Today, Twitter and Square CEO Jack Dorsey attended “The B Word,” a virtual online Bitcoin conference.
Dorsey discussed his interest in Bitcoin and expressed hope that it will become the native currency of the internet.
He discussed Square and Twitter’s efforts to promote Bitcoin development without undermining its principles.
Share this article
Twitter and Square CEO Jack Dorsey attended “The B Word,” a virtual Bitcoin conference that took place online today.
Bitcoin Is the Native Currency of the Internet
Dorsey began by saying that he sees Bitcoin as having the potential to become the native currency of the Internet.
“If the Internet gets a native currency, what would that be? To me, it is Bitcoin because of [its] principles,” Dorsey said. The principles highlighted in the conference include the open nature of Bitcoin and its independence from traditional banking systems.
Later, Dorsey added: “That is what I want to see…a currency that is standard and sound for the internet that anyone can use.”
“What inspires me most is the community driving Bitcoin, [which] reminds me of the early internet,” Dorsey said. He also called the community “deeply principled, weird as hell, and always evolving.”
Dorsey has made similar comments before, calling Bitcoin the native currency of the internet several times in the past.
Square Is Committed to Open Source
Dorsey went on to discuss his payments company, Square, which is developing solutions for the Bitcoin ecosystem.
Though Square holds $255 million of Bitcoin and handles Bitcoin transactions on behalf of its users, Dorsey emphasized that the financial value of Bitcoin is only part of Square’s focus.
He stated that he is skeptical of corporations and wanted Square work with Bitcoin without disrupting the community. With this in mind, Square hired open-source Bitcoin developers to work on their projects of choice. Square also formed COPA and open-sourced its patents in an attempt to protect developers from patent trolling.
Dorsey also mentioned Square’s upcoming hardware wallet, which unlike its main app will not maintain custody over user funds. “Everything we do in this space is going to be open source,” he said.
“As institutions and corporations like ours consider getting in this space, contribution back to the community is important,” Dorsey said. “We can’t just see this as an asset … and an investment vehicle. This is something that has the potential to change everything.”
Will Twitter Use Cryptocurrency?
Dorsey also responded to the possibility of allowing Twitter advertisers to pay in Bitcoin. He said that “any form of payment that [clients] want to use, we should be able to take.”
However, Dorsey also said he is more focused on creating “economic incentives within the network itself” as opposed to advertising. That statement implies that user content could create value sent via crypto transactions, though Dorsey did not say so explicitly.
Dorsey commented that today’s advertising and online business models would be entirely different if Bitcoin had existed before YouTube, Twitter, and Facebook came into existence.
He also mentioned Twitter’s social media decentralization protocol BlueSky, but said little beyond the fact that it is in its early stages.
Jack Dorsey Wants to See World Peace
Dorsey concluded by stating that he hopes Bitcoin creates world peace, noting that the issues and inequalities in current financial systems distract and prevent people from solving larger issues.
“It may sound ridiculous, but if you fix that foundational level, everything above it improves,” Dorsey said.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Elon Musk Confirms Tesla Will Re-Accept Bitcoin
Tesla and SpaceX CEO Elon Musk made an appearance at “The B Word,” a virtual Bitcoin conference that took place today. Tesla Will Take Bitcoin Payments Again Musk stated that…
Dorsey Plans DeFi on Bitcoin, Critics Point to Ethereum
Dorsey wants to bring DeFi onto Bitcoin, but many people have said that his idea sounds a lot like Ethereum. Dorsey Proposes DeFi Platform Jack Dorsey is planning a new…
Jack Dorsey Hints Twitter May Integrate Bitcoin Lightning Network
Twitter could support Bitcoin’s Lightning Network sometime in the future, Jack Dorsey Says. Twitter Founder Hints at Bitcoin Integration It’s “only a matter of time” before Twitter integrates Bitcoin’s Lightning…