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- Jack Dorsey will support BTC for his entire life
- The CEO of the leading social media platform claimed that if he was not working for those firms, he must have been working for Bitcoins
- Banks and financial institutions are no more required when we have a cryptocurrency
- Dorsey aims to make Bitcoin the currency for the Internet
- Dorsey has been mocked in live event
Jack Dorsey is the CEO of one of the leading social media, and is a consistent advocate for Bitcoin. Twitter CEO is also the co-founder of the digital payments company Square Inc, allowing its users to trade Bitcoins. On the other hand, CEO Jack also backs Bitcoin’s Lightning Network (LN) that has been added to the BTC blockchain as a second layer.
Recently in the Bitcoin 2021 event that began in Miami on Friday, the CEO of Twitter was found very optimistic regarding Bitcoin. In the event, CEO Jack revealed that his goal is to remove the cooperativeness of his firms. Additionally, the company is also seeking more interactions with the open-source community.
Jack Dorsey believes we don’t need banks
In the Bitcoin 2021 live event, Jack Dorsey showed himself as a devoted proponent of Bitcoin. The event’s host asked the co-founder of Square Inc about his perspective on the scenario where there are billions of individuals with no bank account. Notably, Dorsey believes that we don’t even need a bank account when there are crypto assets.
Moreover, Square CEO Jack Dorsey said that we just don’t need the financial institutions that we have today. And it is because we already have something that is more thriving, sound, and owned by the community. According to the Twitter and Square CEO founder, the cryptocurrency ecosystem is driven by the community. Dorsey also believes that Bitcoin always manages to do the right thing over time.
Dorsey lists Square’s plans for Bitcoin hardware wallet
In the Bitcoin 2021 event, Square CEO Jack Dorsey deemed that Bitcoin changes everything. Moreover, Dorsey believes that there is nothing more important than the coin designed by Satoshi Nakamoto. Hence, the CEO of Twitter and Square will remain supporting the flagship crypto asset for his entire lifetime.
Additionally, Dorsey also claimed that he must have worked on Bitcoin if he was not at Square or Twitter. Moreover, if the digital currency ever needed more help than Square and Twitter, he would have left those firms for Bitcoin. Still, Dorsey believes that both Twitter and Square have some role to play in the scenario.
Post the announcement, the shares of Square were up almost 1.5 percent to $214.51 Friday afternoon.
The company has further raised its bets on bitcoin since it disclosed in February it had invested $170 million more in the cryptocurrency.
Twitter Co-Founder supports Bitcoin development
Bitcoin has been facing heavy regulatory pressure globally, due to which, in mid-May, the price of the asset experienced a sharp fall. Countries like Nigeria and India’s government are seeking to ban virtual currencies like Bitcoin and Ethereum. Where others, like Turkey and China, are introducing more strict regulations for such assets.
Following the global scenario, Square founder established a Bitcoin fund. And planned to provide 500 BTC to pool Bitcoin development in countries like India and Nigeria. Notably, Jay-Z, the music mogul and entrepreneur, has also helped Dorsey to create the multi-million dollar pool. To the Square CEO, BTC is something that has the potential to build new financial infrastructure.
Square Inc will roll out its hardware wallet for BTC
Square CEO Jack Dorsey announced that he plans to roll out a hardware wallet for Bitcoin with his company, Square. co-founder’s of Square believes that everyone should use Bitcoin. Terming it as “building a noncustodial hardware wallet”, Dorsey announced that he wants to do is make it completely in the open, from all of our software to all of our hardware design would be open-sourced.
Square founder has sold his NFT tweet to donate
Dorsey has remained a supporter of Bitcoin on social media platforms. In March 2021, Dorsey sold his very first tweet as a Non-Fungible Token (NFT). At the time, the tweet NFT was sold for 1630 ETH tokens. However, Jack converted its Ethereum to Bitcoin and donated it to a COVID-19 relief fund in Africa via GiveDirectly, a charity giving cash to people living in poverty.
Dorsey said that he and his firms would do whatever is necessary to make BTC more accessible to everyone globally.
Twitter CEO aims to make Bitcoin the native currency for the Internet
In the Bitcoin 2021 Miami event, the host mentioned the current scenario of countries like Sudan, Nigeria, and others. In such places, the residence is struggling with their governments and fiat money. The host focused that with the high adoption of the blockchain, the transaction fees will also surge. And such costs will be increased in terms of the fiat of such struggling countries. Indeed, the fact requires a micropayment solution for those who want to transfer $5 or $10. Following the scenario, the host asked Dorsey regarding his commitment to Lightning Network.
According to Dorsey, LN is going to be used by more and more users globally. Simultaneously, he believes that BTC is undoubtedly a fantastic currency, but because of fees, the Internet needs a different currency.
Following that, everyone globally needs to transact with crypto assets. Square began to focus on Bitcoin. Dorsey said he is too focused on making Bitcoin the currency for the Internet, so they don’t focus on other virtual assets.
Square CEO has been mocked in the live event
While Dorsey was discussing about his commitment to the Lightning Network, a woman interrupted with aggressive statements. The lady questioned how Dorsey could say that Bitcoin is a currency for everyone in the world. And called Dorsey the “King of Censorship”. Furthermore, she explained that Bitcoin is about decentralization, and Dorsey has no right to be here today speaking about BTC.
In response to the women, Dorsey accepted that a number of individuals disagree with the actions taken by Twitter. And explained that there are cooperative incentive and a business incentive that is different from what might be required for global communication.
In the current scenario, the goal of Dorsey is to remove such co-operates as much as possible. Moreover, he seems to plan to shift to an open-source hub.
Twitter is doing everything possible for Bitcoin
Following the statement of the co-founder’s of Square, someone from the audience shouted at him to be a liar. Still, Dorsey smiled and continued that the team is doing everything in their power. And revealed that the firms are trying to build a new open-source standard, “BlueSky”. Dorsey also said that he knows that many will not believe him to prove it.
However, observing the women’s actions, it seemed to be a scripted plot. Hence, might the plot was already planned to promote Bitcoin’s Lightning Network.
BlueSky as a replacement for Twitter
Jack further explained that BlueSky would have no restrictions that Twitter is having. Moreover, the project is entirely inspired by Bitcoin. BTC keeps the data of its user’s privacy. Likewise, Twitter is planning to do the same with social media.
Twitter-like platforms are using our privacy
It is crystal clear how much firms like Facebook and Twitter are concerned about their user’s privacy. The Privacy & Policy section of both the platforms clearly mentioned that they take users informations. Notably, Facebook and Twitter also allows its users to select the limit of data it can capture. However, there is no option to stop the firms from collecting our private information ultimately.
What does Twitter do with our data?
Platforms like Facebook and Twitter track our data to customize the values it displays to us. Our information helps the organization to identify “trending topics” to more localized trends or popularity rankings. Furthermore, the tweets on the hub are also organized using such data.
Notably, these platforms also share our tweets and other personal data externally to advertisers. Moreover, several other platforms also have access to Twitter’s database. Google also tracks the data of Twitter with its ubiquitous analytics suite.
Most important, Twitter also shares the private data of individuals with governments globally. However, such data gets compelled by legal requests by government agencies.
Is the Twitter co-founder really concerned for its user’s privacy?
Billionaire Dorsey is no doubt a more significant supporter of the flagship cryptocurrency. He vigorously believes that one day BTC will undoubtedly become the currency for the Internet. Following the advantages and use-cases of Bitcoin, Square Inc has gotten involved in the asset’s journey to the end.
Moreover, in February, Square has also acquired more than $170 million worth of BTC to its firm’s balance sheet. However, this was not the first investment made by the company, as back in October 2020, the company also had invested in the emerging asset class.
