Appearing on the Joe Rogan Experience podcast, Twitter and Square CEO, Jack Dorsey, stated that Bitcoin will likely be the currency of the Internet.
The native currency of the Internet will be Bitcoin
Jack Dorsey said:
“I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. 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.”
Jack Dorsey has made similar remarks about Bitcoin, as reported on coinDaily in March 2018 that Bitcoin should be the native currency of the Internet. Thus, Dorsey says Square’s focus is solely on BTC with no present plans to offer support for other cryptocurrencies on the Square Cash App.
Dorsey explained to Joe Rogan that Bitcoin adds another dimension to the goal of creating easier access to financial services. Elaborating on Square’s decision to offer support for the popular cryptocurrency, the CEO said it gave the company the ability to serve more people across the world far better than was possible using mainstream channels.
Dorsey likened the Internet to a single nation that exists digitally and therefore it only makes sense that it would have its own universally accepted currency.
Present-day fiat money is usually subject to nationalistic policies that might not appeal to different places across the globe. Bitcoin, however, is based purely on mathematical algorithms providing a certain sense of neutrality and universality devoid of any geographical or political bias.
Bitcoin Threatens To Disrupt Conventional Banking
Dorsey also touched on the attitude of banks and other stakeholders in mainstream finance towards Bitcoin. Unsurprisingly, banks and many other financial institutions aren’t fans of Bitcoin’s disruptive tendencies, the Twitter CEO said.
Just over a year ago JP Morgan executive Jamie Dimon calling bitcoin a “fraud” and claimed he would fire any employee from his firm who traded the digital currency for being “stupid.” Shortly afterwards JP Morgan staff wer caught red-handed purchasing a bunch of XBT shares, otherwise known as exchange-traded-notes, that track the price of Bitcoin.
Dorsey also commented on how it is vital that people critically examine the emerging trends or risk being left behind. Very much in the same way the Internet revolutionized communication and the global business process.