In a recent interview, Twitter’s CEO and co-founder, Jack Dorsey, stated that he envisions Bitcoin (BTC) eventually becoming the native currency of the internet.
Born On The Internet
Dorsey made the comments during an interview with stand-up comedian and podcast host, Joe Rogan. In the exclusive conversation, Dorsey said that Bitcoin is “of the internet,” elaborating by stating that the currency was born and developed on the internet, making the World Wide Web
“Bitcoin was 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 Twitter boss is also an innovator within the mobile payments sector — being the chief executive and founder of Square, a digital payments upstart which allows users to transact with Bitcoin. The firm, which was awarded Yahoo Finance’s company of the year for 2018, recently reported its third-quarter earnings, which showed the company earned healthy $43 million in revenue from Bitcoin purchases and sales alone.
When asked whether the company is going to add other crypto assets to Square, Dorsey responded saying there aren’t any plans currently.
This is not the first time Dorsey has expressed his bullish future vision for the flagship cryptocurrency. In 2018, he affirmed his views on BTC, saying that:
“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
Banking On Blockchain
In the interview, Rogan asked Dorsey about his thoughts on any resistance from the mainstream with regards to Bitcoin. The Silicon Valley innovator replied by stating that all banks love blockchain technology, as it allows them to improve the efficiency of their internal operations.
He then went on suggest that the technology could be “threatening” to various banks and financial institutions, and could also intimidate some governments.
Many banks and financial institutions are welcoming blockchain technology to help them improve their services. HSBC reported that they had transacted over $250 billion using a blockchain-style ledger, suggesting that the firm is getting closer to implementing the technology across multiple facets of its business.
Investment giant, J.P. Morgan, recently made a multitude of comments with regards to the future of blockchain. In a recent interview, Joyce Chang, the firm’s chair of global research, implied that the technology won’t disrupt the current global payments mechanism: “Blockchain isn’t going to reinvent the global payments system, but it will provide marginal improvements.”
Do you think Bitcoin will become the native currency of the internet?
Will innovations within the blockchain industry become a threat to financial institution and governments alike?
Please let us know your thoughts in the comments below. Have a good one.