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May 19, 2022

Jack Dorsey Thinks Bitcoin Is the Currency of the Internet

According to CNBC, Jack Dorsey, CEO and co-founder of Block (previously known as Square), has reaffirmed Bitcoin’s potential as a native digital money.

Dorsey said today at the Block’s investor conference that the internet deserves a native digital currency, and that only Bitcoin is fit for the job.

According to him, the internet requires a local currency, and when looking at the full ecosystem of technology to serve this function, bitcoin is presently the only possibility.

Bitcoin, according to Dorsey, is an open standard for global money transfer, and it will allow Block’s entire operation to move faster around the world.

The former Twitter CEO has previously stated that Bitcoin has the potential to become the internet’s global currency. In truth, the Bitcoin maximalist has never changed his mind on the subject.

Dorsey stated in September 2019 that Twitter had no intentions to establish a cryptocurrency since he believes Bitcoin is the future of the Internet. He also declined to participate in Facebook’s Libra cryptocurrency project, which subsequently collapsed owing to legal issues.

Apart from publicly stating that Bitcoin is the only digital currency suitable for use as native internet money, Dorsey has made deliberate efforts through his enterprises to promote Bitcoin’s growth and adoption.

Dorsey proposed the “Bitcoin Legal Defense Fund” in January as a way to help the growth and development of the Bitcoin system. The fund will be used to defend Bitcoin developers against lawsuits that would prevent them from encouraging the development of Bitcoin, according to the Twitter co-founder.

Block said last year that it would construct a Bitcoin hardware wallet to make BTC custody more popular, and it is already working on a Bitcoin mining infrastructure.

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