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Tuesday, September 27, 2022

Twitter founder Jack Dorsey says bitcoin will ‘unite the world’

Twitter co-founder and CEO Jack Dorsey has claimed that bitcoin will “unite a deeply divided country” amid debate about a controversial crypto amendment on a $1.2 trillion infrastructure bill.

The cryptocurrency has seen a resurgence in recent weeks, rising in price by more than $15,000 after crashing below $30,000 in July, however the amendment to the bipartisan bill threatened to derail its recovery by expanding the US government’s influence on the industry.

The amendment, which leading crypto figures described as “disastrous”, was eventually blocked on Monday afternoon, prompting Mr Dorsey to make his proclamation about the cryptocurrency.

Bitcoin will unite a deeply divided country. (and eventually: world),” he tweeted.

>> Follow all the latest crypto market updates with The Independent’s live blog

The Twitter boss, who also heads online payments firm Square, has been a long-time advocate of bitcoin and has invested heavily in the space.

Speaking at a bitcoin event last month, Mr Dorsey made a similarly bold claim by suggesting that the cryptocurrency has the power to bring about world peace.

“We have all these monopolies of violence, and the individual doesn’t have power. The amount of cost and distraction that comes from our monetary system today is real, and it takes away attention from the bigger problems,” he said.

“All these distractions that we have to deal with on a daily basis take away from all those bigger goals that affect every single person on this planet, increasingly so. It may sound a little bit ridiculous, but 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.”

Mr Dorsey previously speculated that such an eventuality would come about after bitcoin becomes the “single currency” of the world, which he believes could take place in less than 10 years.

“The world ultimately will have a single currency, the internet will have a single currency,” he said in a 2018 interview with The Times.

“I personally believe that it will be bitcoin.”


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