Bitcoin (BTC) changes absolutely everything – CEO of Square
- Jack Dorsey has thrown his weight behind Bitcoin, predicting that it will become the native currency.
- Bitcoin has come under fire lately, with some sharing concerns about the environmental impact of its mining.
- However, Dorsey says he is extremely bullish about the future of the cryptocurrency.
The tech billionaire also admitted that he would have been working on Bitcoin if he wasn’t at Square or Twitter. He added that he may consider leaving them for Bitcoin if the cryptocurrency needed more help than those firms.
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Dorsey is not the only billionaire with a huge admiration for Bitcoin. Tesla’s Co-founder Elon Musk has always promoted the crypto asset at any slight opportunity he gets on Twitter. However, he recently shared concerns about the extreme use of fossil fuels to mine Bitcoin, which, according to him, goes against the principle on which Tesla was founded.
Musk has been busy lately discussing a more feasible method of mining Bitcoin using clean energy.
Furthering Bitcoin development
Dorsey said Bitcoin is capable of creating a new financial infrastructure that is more supportive and inclusive for underserved communities. Dorsey reiterated,
I don’t think there is anything more enabling for people around the world.
He is one of the front runners of Bitcoin development. He recently partnered with Hip-Hop mogul “Jay-Z” to create a multi-million dollar fund to expand the cryptocurrency’s adoption in India and Africa.
Bitcoin still facing criticism
Although Bitcoin has been supported by many both within the crypto industry and the mainstream, it still faces serious challenges.
Apart from the present issue of fossil fuel use to mine Bitcoin, it has been criticized for its volatility and susceptibility to fraud.
But Bitcoin enthusiasts are seeing it as a better option to the centralized fiat currency and a perfect hedge against inflation.
Dorsey also believes that Bitcoin has the capability of becoming the native currency for the internet in the future.
He said that is the only reason why Square Inc, a company he co-founded, got involved with the crypto asset.