Twitter founder and Block CEO Jack Dorsey Bitcoin (BTC) He stated that it is “sane, predictable, open, transparent” different from all other decentralized financial networks.
Jack Dorsey had an important meeting with another Bitcoin advocate, Michael Saylor, at the online event called “Bitcoin for Enterprises”.
“We Will Make Bitcoin the Currency of the Internet”
Dorsey was asked why his company, Block (formerly Square) is focusing more and more on Bitcoin.
Dorsey stated that the roots of such a move go back to the founding of the Block company. The famous CEO said that the mission of the company, which came to life under the name Square, has remained the same from the very beginning and is to create a more inclusive financial system for people and businesses that are excluded from the financial world due to credit card adoption.
According to Dorsey, from now on, the company will aim to make Bitcoin, a permissionless independent currency, the currency of the internet by adopting the open and transparent Bitcoin protocol.
Despite this, Dorsey explained that Square and BTC’s relationship goes back a long way. The finance application integrated BTC into its systems in 2014, but this event did not make much noise at that time. A few years later, the company came to the fore when it applied to the SEC to add BTC to its payment application Cash App.
Dorsey spoke of this step back then: “We challenged everything that existed at that time. Security protocols, legal grounds, compliance, engineering, products… We challenged it all.”
Not long ago, the company’s Cash App had integrated open source software, LDK, into its systems. LDK was created by Spiral company, which is focused entirely on development work on Bitcoin. Dorsey stated that this integration was one of the proudest moments for his career.
In the conversation between Saylor and Dorsey, it was also mentioned that companies around the world can operate more efficiently in the global market by using Bitcoin. Saylor said that thanks to BTC, companies will be able to eliminate their monetary incompatibilities and ensure that money transfers in the business world are carried out in a completely transparent manner.
Dorsey agreed with Saylor’s words. Dorsey said that thanks to BTC, money transfers are no longer a “closed box” and that they have become transparent for everyone to see.
Dorsey: “It’s Time to Leave the Current System and Switch All to BTC”
Dorsey explained that now is the time to abandon the current system and transition to Bitcoin that is transparent, open and inclusive.
Addressing the issue of improving the situation of artists, Dorsey said that he will work with TIDAL, the music platform acquired by the Block company, for this purpose. Explaining that NFTs also serve a similar purpose, Dorsey claimed that NFTs will not be a solution to this issue because they are built on wrong foundations.
*Not investment advice