Jack Dorsey – the CEO of both Twitter and Square – has announced in the past that he’s a fan of bitcoin. It’s no secret that he respects cryptocurrency above all other financial entities, but to be fair, his explanations have always been rather brief and don’t contain much information.
Jack Dorsey On Why He Has Such Belief in BTC
Today, Dorsey – after referring to bitcoin as the best internet currency – revealed why he’s got such faith in the world’s number one cryptocurrency by market cap. In a recent interview, Dorsey referred to bitcoin as being “consensus-driven” and “built by everyone.”
While the currency is not literally built by every single living human on the planet, it looks like what Dorsey is referring to is the fact that bitcoin is a currency enabled by its users rather than the financial enterprises that dole it out or store it. Typically, banks are often in control of fiat currencies. They control how much people should get and who gets access to them.
Native fiat currencies are consistently the subjects of banks and traditional monetary systems, while bitcoin is designed to give users freedom from these institutions. Hence, the phrase “built by everyone” is likely a reference to this and the idea that if people continue to utilize bitcoin for basic services such as buying goods, it will consistently adapt to match what people are looking for in a currency.
In the interview, Dorsey explains:
The internet is something that is consensus driven and built by everyone, and anyone can change the course of it. Bitcoin has the same patterns. It was built on the internet. Anyone with a great idea can add to it.
Moving along, Dorsey expressed his belief that the world is in dire need of a single, universal currency that countries from all over the world use, and he thinks bitcoin could serve this purpose. He mentions:
We believe there needs to 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, so too should everyone be able to participate in cryptocurrencies and have access to its underlying innovation.
There Are Issues with This Viewpoint
There is a problem, however, with the idea of the world using a single currency. The idea falls in line with the principles of a socialist government, in which everyone – regardless of where they are – are subject to the same rules and regulations and must follow the same financial patterns. The idea that everyone is the same is not necessarily a staple of democracy, and thus it can be argued that Dorsey’s ideas are one-sided… and perhaps even outdated.
But what can probably be agreed upon is that bitcoin is now seen as a powerful entity that can potentially be utilized to hedge one’s wealth and protect users against economic inflation and other harsh circumstances.