Billionaire Jack Dorsey, co-founder of Twitter and Square, is extremely optimistic about the future of Bitcoin, the largest cryptocurrency by market value.
“Bitcoin changes absolutely everything,” said Dorsey on Friday at the Bitcoin Conference 2021. “I don’t think there is anything more important in my life that I can work on.”
In fact, “If I wasn’t on Square or Twitter, I would be working on Bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin, “he said.” But I believe both companies play a role. “
For Dorsey, Bitcoin has the potential to create a new financial infrastructure that is more inclusive and supportive for underserved communities, he said. For those who live in different countries around the world, Dorsey also sees Bitcoin as a way to protect themselves from currency devaluation and expedite money transfers across borders, he explained.
This is in part why Dorsey teamed up with music mogul and entrepreneur Shawn “Jay-Z” Carter Multi-million dollars Fund to further Bitcoin development in Africa and India, he said.
“I don’t think there is anything more enabling for people around the world,” said Dorsey.
Although many critics disagree with Bitcoin, it is referred to as speculative, volatile and risky Investment that can be prone to fraud, his community sees the cryptocurrency as decentralized, digital gold and inflation protection.
Dorsey believes Bitcoin will become the local currency for the internet, he said, and “the only reason Square got into Bitcoin is for that purpose.”
In fact, its financial services firm Square added over $ 170 million Bitcoin value on its balance sheet in February after the first investment in the cryptocurrency in October. On Friday, Dorsey also announced that Square “consider” creating a hardware wallet for bitcoin.
“That’s why we’re not looking at other ‘currencies’ or ‘coins’ because we are so focused on making Bitcoin the local currency for the Internet,” Dorsey said.
Dorsey has consistently advocated Bitcoin on social media – in March, for example, Dorsey sold his first tweet as NFT, converted its proceeds into Bitcoin and donated it to a Covid-19 relief fund in Africa run by GiveDirectly, a charity that donates money to people living in poverty.
“Whatever I can do, whatever my companies can do to make it [bitcoin] More accessible to all is how I’m going to spend the rest of my life, “said Dorsey.