Bitcoin and some notable virtual currencies have come into the limelight in recent months. While most of the traditional assets are not performing well during the lockdown, cryptocurrencies offered better returns. Even though many people heard about cryptocurrencies before the pandemic, they have never invested in them. Although many people have disbelieved the potential of cryptocurrencies, some virtual currencies have risen up to multiple folds in the last few months. There are several reasons behind the rise, and one of the key reasons is the CEO of Twitter, Jack Dorsey loves and supports Bitcoin and other digital currencies. He said, ‘Bitcoin for me is like poetry.’
Jack Dorsey Sees Value in Cryptocurrencies
Jack Dorsey loves cryptocurrencies is the CEO of Square and Twitter, which are the two popular global companies. Square is a financial service company, and Twitter is one of the most popular social networking platforms. He loves cryptocurrencies, especially Bitcoin, primarily for one reason. His thinking about crypto is that it works with group thinking, and everyone in the network can change it.
Here I will share what Dorsey talked about virtual currencies. Meanwhile, you can read about Bitcoin and its potential from online platforms Like this software.
Crypto Works in Group Thinking
In an interview with the global news company Reuters, Dorsey said that Bitcoin works with a similar pattern as the internet. Since the internet is consensus-driven, that means it’s not a single person who changes the network. Whoever is connected to the network can build it or can change it.
So, it gives the power and freedom to everyone to create and change the course of it. This is the first reason which he likes the most, and he pointed out the fact that it allows everyone to change the network.
He Believes That Bitcoin Can Bring A Revolution
He also talked about Bitcoin in a podcast with the MIT research scientist Lex Fridman. He praised the whitepaper of Bitcoin, which was created by the pseudonym founder Satoshi Nakamoto. He also acknowledged the person or group who founded this revolutionary idea of a liberal financial system.
Dorsey said that it was a smart idea to keep the name as a pseudonym instead of keeping it anonymous. He appreciated the work that the person or group showed empathy to the world. He also talked about how Bitcoin can redefine the world.
He also pointed out that Bitcoin has several impacts on society and the traditional currency system. Additionally, he stressed the point that it could become a global currency. More importantly, Dorsey also announced that Twitter would enable a payment feature on its platform that will allow users to send Bitcoins to each other.
Square and COPA
As mentioned above, Square is a financial service company co-founded by Dorsey invented crypto firms to join an alliance named Crypto Open Patent Alliance. It’s an alliance that will attract firms that are working on cryptocurrencies.
He thinks that the world needs a global currency that can work on the internet. It will allow everyone to participate in the economy and to use the financial services and tools available out there.
However, Square and COPA are entirely two separate entities. COPA has its own board of directors, and it openly invites every firm to join who works in the field of crypto. Even if an organization doesn’t have any patents can also join COPA.
Challenges in Bitcoin Adoption
Lastly, he also pointed out different challenges for the adoption of Bitcoin and cryptocurrencies. He said that transaction time and efficiency are two important factors that the crypto community needs to work on.
I hope you get to know why the CEO of Twitter loves cryptocurrencies. As mentioned above, Bitcoin can bring a lot of opportunities and have many positive outcomes in the world. He also appreciated the ability of Blockchain Technology to disrupt every industry apart from financial services. Now, please share what you think about crypto and Blockchain Technology?