Twitter CEO discusses his bullish views on Bitcoin, calls its whitepaper “poetry”

• Jack Dorsey, the CEO of Twitter and payments app Square, said that he’s a huge believer in Bitcoin.
• Dorsey believes there is ample opportunity for Bitcoin to bring about a change in the payments system in Africa

In a recent interview with Lex Fridman, Jack Dorsey, the CEO of Twitter and payments platform Square, explained why he supports Bitcoin and called the cryptocurrency’s whitepaper “poetry.” He said:

I believe that the internet deserves and requires a native currency and that’s why I am such a huge believer in Bitcoin.

Dorsey said that the one thing he admires the most about Bitcoin is that there is no central authority setting the direction and there is no one on the other side that can stop it. He calls the crypto “pretty organic in nature and very principled in its original design.” When asked if he was the person behind the pseudonym, Dorsey replied, “No. And if I were, would I tell you?” 

Speaking of Bitcoin’s future, Dorsey said that there’s a lot of potential for BTC. According to him, anyone in the Bitcoin ecosystem can change the direction of the coin in small and large ways. Upon asking if Bitcoin could transform the way money works, Dorsey responded positively. 

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 said that he once met an African entrepreneur, who ran a service similar to Uber and struggled with payments. This included making payments to her drivers and customers paying for the rides. Between hassling the payments systems and elements of corruption there, Dorsey said that there is ample opportunity for Bitcoin to scale in Africa.

I think as we get a more durable, resilient, and global standard, we [will] see a lot more innovation everywhere. I think there’s no better case study for this than the various countries within Africa and their entrepreneurs who are trying to start things within health, sustainability, or transportation.