Twitter CEO Jack Dorsey is one of the world’s leading Bitcoin activists. So excited, Dorsey even hopes this cryptocurrency can bring security to the world.
Speaking at The B Word virtual conference also attended by Tesla CEO Elon Musk, Dorsey said Bitcoin could help address financial inequality and encourage individuals to focus on bigger problems.
"My hope is that this creates world peace or helps create world peace," Dorsey was quoted as saying by Engadget, Saturday (24/7/2021).
"All of these monopolies are unbalanced and individuals lack the power and the amount of costs and disruptions that come from our financial system right now is real and distracts from bigger problems."
Dorsey has long been a proponent of cryptocurrencies like Bitcoin. In 2018, he is even convinced Bitcoin could become a single currency in a decade.
In addition to leading Twitter, Dorsey is also CEO of Square, a provider of digital payment services. Last year, Square bought Bitcoin worth USD 50 million.
Last week, Dorsey announced Square would create a new business focused on ‘decentralized financial services’ that use Bitcoin. The service aims to mimic traditional financial systems, such as banks and exchanges, with cryptocurrency.
But Dorsey’s vision to make Bitcoin a single currency and bring world peace has many obstacles. For example, internet access is not evenly distributed in many areas.
Moreover, the use of electricity required to mine Bitcoin and process transactions is also contrary to Dorsey’s vision, given that cryptocurrency has a large negative impact on the environment.
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