Jack Dorsey on Bitcoin: It should be a broad means of payments for everyone

Jack Dorsey Bitcoin

Square and Twitter CEO Jack Dorsey defends his positive view on decentralization and Bitcoin during the crypto event.

The CEO of Square and social media giant Twitter, Jack Dorsey, defended his stance on Bitcoin and decentralization. During the Bitcoin 2021 conference in Miami, the businessman assured that the cryptocurrency must become a broad means of payment at the service of all.

In that sense, he assured that his participation as a representative of the aforementioned companies is to defend the usability of cryptocurrencies. He criticized some state regulatory bodies, which he considered unnecessary. On the other hand, he lashed out at the Central Bank currencies (CBDC), which he branded as more of the same due to central control.

On the other hand, he said that adding Bitcoin to the balance sheet of the social network Twitter is being seriously considered. It should be noted that the other company (Square), became one of the pioneers in putting their capital in that cryptocurrency. Next to her, the other early riser company in Bitcoin investments was MicroStrategy, by Bitcoin evangelist Michael Saylor.

Why Does Jack Dorsey Have Positive Opinions On Bitcoin?

The fact that a public figure like Jack Dorsey has a positive outlook on Bitcoin speaks volumes for the maturity of this digital currency. Until very recently, it was unlikely that large investors would turn their eyes to the new phenomenon of Blockchain and cryptocurrencies. Now, almost everyone should take them into account, either to praise or criticize them.

In this way, the CEO of Twitter affirmed that his mission is to turn Bitcoin into the native currency of the Internet. In addition, he stressed that the most popular of cryptocurrencies must be a broad means of payment available to all people. This is, he stressed, the reason why Square has decidedly entered the investment of part of its capital in cryptocurrencies.

On the Central Bank Digital Currencies (CBDC), Jack Dorsey assured that they should not be compared with Bitcoin. These coins, he explained, do not represent a solution due to the tight centralized control behind them and the lack of privacy of those who use them.

A hypocritical speech

But Jack Dorsey’s praise for Bitcoin, and his friendly stance on decentralization and economic freedom, was frowned upon by all. In the audience, a far-right activist called him a hypocrite and rebuked him that he could not talk about financial freedom being “the king of censorship .”

This is the former candidate for the United States Congress, Laura Loomer, whose account was suspended by Twitter. It should be noted that the social network maintains a policy of suspending accounts that violate its policies. It should be noted that many right-wing activists have been banned, not only from Twitter, but from other social networks, for various reasons.

Finally, Jack Dorsey ruled on the attacks on Bitcoin for alleged financial means of illegal activities. According to this narrative, the privacy of some cryptocurrencies makes them ideal for money laundering, terrorist financing, or tax evasion. However, the vast majority of these crimes and others are financed with the USD.

Data to take into consideration

The Bitcoin 2021 event started this Friday, June 4, and its presentations were extended throughout the day. The topics covered at the event are wide-ranging and feature speakers such as Ron Paul, Nick Szabo, Michael Saylor, Max Keizer and Jack Dorsey.