It’s no secret that Twitter’s Jack Dorsey loves Bitcoin. The billionaire entrepreneur has been one of the cryptocurrency’s loudest champions for several years now.
Square, his payment processing firm that was launched in 2009, supports some Bitcoin functionality; he was personally involved in the recent demonstration of the Bitcoin scaling technology Lightning Network; and was an early financial backer of Lightning Labs, one of the main development teams involved in building the micropayment solution.
Dorsey has long held that the internet would function a lot more efficiently with its own common currency and he believes the best candidate for that at present is Bitcoin.
In a recent interview with Quartz, the entrepreneur confirmed that he did indeed still feel that the internet would benefit from its own currency. He stated that the internet itself can be considered as a nation-state of sorts and, just as most countries have their own currency, so too will the internet:
There is not going to be any one party or institution that makes this happen, and there’s not going to be any one party or institution that can stop it from happening.
Continuing, Dorsey stated that a single currency for the internet would unite communities and nations around the world — opening the door for even greater innovation and, more importantly, access for those traditionally excluded from the global economy.
What About GlobalCoin?
When questioned about Facebook’s still-mysterious digital currency project, the Twitter CEO reminded readers that — since the internet is an entity outside the control of a single organization — it figures that the internet’s currency should mirror its most powerful attributes.
Naturally, the conversation then pivoted to likely candidates for a single currency for the internet:
I haven’t seen any other currency that would challenge it [Bitcoin] across the dimensions that I think are really important.
Bitcoin is the Best Option
Dorsey then detailed the things currently unique to Bitcoin that make it the prime candidate while arguing that its branding and the principles behind its creation are some of its strongest attributes. He describes the anonymous creation and organic growth of Bitcoin as being agenda-less and “pure” before championing its deflationary monetary policy:
The fact that it’s meant to be deflationary, meant to incentivize savings instead of spending, I think is a net positive for the world and how we think about consuming.
Finally, on the subject of Bitcoin, Dorsey states that any other cryptocurrency will have a hard job providing the same proof-of-resilience that Bitcoin has done over the last decade. No other digital asset has undergone anywhere near the same level battle-testing that Bitcoin has. The longer this remains the case, the more people will trust in Bitcoin over any competition.
Do you think Jack Dorsey is right? Will the internet one day have a single currency and will it be Bitcoin? Let’s hear your thoughts below.