Bitcoin will unite the world, Twitter’s CEO says

Twitter co-founder and CEO Jack Dorsey, took to his personal account to tweet a cryptic message about Bitcoin, suggesting that the cryptocurrency will be behind the unity of the country, and eventually the world itself. 

Vagueness shrouds Dorsey’s optimism about Bitcoin’s power leaving many of his followers bewildered of his stance. 

However, it doesn’t take two to figure out that the country in question is the U.S. 

Dorsey’s bold statement came after an amendment to the U.S. Senate’s infrastructure package was cut off, which would’ve allowed the American government to expand its involvement with cryptocurrency. 

The amendment in the infrastructure bill was supposed to limit an increase in federal regulations on cryptocurrency. Now, crypto advocates are on the fence with how to move forward, as legal regulation might stifle crypto innovation in the US and push business transactions overseas. 

This isn’t the first time the 44-year-old tech enthusiast boasts about his optimism in Bitcoin as a vague solution to large problems. During a virtual conference in July under the name of “The B Word,” Dorsey expressed his hopes in Bitcoin, suggesting that it might bring world peace. 

However, unlike the present scenario, Twitter’s CEO didn’t leave the audience puzzling for an explanation. Dorsey went on to elaborate that the amount of cost and distraction produced by today’s monetary system is real, and it’s taking away the attention from bigger issues. 

“All these distractions that we have to deal with on a daily basis take away from those bigger goals that affect every single person on this planet and increasingly so,” Dorsey said. “You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term, but my hope is definitely peace.” 

The conference – which bore host to a plethora of tech leaders – brought Tesla CEO and crypto-market mover Elon Musk to the fold, as well as Cathie Wood, CEO of Ark Invest, and investment firm that’s currently Square’s main backer.  

Dorsey has been touting Bitcoin for a while now. In 2018, Twitter’s CEO claimed that Bitcoin will become the world’s single currency in the span of a decade. While earlier this month, Dorsey doubled down on these efforts through its financial firm Square, which announced plans to transform Bitcoin as a hardware wallet, aiming to decentralize the financial system market. 

However, he has yet to address multiple issues found in Bitcoin that will surely stand as a hurdle in its potential in providing world peace.  

One of the most obvious issues is concerned with connecting the unconnected, which will block a great number of individuals from jumping on the crypto bandwagon. 

While the power consumption required for Bitcoin mining and process transaction go against Dorsey’s world peace and unity vision, as the environmental impact acts as an obstacle itself.  

Although, there have been improvements in decreasing cryptocurrency’s environmental impact. Some companies are exploring ways to reduce emissions caused by mining. Of course, it’s expected that there will always be a certain environmental impact in today’s Bitcoin mining arena.  

However, back of the envelope calculations suggest that it’s not catastrophic, as there’s enough flared natural gas in the U.S. and Canada alone to support the entirety of Bitcoin’s network. 

Whether Bitcoin, cash, credit or other means that have monetary value can possibly solve the world’s complex issues remains up to debate.  

Yet, to what extent can we trust the word of the man behind one of the biggest social media companies in the world? After all, Dorsey did admit back in February that the micro-blogging website is still lacking on fronts like transparency and giving more choice as well as control to users.