Twitter co-founder Jack Dorsey holds a special place within the cryptocurrency community. Square, Dorsey’s fintech firm, was among the first companies to embrace Bitcoin and cryptocurrencies. Asked about the reason for his enthusiasm for Bitcoin, he likened it to a currency for the Internet.
He reiterated that worldview in a recent interview with online publication Quartz. “…If you consider the Internet to be the equivalent of a nation state, it will have a currency native to itself. and there is not going to be any one party or institution that makes this happen, and there’s not going to be any one party or institution that can stop it from happening,” he told the publication.
Why Bitcoin Will Become Global Cryptocurrency
Bitcoin is the strongest candidate to become a global currency, according to Dorsey. He provided three reasons for his opinion. The first one is because it has an amazing brand, having been in the spotlight for ten years. The second reason is that it is “pure” because it is focused on public good and is deflationary.
Finally, Dorsey says Bitcoin is resilient and has survived numerous mishaps and interventions, from hacks and scams to contentious forks and government bans. That it has a passionate community, who “want to who want to make it happen and want to make it better”, adds to its attraction. “I think it’s quite powerful,” says Dorsey. In his version of the future, the global currency will be used for e-commerce transactions spanning borders and will be convertible to local currencies for various countries.
A Company Focused On Crypto
Square has been ramping up its cryptocurrency credentials with notable hires. Just yesterday, the company announced hiring of former Google Director Steve Lee to its team. In an interview with another publication, The Next Web, Dorsey said Square’s cryptocurrency division was focused on providing “access”. “I don’t think there’s a greater technology out there that enables the kind of access at the individual level – that is borderless, that is not controlled by any one particular company, and that was not born on the Internet, and continues to be developed on the Internet – than [cryptocurrency],” he said.
Of course, the business case for Bitcoin benefits Square because it translates to more customers for the company’s payment processing unit. It’s stock price has increasingly moved in tandem with the crypto market’s gyrations. Square’s efforts at providing access and enabling development of an unruly ecosystem populated by scamsters and lax standards will help the company’s bottom line.