Jack Dorsey: four reasons why Bitcoin will be the currency of the internet

14 Jun, 2019
by Richard Allen
Opinion
Jack Dorsey: four reasons why Bitcoin will be the currency of the internet

It’s been known for some time that Twitter CEO Jack Dorsey is all in on Bitcoin ever since he expressed his hope to see the king of cryptos become the currency of the internet. Now, in an interview with Quartz, Dorsey provides four reasons why he thinks that’s exactly what will happen.

When asked if he believes Bitcoin will be the internet's currency, Dorsey provided four reasons. First, he states that it comes down to Bitcoin's brand. To the general public, Bitcoin has become synonymous with all things cryptocurrency and blockchain. This type of recognition provides Bitcoin with a major advantage over competing cryptocurrencies. 

Secondly, Dorsey states the foundations on which Bitcoin was built has set strong principles for the currency. “The creation of it was very pure, and focused on a public good, rather than any other particular agenda,” Dorsey stated.

Additionally, he mentions the deflationary nature of Bitcoin, how this encourages people to save rather than spend will be a “net positive for the world” and will hopefully change the way people think about how they spend their money.

“Because it is a scarce resource, it has a probability of always increasing in value, which makes you consider a lot more how you spend it,” he said.

The final point he makes is about the safety and resilience of the Bitcoin network.  “It’s 10 years old now, so it’s been tested over those 10 years, across every dimension from security threats, to governments, to forks, to agendas from miners, to nefarious nation states, and it’s been resilient to all those threats and challenges. And resilience is very valuable.”

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