Jack Dorsey Goes Bullish on Bitcoin in Recent Remarks

29 Sep 2020

The CEO of Twitter, Jack Dorsey, made his views public about the role of Bitcoin and Blockchain in powering Twitter's future. As a serious crypto supporter and enthusiast, Jack Dorsey is sure that crypto is arguably the most powerful enabler for Twitter.

On an appearance at the Oslo Freedom Forum in 2020, the chair of this social media giant expressed his strong beliefs about how blockchain and bitcoin could lead the world to a future and a world in which there is eternal content. In his opinion, Bitcoin establishes itself on the foundational internet spirit. In so doing, a well-distributed but trustless tokenized stock ecosystem is built.

If the internet growth eliminates the grinding of information, it would be possible to assume that Bitcoin would completely cut off all friction elements in money and economic subjects.

Jack Dorsey’s goal: An Open Twitter

The esteemed CEO of Twitter believes that one of the most principal goals of his company is to adapt or metamorphose into a public blockchain structure. In so doing, Twitter would transition into an entirely open protocol to offer even better micro-blogging services. The chair intends to concentrate on leading his company into becoming a client of the structured blockchain, all to design a business and service force that everyone can access and leverage.

To this end, Dorsey has been part of a force for enabling more access to technology, all in the spirit of creating an open Twitter. Square, which is Dorsey’s financial services company, recently launched a foundation for anti-crypto patent trolls.

Embracing a blockchain-based structure

Twitter migrating to a framework based on blockchain is a very timely transition because the social media giant has been inactive in efforts to improve its security arrangements. Twitter made the decision to embrace more airtight security protocols after an incident witnessed in July 2020 where hackers overran the Twitter accounts of multiple high-profile individuals and designed a crypto scam,

All along, the sentiment of Jack Dorsey about Bitcoin has been known. Being a firm proponent for the largest crypto by market capitalization, Twitter CEO could consider investing his company's funds directly into Bitcoin. This would be a massive step for Bitcoin, just as it was in the case of MicroStrategy.

In August 2020, MicroStrategy purchased Bitcoin amounting to $250 million, which made BTC the principal reserve for the company. Later on, the company decided to buy another set of Bitcoin, amounting to $175 million. With a cumulative 38,250 bitcoins, MicroStrategy set the pioneering crypto on a path to becoming a more universal and ever-present commodity in the treasure of big companies.

Worldwide News

Grayscale launches its first European ETF

Grayscale has launched its first European ETF The ETF will track the performance of the Bloomberg Grayscale Future of Finance index The ETF will start trading on May 17 Grayscale, the world...

FTX CEO says Bitcoin cannot be a successful payment system

The FTX CEO has said that Bitcoin cannot be used as a successful payment method The executive said that Bitcoin had the potential to be used as a store of value like gold Bankman-Fried has previou...

Elon Musk says Dogecoin has the potential to be the world’s currency

Elon Musk has said that Dogecoin has the potential to be a currency Despite the praise, Dogecoin failed to make any significant gains Dogecoin remains one of the worst-performing tokens in the top...

Australian Taxation Office requires crypto holders to pay capital gains taxes

Australia has required crypto holders to pay taxes on crypto gains and losses The tax body will tax cryptocurrencies in the same way as property and shares Australia recently approved a Bitcoin an...

Binance unveils cryptocurrency Visa card for Ukrainian refugees

Binance has launched a crypto Visa card for Ukrainian refugees. The card will be used to make direct donations to Ukrainian refugees. Binance also released a $10M fund to support Ukrainian refugees....