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- Jack Dorsey shared his belief in Bitcoin with a crowd of crypto enthusiasts at the Consensus 2018 NYC conference.
- Square Crypto was launched in March 2019, designed to strengthen the bitcoin ecosystem.
- Square Crypto and ARK Invest collaborated to devise a whitepaper titled “Bitcoin is Key to an Abundant, Clean Energy Future.”
Among the two netizen halves debating whether or not Bitcoin is damaging the environment, Jack Dorsey, the co-founder and CEO of the microblogging and social media platform Twitter, clearly belongs to the crypto-supporting lot. Wednesday witnessed Dorsey resorting to Twitter to express his belief in Bitcoin, stating “bitcoin incentivizes renewable energy.”
The founder and CEO of Square, a financial payments company, Dorsey, attached Square Crypto’s Twitter thread depicting an abridged explanation of the same.
Dorsey’s Unwavering Belief in Bitcoins
According to Bloomberg’s article, published 16 May 2018, the American billionaire shared his belief in Bitcoin with a crowd of crypto enthusiasts at the Consensus 2018 NYC conference. He said “the internet deserves a native currency,” and in the upcoming future, will have indeed; whether “it’ll be Bitcoin or not” can’t be said for sure, but he hopes it’ll be.
In February 2009, Jack Dorsey with Jim McKelvey and Tristan O’Tierney co-founded Square. Square Crypto was launched much later, in March 2019, as a project “to strengthen the bitcoin ecosystem,” explained product manager Steve Lee in July 2019.
Whitepaper: Bitcoin is the Answer to a Better Future
Recently, Square Crypto collaborated with ARK Investment Management, LLC, or ARK Invest, founded and headed by Cathie Wood, to create a whitepaper titled “Bitcoin is Key to an Abundant, Clean Energy Future.”
Square Crypto even tweeted a summarized version of their main ideas from the paper. The thread contents read, being cheaper than conventional fossil fuels, renewable solar and wind energy still have a major flaw: “they produce too much energy when demand is low and not enough when it’s high.” And batteries alone can’t fix this. But “an ecosystem where solar/wind, batteries, and bitcoin mining co-exist to form a green grid that runs almost exclusively on renewable energy” definitely can.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
