- “A global currency which is a native currency for the Internet is a very powerful concept” – Twitter co-founder and CEO
- Bitcoin is “poetry” and the pseudo-anonymous launch of its whitepaper was a very “powerful statement,” he said
“I believe that the Internet deserves and requires a native currency and that's why I'm such a huge believer in Bitcoin,” said the co-founder and CEO of Twitter Jack Dorsey.
Dorsey appeared on the AI Podcast with Lex Fridman, a research scientist at MIT working on human-centered artificial intelligence where he talks about the biggest problem they are facing as a company — which is not to be able to act as an Internet company.
The founder and CEO of Square said to enter a new market, they have to have a partnership with a local bank and pay attention to different regulatory onboarding environments.
“But a digital currency like Bitcoin takes that away and we can potentially launch a product in every single market around the world because they're all using the same currency and we have a consistent understanding of regulation and onboarding.”
A Powerful Concept
Further talking about his interest in bitcoin, he shared,
“I think the most beautiful thing about it is there's no one person setting the direction and there's no one person on the other side that can stop. So, we have something that is pretty organic in nature and very principled in its original design.”
“The white paper of Bitcoin is one of the most seminal works of computer science in the last 20-30 years. It's poetry.”
Also, the underlying principles behind it and releasing it under a pseudonym, according to him, was a very powerful statement. Its pseudo-anonymous launch was “profound” as there could be one person or multiple people representing Satoshi Nakamoto, which builds tangibility and empathy.
The timing of Bitcoin’s release was just as important, which was in the aftermath of the 2008 financial recession, “a total activist move.”
As for what it looks like in the next 10 or 20 year, “no one knows,” but what it means is every person that enters the ecosystem in any capacity “changes its direction in small and large ways.”
Just like the Internet, Bitcoin enables “everyone to be part of the story which is also really cool.”
“A global currency which is a native currency for the Internet is a very powerful concept and I don't think any one person on this planet truly understands the ramifications of that. I think there's a lot of positives to it and there are some negatives as well.”
Not Just Money
This kind of digital currency Jack Dorsey said could “definitely” become the main currency of the world to push the decentralization of control of money. But the bigger ramification is how it affects how society works and “there are many positive ramifications outside just money.”
Money is a foundational layer that enables much more. Talking about his recent trip to Africa, he shares how moving money across borders between nations on the continents remains a problem to be solved. He said,
“I think as we get a more durable resilient and global standard we see a lot more innovation everywhere and I think there's no better case study for this than the various countries with and within Africa.”
Here is the full interview: