterns. It was built on the Internet. Anyone with a great idea can add something to it.
Moving forward, Dorsey expressed his belief that the world is in dire need of a single, universal currency that is used by countries around the world, and believes that Bitcoin could serve this purpose. He mentions:
We believe that there should be a global native currency for the Internet. Just as everyone should be able to participate in the economy and have access to the same tools and services, they should also be able to participate in cryptocurrencies and have access to its underlying innovation.
There are problems with this point of view
However, there is a problem with the idea of the world using a single currency. The idea conforms to the principles of a socialist government, in which everyone, regardless of where they are, is subject to the same rules and regulations and must follow the same financial patterns. The idea that we are all equal is not necessarily a staple of democracy, and therefore it can be argued that Dorsey’s ideas are one-sided… and perhaps even obsolete.
But what can probably be agreed upon is that Bitcoin is now seen as a powerful entity that can potentially be used to hedge one’s wealth and protect users against economic inflation and other difficult circumstances.