At the time of writing, bitcoin – the world’s number one cryptocurrency by market cap – is trading for just over $10,200, which means that it’s fallen a little further in the past 24 hours. Still, despite the bearish phase the cryptocurrency appears to be experiencing, many people seem to be remaining loyal to the asset, among them Jack Dorsey of both Square and Twitter fame.
Jack Dorsey: Bitcoin Is the Most Viable Currency
As the CEO of two major companies, Dorsey has long been a top advocate for bitcoin, even going so far as claiming in 2018 that bitcoin would become the world’s single currency. He stated his belief that the U.S. dollar, the yen, the yuan, the euro and virtually every other form of money in existence today would ultimately disappear or become obsolete, and that bitcoin would take over all their functions.
He predicted this could happen in as early as ten years, and while we’re still not quite there yet, the asset has certainly made the rounds as of late, with many banks now stating that they offer crypto custody services, a huge maneuver considering the gap between both centralized and decentralized finance is now bridged.
In a recent interview, Dorsey explained that bitcoin, in his opinion, remains the “most viable currency for the internet.” He further stated that so long as the internet is in desperate need of a currency, that currency will ultimately be bitcoin. He finally mentioned:
I can’t see that changing given all the people who want the same thing and want to build it for that potential… The internet is something that is consensus driven and is built by everyone, and anyone can… change the course of it. Bitcoin has the same patterns. It was built on the internet.
His words appear to ring true at press time. Despite all the losses in recent weeks and the major drop to the $3,000 range that occurred last March, many people still appear to have hope in BTC, especially during the harsh economic circumstances they’re facing. Thanks to the coronavirus pandemic, markets suffered for several months earlier in the year, and unemployment rose to unprecedented levels.
Many People Still Want It
The biggest step back was the weakening of the U.S. dollar. The currency was victimized by inflation, and as a result, many traders and investors turned to assets like gold and bitcoin, believing them both to be hedges against further problems. There is a sudden belief that bitcoin works like gold and can ultimately keep one’s money safe during times like these.
Among some of the other moves Dorsey has made to promote bitcoin in the past was an announcement in late 2019 that he would travel the continent of Africa attempting to bring bitcoin and its benefits to even more masses of people. However, the present virus has no doubt stalled Dorsey’s plans, and it’s unclear if or when he’ll engage with this enterprise.