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Friday, June 18, 2021

Bitcoin- A Necessity For Jack Dorsey

It comes as no surprise that the billionaire founder of Twitter, Jack Dorsey, is quite bullish about the future of bitcoin. He is well privy to the information that BTC is simply the largest cryptocurrency in the world- which might someday help the social media platform a lot more than anyone could perceive now. At the Bitcoin Conference of 2021, the founder stated that cryptocurrency had changed the very way investors looked at financial institutions. He went so far as to consider leaving Square and Twitter behind if BTC ever needed any help. 

Bitcoin- Dorsey’s Currency For The Future

To the billionaire founder, Bitcoin simply held the potential to create a completely new financial infrastructure that would be more inclusive of the communities that are underrepresented. He also believes that Bitcoin holds the key to protect citizens living in under-developed countries from currency devaluation, as well as the expedited transfer of funds. Precisely why Shawn Carter, the famous music mogul partnered with Dorsey to fund BTC development throughout India and Africa. 

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Dorsey is one of the many voices that find cryptocurrency as a decentralized institution that works as a hedge against currency inflation. On the other hand, there has been unmitigated criticism of bitcoin where it has been dubbed as volatile, speculative, and a far risky investment that is highly susceptible to fraudulent scams. 

Yet Dorsey believes that BTC has the potential to turn into the native currency for the whole internet platform. Last Friday, Dorsey mentioned that Square was planning to create a hardware wallet for this cryptocurrency. This was also the reason why Dorsey’s companies didn’t like dealing in any other coins and currencies simply because they had their attention geared towards turning Bitcoin into the currency native to the Internet sphere.

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