BITCOIN CAN HELP CREATE WORLD PEACE: TWITTER CEO JACK DORSEY

Fri 23 July 2021:

Twitter CEO Jack Dorsey is optimistic about bitcoin, a digital asset and aspiring currency.

My hope is that it creates world peace or helps create world peace,” Dorsey said during a “The B Word” webinar on Wednesday.

Dorsey has been a long-time supporter of cryptocurrencies, predicting that it will become the world’s “one currency” in 2018. Square spent around $50 million on bitcoin last year, accounting for about 1% of its total assets.

“What really drove my thinking and drives my passion behind it is, if the internet has a chance to get a native currency, what would that be? To me, it’s bitcoin because of those principles, because of its resilience,” Dorsey said, referring to how the bitcoin community sees the cryptocurrency as a way to help the unbanked and support underserved communities.

Jack Dorsey appears on The B Word, July 21, 2021.Source: The B Word.

“We have all these monopolies off balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems,” Dorsey added. Tesla CEO Elon Musk and ARK Invest founder, CEO and CIO Cathie Wood were also speakers on the panel.

“All these distractions that we have to deal with on a daily basis take away from those bigger goals that effect every single person on this planet and increasingly so. You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term but my hope is definitely peace,” the founder of Twitter added.

Dorsey revealed last week that Square is launching a new business centered on bitcoin-based “decentralized financial services.” Decentralized finance, or DeFi, applications use cryptocurrencies to reproduce traditional financial systems like banks and exchanges. The majority of them are based on the Ethereum blockchain.

Dorsey said on Twitter late Thursday that the company is “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”

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