Jack Dorsey on Bitcoin: "a massive acceleration" in the next 10 years

04 Mar, 2019 | Updated: 04 Mar, 2019
by Will Heasman
Opinion
Jack Dorsey on Bitcoin: a massive acceleration in the next 10 years

In a recent episode of “Tales from the Crypt” with Marty Bent, Jack Dorsey, CEO of both financial services company, Square, and Twitter, spoke all about his budding love affair with Bitcoin (BTC), where it started and how he feels it's changing the world as we know it.

Dorsey started his tale back in his youth, elaborating how he was exposed early on to the cryptology anarchist group, the cypherpunks - a group responsible for the birthing of BTC. Inevitably Dorsey grew interested in cryptocurrency and its fundamentals.

“I thought it [the BTC whitepaper] was beautiful, I think it's one of the most seminal works of the last 20 years”

However, it took Dorsey until 2014 to decide to do something with this discovery, using it within an online store enabling buyers to pay with BTC.

“What we wanted to do make that feel invisible to the seller … we would instantly convert it to US dollars, so the sellers would see just see US dollars. So it gave buyers with Bitcoin an opportunity to spend”

Of course, Dorsey then ended up integrating BTC into Squares incipient Cash App, and the rest was history.

Elaborating upon his recent comments on BTC as a native internet currency, Dorsey reiterated that the last critical pillar of the internet is currency:

“what does the internet ultimately want? It will want to have a native currency… a currency that is effectively global”

Read more: Twitter CEO believes internet will have its native currency, possibly Bitcoin

Dorsey also stated that he doesn’t want to wait around for that to happen, but rather help to make it happen, adding, “Apart from Artificial intelligence, there’s not another technology that impacts Square as much as this.”

A Bitcoin bank on Twitter?

Jumping off a tweet, from Arjun Balaji - which posits a future in which Bitcoin, Cash App, and Twitter merge to create a Bitcoin Bank built on Twitter – Bent asked Dorsey if this is a viable future venture.

Rather than dismiss the idea, Dorsey stated that there’s a lot of “interest in the trends that blockchain points to” adding that the innovations that blockchain allows are “compelling” from both data privacy and content standpoints.

Watch: How can Jack Dorsey integrate Bitcoin into Twitter?

The future of the internet

In response to a question pertaining to Bitcoin's disruption of governmental control of money; Dorsey countered that he believes that Bitcoin’s inherent association with the internet makes it independent of the state, adding that he wants “nation states to figure out how to make that work for their constituencies. ”

When asked his opinion on what the internet could become, Dorsey responded that he didn't know, instead, turning the conversation to the potential of new generations growing up surrounded by these technologies:

“Imagine being born this year, growing up only knowing the potential of a global currency exists … growing up only knowing that this potential exists, what that person does with that information is amazing”

Dorsey also spoke of Apple, its products, and their impact upon the world, especially millennials, adding “The same will be true for bitcoin, and blockchain and digital currency,” positing that developers will start younger, thanks to the tools currently at their disposal:

“I think there’s a massive acceleration that is going to happen in the next 10 years because the generation growing up only knowing that these technologies exist... and having this incredibly accessible environment to program in, that’s what excites me.”

Read more: Twitter co-founder Jack Dorsey sets up his own Lightning Network nodeDorsey: Bitcoin´s resilience comes from its strength as a brand; What are these 5 famous Bitcoin bulls up to lately?

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