Jack Dorsey: We no longer need banks

Jack Dorsey, the founder and CEO of Twitter and Square, is a bitcoin believer through and through.

Jack Dorsey: We no longer need banks

Jack Dorsey, founder and CEO of Twitter and Square, is a bitcoin believer through and through: he likens the bitcoin white paper to laudable “poetry,” has a bitcoin clock “BlockClock mini” in his home, and has donated money several times to accelerate bitcoin adoption and development.

Today, at the 2021 Bitcoin Conference in Miami, Dorsey doubled down on that love. In a nearly 30-minute fireside chat with Alex Gladstein of the Human Rights Foundation, Dorsey even turned up the heat: “Bitcoin has absolutely changed everything …. I don’t think I’ve had more important work in my life than this.”

“If my company can do something to make it [Bitcoin] available to everyone, that’s how I’m going to spend the rest of my life. If I wasn’t at Square or Twitter, I’d be working for Bitcoin. If it needs more help than Square or Twitter, I’ll drop them and run to Bitcoin.”

When asked how Bitcoin could help people who currently don’t have bank accounts (an estimated 1.7 billion people worldwide as of 2017), Dorsey made the case for abolishing the current banking system.

“Well, we don’t need banks anymore…There’s a lot of work to be done around account accessibility and there’s a lot of work to be done in terms of education so people can have their own ideas.”

“We don’t need the financial institutions we have today …. We have a thriving, robust, community-owned and community-driven [Bitcoin] that has this incredible and amazing consensus that over time always manages to do the right thing. It’s noble and so rare and unique. Anything we can do to build and protect it, we’re going to do.”

Dorsey also spoke about the endowment fund he started with rapper and entrepreneur Jay Z in February. The two donated 500 BTC (now about $18.6 million) to encourage global bitcoin development starting in Africa and the Indian region. Dorsey said they are creating a board of directors for the fund, and then it will begin making grants in BTC – he will not control or have input into the board’s decisions.

” Jay Z loves Bitcoin,” Dorsey said, “he’s very deep into what he loves, he believes in it, and he also believes in this idea that if we’re sure we’re going to create this wealth for the world, it has to be able to be developed around the world. “

Earlier Friday, Dorsey announced on Twitter that Square was “considering” creating a Bitcoin hardware wallet, which would be created publicly with community participation. When Gladstein asked about it, he seemed more than certain it would happen.

“We don’t want to compete with those hardware wallets. We just want to take it to the next level and benefit more people who have non-hosted solutions. We’re likely to do that soon.”

Dorsey also discussed the need to support the Lightning Network in order to make Bitcoin more viable for everyday use and payments.

In fact, Dorsey eschews other cryptocurrencies such as ethereum and dogcoin altogether. For me, all other tokens are not taken into account, which is why we don’t deal with any other currencies or tokens,” he says. We are focused on making Bitcoin the native currency of the Internet.”

Regarding the government’s pursuit of CBDC as an alternative to Bitcoin adoption, Dorsey said, “They’re in trouble and it’s just a bunch of nonsense. We have better alternatives to bitcoin.”

The fireside chat was briefly interrupted by far-right activist Laura Loomer, who has been banned from Twitter, who called Dorsey the “king of censorship” and said he has “no right to be here” to talk about the freedom that bitcoin offers.

Gladstein asked Jack if social media could become more censorship-resistant, like Bitcoin.

He replied, “I know a lot of you disagree with [Twitter] policies and the way we make them. My current goal is to eliminate as much of the corporate nature of our company as possible.”

He spoke of Twitter’s Blue Sky initiative to create a decentralized standard for social media and suggested it would be free from the censorship and corporate influence found on Twitter’s main platform: “It won’t have any of the restrictions you see on Twitter. Totally inspired by Bitcoin, we want to do the same thing for social media …. I’m going to prove it to you, and we’ll have a conversation when we do”.

As a bitcoin advocate who knows what he’s doing, Jack Dorsey has been revered by his circle, with Square once buying $220 million in bitcoin as a reserve, Dorsey himself running his own full bitcoin node since February of this year, and his personal Twitter profile with one word – ” Bitcoin.”

Written by Mary Liu

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/jack-dorsey-we-no-longer-need-banks/
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