In an interview with The Verge, at the Computer History Museum in Mountain View, California, Twitter and Square CEO Jack Dorsey revealed that he’s a bitcoiner and that he believes that blockchain technology will be a part of our future.
According to The Verge, Jack Dorsey believes that blockchain’s potential goes far beyond accounting, as he stated that it has the potential to “be applied to so much more,” and described it as “the next big unlock.”
Dorsey went on to talk about blockchain’s benefits and potential, even stating that it enables proof of work and proof of one entity in an untrusted network. This led to a simple conclusion that, presumably, means Jack Dorsey shares the ideas of experts who have described blockchain technology as analogous to the early days of the internet. He stated:
“There are so many problems we can help solve [with blockchain] that are not just related to finance, but finance is an obvious one.”
The entrepreneur also warned that despite blockchain technology’s availability and potential, it shouldn’t mean that everyone should try to use it. Per his own words, he believes there will be a bunch of people trying to apply blockchain everywhere and solve every single problem with it, the same way machine learning, data science, and artificial intelligence are currently being used to address every problem we have.
Dorsey believes we need to be more thoughtful with this type of technology, and first stop to think about people’s needs and how technology can help them progress.
Daring the interview, Jack Dorsey also addressed bitcoin and its explosive growth, both in value and in popularity. His company Square has been accepting bitcoin payments since 2014 and Dorsey even admitted he has personally invested in the cryptocurrency, although he didn’t reveal how much he had.
Notably, the entrepreneur revealed that his friends and family, who aren’t as tech-savvy as one would expect, have been asking questions about investing in the cryptocurrency. He stated that they keep asking him how they can buy bitcoin, as they heard it is “a fast easy way to make money” and that “someone said it’s like digital gold.”
In the interview, Dorsey went on to talk about the pros and cons of a decentralized digital currency like bitcoin. Regarding his friends and family asking him about the cryptocurrency, he concluded:
“It’s not about the currency at all to these people who asked me. It’s about the investment.”
Featured image from Wikimedia.
Last modified: May 21, 2020 9:36 AM UTC