Twitter Boss Still Optimistic About Bitcoin Despite Its Falling Price

Jack Dorsey optimistic on the future of Bitcoin (Yahoo Finance)

JAKARTA – Twitter boss Jack Dorsey is still optimistic about Bitcoin (BTC) despite its sharp price slump. Dorsey stressed the importance of such cryptocurrencies in the future, especially for cashless payments.

He said that Bitcoin will change a lot of things. Dorsey also added that no one was able to stop the cryptocurrency.

In addition to serving as Twitter's boss, Dorsey is also the CEO of Square Inc, a platform that delivers digital payment services based in San Francisco, USA.

Dorsey commented on Square's Chief Financial Officer (CFO) Amrita Ahuja's tweet outlining the company's plans for Bitcoin going forward.

"Our Bitcoin strategy is changing. We are deeply committed to this community, including working towards a greener future through the Bitcoin Clean Energy Initiative. And as we shared last February, we continue to review our Bitcoin investments on an ongoing basis", Amrita wrote on her Twitter account, Saturday, May 15, 2021.

The tweet was responded by Square CEO Jack Dorsey who said he was optimistic about bitcoin's future for the better than ever.

"Bitcoin is changing everything for the better. And we will continue to strive to make Bitcoin better", Dorsey responded.

In addition, he also posted a tweet responding to a citizen's question about Square's strategy for the development of his company. Dorsey said that no single person or institution can stop bitcoin.

"Yes, and I agree no single person or institution can change Bitcoin or stop it", Dorsey replied.

Previously, Square had purchased Bitcoin for 4.709 BTC worth USD 50 million in the last year. The company made its second purchase in February 2021 for USD 170 million. At that time the price of BTC was worth 51.200 per coin.

According to a Business Insider report, Square now has 8.027 Bitcoins worth USD 400 million.

The presence of Bitcoin and other cryptocurrencies has provoked a response from various parties in recent weeks. The fall in the price of Bitcoin was due to Tesla's decision to stop buying its electric cars using cryptocurrency.

Tesla CEO Elon Musk revealed the reasons behind the decision. According to him, Bitcoin has an adverse impact on the environment. Bitcoin uses fossil energy.

"We are concerned about the increasing use of fossil fuels in mining and Bitcoin transactions, especially coal, which produce the worst emissions compared to other fuels".

Elon Musk's remarks rocked the Bitcoin money market recently. Nevertheless, Musk insisted that it would not sell his Bitcoin. He also explained that Bitcoin will be accepted again if it already uses environmentally friendly energy.

The process of mining Bitcoin itself requires a high level of computing such as gaming graphics cards and so on. This requires a lot of energy. Because the crypto money mining activity is claimed to be very wasteful of energy.