Twitter and Square CEO Jack Dorsey: ‘Bitcoin Absolutely Changes Everything’

On Friday (June 4), Jack Dorsey, the CEO of Twitter and Square, made several interesting comments about Bitcoin and his commitment to it at the Bitcoin 2021 conference, which is being held in Miami (4-5 June).

Here are a few highlights from Dorsey’s conversation with Alex Gladstein (who is the Chief Strategy Officer at the Human Rights Foundation) at a session called “Baking the Unbanked”:

  • “Bitcoin absolutely changes everything.“
  • “I don’t think there’s anything more important in my lifetime to work on.“
  • “Whatever my companies can do to make it accessible to everyone is how I’m going to spend the rest of my life… If I were not at Square or Twitter, I would be working on Bitcoin… If it needed more help than Square or Twitter, I would leave them for Bitcoin… But, I believe both companies have a role to play.“
  • “I don’t think there is anything more enabling for people around the world.“
  • “We don’t need the 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.“

On Friday, Dorsey also tweeted about Square’s intention to build a hardware wallet for Bitcoin:

According to Bloomberg, on 16 May 2018, Dorsey, who is also the CEO of Twitter, shared his belief in Bitcoin with a crowd of crypto enthusiasts at the Consensus 2018 conference in New York:

“The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or no, but hope it will be.“

Payment solutions provider Square was founded in February 2009. The three co-founders are Jack Dorsey (who is also the company’s Chairman and CEO), Jim McKelvey, and Tristan O’Tierney.

Square Crypto, which was launched in March 2019, was “designed to strengthen the bitcoin ecosystem”, as product manager Steve Lee explained back in July 2019:

Recently, Square Crypto and ARK Investment Management, LLC (aka “ARK” or “ARK Invest”), which was founded and is headed by Cathie Wood, teamed up to create a white paper (or “memo” as they prefer to call it) titled “Bitcoin is Key to an Abundant, Clean Energy Future”. 

On April 21, Square Crypto took to Twitter to explain the main ideas from this paper:

Square Crypto said:

“Solar and wind produce cheaper energy than fossil fuels. This should make them ubiquitous, but they’re held back by an obvious flaw: they produce too much energy when demand is low and not enough when it’s high. Batteries could fix this, but alone aren’t economical enough.

“What can fix this problem is an ecosystem where solar/wind, batteries, and bitcoin mining co-exist to form a green grid that runs almost exclusively on renewable energy. Not only is this doable, it is doable without jeopardizing the sector’s profitability.“

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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