Dorsey has made a long-term commitment to bitcoin, showing support on Twitter and through his mobile payments company Square.
In 2018, Dorsey allowed bitcoin to be traded on Square’s Cash app and followed that up by launching Square Crypto in March 2019. Square Crypto is dedicated to growing decentralized networks through the use of development, design, and marketing.
The bitcoin price increased to past the $9,000 mark after the U.S. billionaire vowed to help bitcoin development through his payments company in January.
So, why is Dorsey so bullish about bitcoin?
The Twitter CEO believes that the internet, just like the rest of the physical world, needs a single digital currency and he expects that to be bitcoin. He has a vision that bitcoin could become the world’s single currency within 10 years.
In an interview with Lex Fridman, a research scientist at Massachusetts Institute of Technology (MIT), Dorsey lauded the ability of bitcoin to be used as a currency across different jurisdictions with the ability to overcome many hurdles and bypass conventional banking systems.
“To open a new market, we have to have a partnership with a local bank, we have to pay attention to different regulatory onboarding environments, and a digital currency like bitcoin takes a bunch of that away,” Dorsey said.
Dorsey believes bitcoin development is still in its early stages and can be forged in any direction in the next 10 to 20 years. Dorsey said “no one knows” what the cryptocurrency will look like in the coming couple of decades, which means that every player that enters the digital currency space has the capacity to change “its direction in small and large ways.”
According to Dorsey, bitcoin use can go beyond the initial money use, especially in developing countries where the digital unit can be utilized within health or sustainability or transportation.
“I think, as we get a more durable, resilient, and global standard, we see a lot more innovation everywhere. And I think there’s no better case study for this than the various countries within Africa and their entrepreneurs,” he said.
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Dorsey has described bitcoin’s design and ideals as detailed in the bitcoin whitepaper as “the most beautiful thing” and one of “the most seminal works of computer science in the last 20 or 30 years.”
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