“I Would Leave Twitter or Square for Bitcoin,” says Jack Dorsey At the Bitcoin 2021 Conference
His life goal at the moment is to “remove” the corporate-ness of his companies and build a Bitcoin-inspired social media that will have “none of the restrictions” of Twitter.
Twitter co-founder Jack Dorsey being extremely bullish on the future of Bitcoin isn’t anything new. He has always been a Bitcoiner through and through.
Earlier on Friday, as we reported, Dorsey took to Twitter to share that his payment company Square is also considering making a Bitcoin hardware wallet. But he doesn't want to “compete” with the hardware wallets already in the market, rather takes it to the next level and “do it sometime very soon.” Later in the day, Dorsey doubled down on his love for the largest cryptocurrency at the Bitcoin 2021 Conference, saying,
“I don’t think there is anything more important in my lifetime to work on.”
“If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”
Bitcoin, according to him, “changes absolutely everything,” and it has the potential to create a new financial infrastructure that is more inclusive.
“I don’t think there is anything more enabling for people around the world.”
No Need for Banks
Bitcoin is a way to protect against currency devaluation, he said, and that’s why Dorsey is partnering with rapper Jay-Z to create a multimillion-dollar fund to further bitcoin development in India and Africa.
“Jay loves Bitcoin,” said Dorsey.
“He goes very deep on what he loves, he believes in it, and he also believes in this idea of making sure if we’re going to create this money for the world, it has to be developed around the world.”
During the 30-minute fireside chat with the Human Rights Foundation’s Alex Gladstein, Dorsey then discusses there is no need for banks and financial institutions that we have today.
“We have one that is thriving, that is sound, that is owned by the community, and that is driven by the community, that has this incredible and amazing consensus that always manages to do the right thing over time. It’s noble, and it’s so rare and so unique. Anything that we can do to build it and protect it, we’re down to do.”
But there’s much work to do around education and accessibility, he said.
While some like far-right activist Laura Loomer, who has been banned from Twitter and called Dorsey the “king of censorship,” feel that he is not the right one to talk about the censorship-resistant Bitcoin, Dorsey said, they have “evolved” the Twitter policies that a lot of people disagree with.
“My goal, in my life at this moment, is to remove—as much as I can—the corporate-ness of our companies,” he said, pointing to Twitter’s Blue Sky initiative to build a decentralized standard for social media, which will have “none of the restrictions that you see on Twitter.”
“Inspired entirely by Bitcoin, we want to do the same thing for social media.”
“I’m going to prove it to you. And then we can have another conversation later.”
Dorsey, however, is all about Bitcoin and is in no way interested in other cryptocurrencies. The crypto asset that achieved a trillion-dollar market cap during this year’s price action, he said, will be the native currency for the internet, and “the only reason Square got involved with bitcoin is to that end.”
This is how his companies will do everything to make bitcoin accessible to everyone and how Dorsey plans to “spend the rest of his life.”
Additionally, “That’s why we don’t deal with any other ‘currencies’ or ‘coins’ because we’re so focused on making bitcoin the native currency for the internet,” Dorsey said.
As for central bank digital currencies (CBDCs), they are “bullshit” and just “bumps in the road,” according to him.