In news that would make Bitcoin holders and investors happy, Twitter’s Jack Dorsey has come out vocally and backed Bitcoin to be the internet’s first native currency. Dorsey, who serves as the CEO of Twitter and Square, Inc. made these comments on former MMA fighter Joe Rogan’s podcast, ‘The Joe Rogan Experience.’
Dorsey made these remarks on the podcast, in reply to Rogan’s question on Cash App’s payment option. Cash App is a decentralized mobile payment option developed by Square, Inc. that has recently listed Bitcoin, the world’s largest cryptocurrency, as one of the payment options available to users. When asked by Rogan on whether he intended to introduce other cryptocurrencies as well, Dorsey responded:
“Not right now. I believe the internet will have a native currency and I don’t know if it will be Bitcoin but, I think it will be Bitcoin.”
Jack Dorsey further suggested that he backed Bitcoin as he believed in its foundation and principles and trusted a digital currency that had been successfully tested and developed on the internet itself. He further went on to reiterate the importance of a global currency that was free from the control of any central authority, one that was accessible to all citizens of the world as well as faster than present-day finances.
Dorsey also highlighted some steps Cash App and Square, Inc have taken towards educating people about Bitcoin and the cryptocurrency market. Recalling a time when people used to buy Bitcoins by maxing out on their credit cards, Dorsey said that Cash App does not allow payments via credit card and has also shut down day trading.
Furthermore, when asked about any pushback, Dorsey claimed that banks and financial services and even governments view it as a threat because of it being based on a decentralized ledger technology that has no central authority. He finally suggested that these institutions should view cryptocurrencies as they view blockchain, and look at it from an enabling perspective, rather than a threat.
Jack Dorsey’s view and support of Bitcoin isn’t new, however. Dorsey had suggested the same views back in 2018 during the Consensus Conference in New York.