Bitcoin holders and investors were delighted when Twitter’s Jack Dorsey openly endorsed the cryptocurrency a few days ago on former MMA fighter, Joe Rogan’s podcast. There was today, even more fanfare when Jack Dorsey on his Twitter suggested that he only had Bitcoins and that he had enough of them. However, even as Bitcoin enthusiasts delight, Dorsey’s words must be considered with caution.
Dorsey made headlines when a few days ago he backed Bitcoin, the world’s first and largest cryptocurrency to emerge as the internet’s first global native currency. Citing its founding principles and its testing and development on the internet, Dorsey suggested that despite competition from other popular cryptocurrencies, BTC is likely to emerge the winner. This is a view he has publicly held since the Consensus Conference held in New York back in 2018.
Dorsey is in the news again today after he admitted to owning ‘enough’ Bitcoins and dismissed the likelihood of owning any other cryptocurrency. He also stated:
“Bitcoin is resilient. Bitcoin is principled. It is native to internet ideals. And it’s a great brand.”
However, Jack Dorsey’s public support for Bitcoin does come with a lot of vested interest. In fact, an argument can be made that financial self-interest is in play whenever Dorsey publicly backs the cryptocurrency.
Considering the podcast itself, the Joe Rogan Experience, for instance. Jack Dorsey’s other project Cash App, the mobile-payments app that is one of the few of its kind to accept payments in Bitcoin is one of the sponsors of the podcast.
This means that Jack Dorsey while being the CEO of an almost Bitcoin-exclusive payment app, has been promoting the cryptocurrency on a show the same app sponsors. Simply said, talking up the cryptocurrency would be in the best interests of Jack Dorsey.
Secondly, Jack Dorsey has been one of the early investors in Lightning Labs, a finding that implies that he has a vested interest in making sure the present-day version of BTC succeeds and does well.
Further, since the philosophy and principles of the cryptocurrency have changed and diversified over the years with the cryptocurrency going through hard forks when such differences were irreconcilable, Dorsey’s claim that he supports Bitcoin out of its foundational principles and nativity to internet ideals doesn’t hold a lot of weight.