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Jack Dorsey praises Bitcoin and draws plans for the future

Photo of: Nathan VDH
by Nathan VDH

In an interview with Reuters, the CEO of Square and Twitter, Jack Dorsey reiterated his position that Bitcoin is a very viable native internet currency for the future. He went on to say that Bitcoin has followed the same path as the internet, especially since Bitcoin was born on the internet.

According to statistics, the number of Bitcoin users during the second quarter of 2020 has increased to 50.72 million. In the same period, Bitcoin’s market share was estimated at 63.87%, making it the undisputed leader in the cryptocurrencies market.

Bitcoin has experienced a dizzying growth in the market. The COVID crisis has propelled it even further due to the instability of fiat currencies linked to the uncertainties of the real economy. More and more people are taking refuge in Bitcoin.

For Dorsey, Bitcoin and the Internet have almost the same history. They started out from nowhere with small communities and eventually gained the trust of people and developed large communities.

The internet is something that is agreed upon and built by everyone and everyone can change the course of it. Bitcoin has the same characteristics as it was built on the internet.

Dorsey also pointed out that you don’t have to be a company employee to share a great idea about Bitcoin. Those with progressive ideas can easily join the community. This is also true for the Internet, where anyone can make it better with a great idea.

In a report published by Global Macro investor CEO Raoul Pal, the price of bitcoin could rise as high as $100,000 in the next two years. And for the most optimistic observers, some argue it could reach half a million over the period.

“I think the Internet justifies a (…) national currency and (…) Bitcoin is probably the best manifestation of this so far” said Dorsey in the interview. “I can’t see that changing given all the people who want the same thing and are building it for that potential”.

FInally, here are a few of Jack Dorsey’s recommendations for the future of Bitcoin:

  • Enhance the experience To encourage its widespread adoption
  • Bitcoin must evolve to become “intuitive” to use and as convenient as the digital payment infrastructure.
  • Improve costs and turnaround times in transaction processing

Today’s praise marks once again Dorsey’s passion for Bitcoin . In April, he proclaimed the Bitcoin White Paper as “poetry”. And after a major tour of the African continent last November, he concluded that “Africa will define the future (of Bitcoin in particular)”.