Jack Dorsey hopes bitcoin will help bring about world peace

Jack Dorsey, Co-Founder and CEO of Twitter Inc. and Square Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, USA, on Friday, June 4th, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

square CEO Jack Dorsey has high hopes for the digital asset and emerging currency Bitcoin.

“My hope is that it will create or help create world peace,” Dorsey said during a “The B Word” webinar on Wednesday.

“We have all these equilibrium monopolies and the individual has no power and the amount of costs and distraction that are coming from our monetary system today is real and diverting attention from the bigger issues,” added Dorsey. Elon Musk, CEO of Tesla and Founder, CEO and CIO of ARK Invest, Cathie Wood, were also speakers on the podium.

“All of these distractions that we have to deal with on a daily basis are taking us away from these larger goals that affect every single person on this planet, and increasingly so. You fix that basic level and everything about it improves in so dramatic a way as to be long-term but my hope is definitely peace, “added the founder of Twitter.

Long-time digital currency advocate, Dorsey says cryptocurrency will eventually become the world’ssingle currency. “Last year, Square bought about $ 50 million in bitcoinwhich is about 1% of its balance sheet.

Dorsey announced that last week Square starts a new business focused on “decentralized financial services” with Bitcoin. Decentralized financial applications or DeFi applications Aim at it recreate traditional financial systems, such as banks and stock exchanges, with cryptocurrency. Most run on the Ethereum blockchain.

Dorsey said on twitter late Thursday that the company is “focused on building an open developer platform with the sole goal of making it easier to create untrusted, license-free, and decentralized financial services.”

Following that announcement last week, Woods ARK Invest bought an additional 225,937 Square shares valued at approximately $ 53.6 million, based on Square’s closing price last Thursday.

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