Jack Dorsey, the chief executive of Twitter and Square, says that Bitcoin is well-positioned to become the next global currency with the potential to unleash the ingenuity of entrepreneurs around the world.
In a new AI Podcast with MIT research scientist Lex Fridman, Dorsey says the ambiguity and mystery around the creation of BTC has become one of its biggest assets.
“I think the most beautiful thing about it is there’s no one person setting the direction, and there’s no one person on the other side that can stop it. So, we have something that is pretty organic in nature and very principled in its original design.
I think the Bitcoin whitepaper is one of the seminal works of computer science in the last 20 [or] 30 years. It’s poetry. It really is.”
When asked whether the top cryptocurrency will decouple from fiat currency and take over as the world’s reserve currency, the Bitcoin maximalist agreed with conviction.
“Definitely, but I think the bigger ramification is how it affects how society works. I think there are many positive ramifications outside of just money. Money is a foundational layer that enables so much more.”
Dorsey highlights the fact that the lack of frictionless payment options, especially in African countries, bogs down progress.
To elaborate his point, the Square chief executive describes the experience of an entrepreneur who started a ride-hailing company in Ethiopia. Dorsey says that the businesswoman had to focus on solving the issue of payments instead of thinking about providing a great rider and driver experience. The entrepreneur stresses that the payment issue “stunted” the growth of the business.
With Bitcoin emerging as a dominant global currency, Dorsey believes that human ingenuity will blossom.
“I think as we get a more durable, resilient, and global standard, we [will] see a lot more innovation everywhere.”
When asked point-blank if he is Bitcoin’s mysterious creator known as Satoshi Nakamoto, Dorsey offered a swift denial.
“No, and if I were, would I tell you?”
Featured Image: Shutterstock/kentoh