We all know how Cryptocurrency is standing on the verge of going mainstream. The choice made by the former CEO of Twitter is one towards profits, as in his other company named ‘Square,’ which is a payment platform.
Some would say that Jack Dorsey is chasing the money while various other platforms struggle to generate profits. Furthermore, his other company has already made supportive moves towards Bitcoin. On the other hand, Jack Dorsey made it pretty clear when he cited that Twitter was ready to move on from its founding fathers.
The fact that his passion for Bitcoin has a solid foundational belief. He even tweeted about that fact as of Jan 14’2021, stating that “Bitcoin is not controlled or influenced by any single individual or entity.” The latest twitter interaction between jack Dorsey and a Grammy winner rapper gained much attention on social media platforms. He mentioned that Bitcoin would replace the US$ and the world witnessed twitter’s former CEO’s fascination with Cryptocurrency. There have been tweets regarding Jack Dorsey’s other company taking a project for building a Bitcoin Mining System.
What feeds Jack Dorsey’s fascination with Bitcoin? There has to be a calculated evaluation behind his statement of Bitcoin replacing the US $?
In today’s day and age, the world is witnessing how technologies like Cryptocurrency are on the verge of taking over. Although, we can agree that if this move were about profits over political clouts, then Jack Dorsey would have resigned from Twitter long ago.
Since Earlier 2017, when Bitcoin was trading at nearly $1000, there have been many talks about the instability of Bitcoin. Yet, in today’s day, the approximate value of Cryptocurrencies is almost $3tn. The reason is that Investors like Jack Dorsey and his company, even Amazon, have shown keen interest in accepting payments in Bitcoins.
We are witnessing the substantial growth of Cryptocurrencies, along with the fact that these currencies like Bitcoin are building a solid foundation of economic believers.
During the same time, Jack Dorsey’s tweet regarding a single global cryptocurrency was gaining attention. While on the other hand, an Economist named Yanis Varoufakis mentioned his views on how disastrous it might be if bitcoin did replace any fiat currencies. During the crisis’ bitcoin community’ would have no incentive to expand the money supply. After all, it is a fact that the value of any cryptocurrency is simply the result of fluctuations in fiat currencies.
One can even say that maybe it’s the libertarian beliefs that act as a backbone for Jack Dorsey’s fascination with Bitcoin.
During the Covid crisis, the world witnessed a significant incline in Cryptocurrency trading, a byproduct of developments in money supply by the Central Banks. Such is the two-sided future that lies ahead of us, where on one side, the libertarian beliefs complain about bank policies and, on the other, benefits from the same bank policies.
In today’s day, Jack Dorsey’s beliefs about Bitcoin replacing the $US are a little far-fetched. However, the substantial growth of Cryptocurrency has shown the world a glimpse into the future.
Also Read: How is the US Dollar Moving Crypto Market Volatility?
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