Jack Dorsey, the founder and CEO of Twitter and Square, is a Bitcoin believer through and through: He likened the Bitcoin white paper to a compelling “poetry”. He has a Bitcoin clock “BlockClock mini” at home and has donated funds several times. To accelerate the adoption and development of Bitcoin.
Today, at the 2021 Bitcoin Conference in Miami, Dorsey doubled down on this love. In a fireside conversation with Alex Gladstein of the Human Rights Foundation for nearly 30 minutes, Dorsey changed his love: “Bitcoin absolutely changed everything… I think there is nothing more important than this in my life. .”
“If my company can do something so that everyone can use it (Bitcoin), this is how I spend the rest of my life. If I am not in Square or Twitter, I will work for Bitcoin. If it is better than Square or Twitter Need more help, I will put them down and head towards Bitcoin.”
When asked how Bitcoin can help people who currently don’t have a bank account (the estimated 1.7 billion people worldwide as of 2017), Dorsey gave a reason for abolishing the current banking system.
“Well, we don’t need a bank anymore… There is a lot of work to be done around account accessibility, and a lot of work to be done in education, so people can have their own ideas.
“We don’t need the financial institutions we have today… We have a thriving, robust, community-owned and community-driven [Bitcoin] with this incredible and amazing consensus, over time It’s always trying to do the right thing. It’s noble, so rare and unique. Anything we can do to build and protect it, we’ll do it.”
Dorsey also talked about the endowment fund he founded with rapper and entrepreneur Jay Z in February. The two donated 500 BTC (now approximately $18.6 million) to encourage global Bitcoin development starting in Africa and India. Dorsey stated that they are establishing a board of directors for the fund, and then it will begin to provide grants in BTC-he will not control or comment on the board’s decisions.
“Jay Z likes Bitcoin,” Dorsey said. “He has a deep understanding of what he loves. He believes in it, and he also believes in the idea that if we are determined to create this wealth for the world, it must be able to be in the world. Developed everywhere.”
Earlier on Friday, Dorsey announced on Twitter that Square is “considering” creating a Bitcoin hardware wallet, which will be publicly created with community participation. When Gladstein asked about this, he seemed more certain that this would happen.
“We don’t want to compete with those hardware wallets. We just want to take it to a new level and benefit more people who have non-custodial solutions. We are likely to do so soon.”
Dorsey also discussed the need to support the Lightning Network to make Bitcoin more viable for daily use and payment.
In fact, Dorsey completely abandoned other cryptocurrencies, such as Ethereum and Dogecoin. He said: “For me, all other tokens are not taken into account, which is why we do not deal with any other currencies or tokens. We are focused on making Bitcoin the native currency of the Internet.”
Regarding the government’s pursuit of CBDC as an alternative to Bitcoin adoption, Dorsey said, “They are in trouble and they are just nonsense. We have better alternatives to Bitcoin.”
The fireside conversation was briefly interrupted by the far-right activist Laura Loomer, who has been banned by Twitter. Loomer called Dorsey the “king of censorship” and said he “has no right to be here” to talk about the freedom Bitcoin offers.
Gladstein asked Jack if social media could become more censorship-resistant like Bitcoin.
He replied: “I know that many of you disagree with [Twitter] policies and the way we make them. My current goal is to eliminate the corporate nature of our company as much as possible.”
He talked about Twitter’s Blue Sky plan to establish a decentralized standard for social media, and suggested that it will not be subject to censorship and corporate influence on Twitter’s main platforms: “It won’t have any restrictions that you see on Twitter. . Fully inspired by Bitcoin, we hope to do the same thing for social media… I want to prove it to you, and then we will have a conversation”.
As a Bitcoin advocate of the unity of knowledge and action, Jack Dorsey has always been respected by insiders. Square once purchased $220 million in Bitcoin as a reserve. Since February this year, Dorsey himself has run his own Bitcoin full node. His personal Twitter profile also has only one word-“Bitcoin”.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.