Twitter Founder Jack Dorsey Says Bitcoin Will Become Internet Currency

Bitcoin is said to be the currency of the internet. (DailyDot)

JAKARTA – Jack Dorsey as the founder and former CEO of Twitter recently expressed his belief that Bitcoin (BTC) will become the native currency of the internet. Dorsey made this statement in an interview with Michael Saylor. On the other hand, Dorsey also understands that Bitcoin is still lagging behind other crypto assets in terms of development.

Reporting from The Daily Hodl, To MicroStrtegy CEO Michael Saylor, Dorsey explained why he believed in Bitcoin compared to Ethereum (ETH).

“This is intentional and predictable. Bitcoin takes a lot of hit, especially in mainstream technology media, versus Ethereum in terms of development speed. Ethereum is moving very, very fast compared to (BTC), but it raises questions about what the end result of that movement will be,” said Dorsey.

Despite the slow development of Bitcoin, Dorsey explains that slower things actually make it last longer and more secure and better usability.

“Bitcoin is very careful about what comes in and what doesn't… It's slower, but slower things tend to stick around and tend to be a lot more predictable in terms of the direction they are headed. They tend to be much safer. They tend to have much better uptime and usability than others.”

The Twitter founder also stated that he believed Bitcoin had great potential to become an internet currency. In addition, the owner of the company Square, which was rebranded as Block, believes that Bitcoin will be able to serve billions of people in the near future.

“That doesn't mean that there aren't a lot of great ideas in the sandbox everywhere and happening in all these other projects. There's a great sandbox that will test ideas very quickly, but it's that willfulness that makes Bitcoin, to me, a potential internet currency and gives so much confidence, as a business owner, as someone who runs one of these companies, that it will survive and it will serve billions of people over the next few decades.”

Had Bitcoin existed before Twitter was born, Dorsey says the platform would not have relied on advertising models for revenue.

“I think there will be a much healthier balance on several business models at once than over-reliance on this one model. I think we're going to see less of the problems that advertising systems can pose in terms of privacy and everything we see around, also surveillance capitalism. The fact that the internet doesn't have this mode of transportation and it doesn't have these protocols doesn't force this currency into a very traditional model that goes big on a scale and then can become very dangerous at scale as well," Dorsey said.

At the time of writing, Bitcoin is trading at a price of IDR 545,814,608. Bitcoin price has increased by 2.2 percent in the last 24 hours as data reports from Coingecko.