Jack Dorsey trusts Bitcoin to be Internet’s native currency

Jack Dorsey, the Co-founder and CEO of Twitter, stated that as per his opinion Bitcoin (BTC) would become the native currency of the internet. Dorsey was in an interview with the American comedian and podcast host Joe Rogan in his popular podcast the “Joe Rogan Experience,” where he expressed his view on Bitcoin. Jack believes that bitcoin would fulfill all the required parameters that are essential for Bitcoin to become the most commonly used cryptocurrency of the internet in the coming future.

He started by saying “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”

He said that: “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.”

In the course of an interview, Rogan also questioned Dorsey regarding the nature of Bitcoin and did he notice any pushback with regards to Bitcoin. To which Dorsey clarifies by saying that “just look at some of the major banks and their considerations on Bitcoin, they all love blockchain, because of the efficiencies it can create for their business and potentially new business lines,” but then recommended that the latest technology would “certainly threatening to certain services behind banks and financial institutions, it’s threatening to some governments as well…”

Further, Dorsey’s view on Bitcoin as a universally accepted form of currency is not something new. He had expressed his same opinion in the mid of May 2018 when he observed that Bitcoin might become the option for the internet’s native currency even after the existence of the bearish market during that point of time.

Dorsey expressed his opinion regarding cryptocurrency becoming a global currency and said “We would love to see something become a global currency. It enables more access. It allows us to serve more people. It allows us to move much faster around the world. We thought we were going to start with how you can use it transactionally, but we noticed that people were treating it more like an asset, like a virtual gold, and we wanted to just make that easy, just the simplest way to buy and sell bitcoin.”

Dorsey is also the founder and CEO of Square, mobile payments company, in which the company allows their users to complete their transaction in Bitcoin. Dorsey answered to one of the queries raised by Rogan about his current plans to add any other crypto in the application apart from Bitcoin., to which Dorsey stated that there are no current plans to add any other currency to the platform.

As per a report released last month, Square has been dubbed as Yahoo Finance’s company of the year. Earlier this month, Square had publicized that the company has made $43 million in Bitcoin revenue in the third quarter of the last year.

Dorsey, about incorporating Bitcoin in the Cash App, stated that: “The reason we enabled the purchasing of bitcoin within the Cash App is we wanted to learn about the technology and we wanted to put ourselves out there and take some risks. We’re the first publicly traded company to actually offer it as a service. We’re the first publicly traded company to talk to the SEC about Bitcoin and what that means, and it made us uncomfortable. We had to really understand what was going on. And that was critical and important.”

Dorsey anticipated that currently, the internet is developing a system in which any information that is generated would stay for life long and hence once the data inserted would be permanent in nature. As per his opinion, “this is what blockchain helps enable, down the line, and we need to make sure that we’re paying attention to that.”

He further added his comments with respect to the future of the internet and said that, “We’re moving to a world in which anything created exists forever, that there’s no centralized control over who sees what, that these models become completely decentralized and all these barriers that we, that exist today, aren’t as important anymore.”

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