Jack Dorsey, the chief executive of both Twitter and Square, two of Silicon Valley’s darlings, has recently become a fan of Bitcoin. He overtly pledged his allegiance to the cryptocurrency in early-2018, when his fintech-centric company, Square, launched Bitcoin capabilities on its so-called “Cash App.”
In interviews, Dorsey chalked up this sudden shift in business strategy to the fact that he personally believes that BTC will become the Internet’s “single currency.” Dorsey doubled down on this investment thesis recently, as the tech industry star took to the podcast of Joe Rogan, which sports over four million subscribers on Youtube, to touch on his opinions on the subject matter.
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Twitter CEO Talks Bitcoin In Front Of Hundreds Of Thousands
In the interview released Friday, Rogan, who has brought on Andreas Antonopoulos among other pro-crypto guests previously, suddenly brought up Cash App’s crypto integration, questioning the Twitter founder about the matter. When asked about whether Cash would be adding alternative cryptocurrencies, Dorsey was quick to respond with skepticism.
Dorsey simply noted that the “Internet will have a [single] native currency,” subsequently adding that from his point of view, it is most likely going to be Bitcoin. He explained that the cryptocurrency is the most battle-tested, and has the strongest principles and value propositions. Elaborating on his thought process, Dorsey stated:
“It is something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet. The reason why we enabled the purchasing of Bitcoin in the Cash App is that we wanted to learn about the technology, and put ourselves out there and take some risks.”
He added that the Internet needs a currency, as it will bolster many operations worldwide, especially financial transactions and processes. Dorsey even went on to lambast the speculative nature of cryptocurrency markets, noting that Cash actually curbs day traders, while disallowing purely speculative transactions made via credit.
His cardinal point was that he wishes to see cryptocurrencies reach global adoption not as an asset, but as a tool for the betterment of society.
Crypto Community Pleased With Dorsey’s Comment
While Dorsey’s comments regarding cryptocurrencies likely made decentralists smile, this most recent installment of Rogan’s podcast wasn’t without controversy. Regardless, much of the crypto community was pleased with Dorsey’s confidence to preach the good word of Bitcoin, as it were.
Couple more reasons I like @jack. Pushing native internet currency (crypto). And he doesn't accept credit cards yet, haha… https://t.co/t7Jn1wFiyO
— CZ Binance ??? (@cz_binance) February 2, 2019
Changpeng “CZ” Zhao of Binance noted that a primary reason why he likes Jack is his pushing of cryptocurrencies, along with the fact that “he doesn’t accept credit cards yet.” Gabor Gurbacs, VanEck’s crypto head, echoed CZ’s extolling of the Twitter chief, noting that Square’s team is “doing awesome work.” NewsBTC’s very own Joseph Young noted that while Square’s monumental growth over 2018 wasn’t primarily catalyzed by the integration of Bitcoin, but noted that the company is “prioritizing innovation,” with Dorsey at the helm.
It isn’t clear what steps the Silicon Valley bigwig is going to take next to bolster Bitcoin’s rankings on the global financial system, but, as reported by NewsBTC in the past, he has made it abundantly clear that he is willing to push adoption of BTC with a fiery passion.
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