Twitter CEO: Bitcoin Will Be Currency of Internet

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CEO and co-founder of Twitter, Jack Dorsey, has reaffirmed his belief that Bitcoin will be the default currency of the internet.

His opinion comes during an interview, where he said, “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet… It is of the internet.”

The CEO of the microblogging platform has made similar comments in the past, last time in May 2018, where he also said that he saw Bitcoin ruling online payments.

He is also the founder and CEO of Square, a mobile payment platform that supports Bitcoin. When asked if he would consider adding other cryptocurrencies to the platform, he clearly said no. Square, despite its rigid approach to entertaining only Bitcoin, was still declared as the financial company of the year by Yahoo Finance. Square did record business in Q3, 2018, with revenue generation of USD 43 million from Bitcoin payments alone.

On the question of Bitcoin experiencing backlashes, Dorsey said to “look at some of the major banks and their considerations on Bitcoin”. On blockchain, the technology behind Bitcoin and other cryptocurrencies, he said that through its censorship resistance and decentralized structure, data stored online would be permanent: “We’re moving to a world in which anything created exists forever, that there’s no centralized control over who sees what, that these models become completely decentralized and all these barriers that we, that exist today, aren’t as important anymore.”

Twitter is a major social platform for crypto-related community. It is plagued with issues, such as fake giveaways and scams involving unauthorized use of pictures of celebrities and leaders to attract susceptible people into funding fake crypto projects.

Dorsey has come under fire after his comments, however. Twitter has recently banned accounts such as that of the famous far-right website host, Alex Jones.


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