The Internet Needs A Native Currency And Bitcoin Fits
According to Dorsey, there will be a universally accepted currency on the web in the future, and Bitcoin fits to this role perfectly.
“I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the internet, was developed on the internet, was tested on the internet, [and] it is of the internet,” Dorsey said.
Such enthusiastic predictions by Dorsey about Bitcoin are not new. He’s previously talked up the potential of Bitcoin and found it optimistic, Cointelegraph informed. In May 2018 he shared the opinion that virtual currencies are the future of a legitimate means of global payment and added that he hoped it would be Bitcoin.
Dorsey: Blockchain Can Help Businesses To Resist Scams
Jack Dorsey is not only a co-founder and CEO of Twitter but also the founder and CEO of mobile payments company Square which is supporting Bitcoin. In 2014 it began allowing merchants to accept this cryptocurrency, and in 2018 it gives users an opportunity to send Bitcoin to one another with Cash App. According to Forbes, in 2018, Square reported made $34.1 million in first-quarter revenue from selling Bitcoin. The Bitcoin-related profit, though, was around $200,000, because it cost the company $33.9 million to buy the tokens.
Dorsey is known as a crypto- and blockchain enthusiast. In 2018, he declared that businesses including Twitter could use the blockchain to resist unreliable information and scams. “Blockchain is one that I think has a lot of untapped potentials, specifically around distributed trust and distributed enforcement potentially,” Cointelegraph quoted. Being not tolerate any form of fraud, the Blockchain technology is helpful when it comes to avoiding unconditional trust in many industries.