Next Gen Investing

'It reminds me of the early internet': Jack Dorsey says this is what inspires him the most about bitcoin

Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square speaks on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.
Joe Raedle | Getty Images

Billionaire Jack Dorsey, CEO of Twitter and Square, has been a consistent advocate for bitcoin, the largest cryptocurrency by market value.

During "The B-Word" conference, an event hosted by the Crypto Council for Innovation, on Wednesday, Dorsey explained a few of the reasons behind his love for bitcoin.

"What really drove my thinking and drives my passion behind it is, if the internet has a chance to get a native currency, what would that be? To me, it's bitcoin because of those principles, because of its resilience," Dorsey said, referring to how the bitcoin community sees the cryptocurrency as a way to help the unbanked and support underserved communities.

But, "what inspires me the most [about bitcoin] is the community driving it," Dorsey said. "It reminds me of the early internet."

Dorsey spoke on a panel alongside Elon Musk, CEO of SpaceX and Tesla, and Cathie Wood, CEO of ARK Invest, at the conference. When sharing what shaped his views on bitcoin, Dorsey reiterated that it was "the network and the community."

Jack Dorsey appears on The B Word, July 21, 2021.
Source: The B Word

"It's deeply principled, it's weird as hell [and] it's always evolving. It just reminded me of the internet as a kid," Dorsey said.

Dorsey has high hopes for the future of the cryptocurrency. "My hope is that creates or helps create world peace," he said. "It's going to be long-term, but my hope is definitely peace."

Dorsey has both personally and professionally supported bitcoin in the past. At the Bitcoin 2021 Conference in June, he explained that he sees bitcoin as a way to protect against currency devaluation and expedite transfers of funds across border lines.

"Bitcoin changes absolutely everything," Dorsey said in June. "I don't think there is anything more important in my lifetime to work on."

In 2018, he said that bitcoin will eventually become the world's single currency and in 2020, Square purchased about $50 million in bitcoin.

On Friday, Dorsey also announced that Square is creating a new business focused on "decentralized financial services" using bitcoin.

Bitcoin is currently trading around $31,690, according to CoinMarketCap, with a market value of over $594 billion.

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