- Jack Dorsey spoke out for the first time since the riots last week at the Capitol and took the opportunity to make a plug for Bitcoin.
- Dorsey tweeted that he is passionate about Bitcoin because it’s not controlled by a single entity, which is also one of his social media moderation goals.
- Dorsey’s payment firm Square bought $ 50 million worth of Bitcoin in October last year.
- You can find more stories on the Business Insider homepage.
Jack Dorsey spoke out on Capitol Hill for the first time on Wednesday evening after the violent unrest last week – and he took the opportunity to pocket Bitcoin.
In a series of tweets late last week, Dorsey explained Twitter’s decision to permanently ban President Donald Trump’s account from Twitter. Dorsey said he believes the move is the right move for Twitter, given that “offline damage from online speech has been shown to be real”. But he also warned that an internet company had too much power.
Amid Dorsey’s explanation of Trump’s ban – spelled out in 13 tweets – he switched gears to discuss Bitcoin and why he is so passionate about cryptocurrency.
– Jack (@jack) January 14, 2021
Dorsey went on to say that the decentralized nature of Bitcoin inspired him to fund efforts to create an “open decentralized standard” for social media that he hopes will become the standard for “the public conversation layer of the internet.” Dorsey announced the BlueSky 2019 initiative on Twitter.
Dorsey has become a passionate believer in Bitcoin over the years and has spoken about it more often in the past few months. In October last year, Square – the payment company he also oversees – bought $ 50 million worth of Bitcoin to make the currency more accessible through Square’s popular Cash App mobile payment service. Dorsey predicted that bitcoin would one day become the world’s “single currency”.
Continue reading: “This is madness”: Andreessen Horowitz and Fred Wilson blow up the Trump administration and say they are trying to “squeeze” new and “flawed” crypto rules in the 11th hour
Earlier this month, Dorsey released an open letter criticizing U.S. lawmakers’ attempt to impose stricter regulations on cryptocurrency. The proposed law would require companies to collect the personal information of those who conduct large cryptocurrency transactions to aid law enforcement in the event of an illegal transaction.
Dorsey said the law was “nonsensical” and could lead to data breaches.
The price of Bitcoin has increased more than 330% in the past year, but the cryptocurrency has risen sharply in the past few weeks: it hit an all-time high of almost $ 42,000 last week before falling below $ 35,000. Bitcoin prices rose 9% on Wednesday and the price is hovering near $ 40,000 as of Thursday. At current prices, Square’s 4,709 bitcoins are worth around $ 186 million.