Jack Dorsey of Twitter Believes Bitcoin (BTC) is Internet’s Money — Here’s Why

 

We are in a cusp and a new wave is sweeping across the rigid financial landscape. A change that is inevitable, it scares the status quo. Even so, it seems the majority are not ready to accept this. Of course, we can go back 10 years ago and with all the sufferings, the disillusionment and agony, Bitcoin was born out of a crisis. In fact, one BIS executive admits that Bitcoin is a spawn of an evil crisis. Crisis banks created and which the first virtual currency seeks to solve.

Bitcoin is powered by the will of the people. A force that is so insurmountable, it has been buried several with the hope that it will “die a natural death.” That has not been the case and Jack Dorsey, the founder of Twitter, is once again confident on what Bitcoin and crypto stand for. On what it is about and what it represents mostly for Web 3.0.

In a Joe Rogan Experience podcast, Jack Dorsey said the internet is going Darwinian, evolving and would soon have its own native currency. The internet as this vast, global network where literally everything is working from, a fitting currency that is global, censorship-resistant, accessible and decentralized is missing and Bitcoin is the best fit for that currency.

“I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet.”

If anything, this is massive for Bitcoin as one of the leading tech visionaries is banking on a currency that is global and robust. It also came as no surprise because on several occasions, Jack has made endorsing comments. Last year for example during the Consensus Conference said:

“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. Don’t know if it will be Bitcoin but I hope it will be”

Besides, he is a believer in Bitcoin’s Lightning Network (LN). LN is a second layer, scalability solution that leverages state channels allowing users to make micropayment in Bitcoin without appearing to spam the network. The network is still in the testing phase and Jack funds $2 Elizabeth Starks Lighting Labs pouring $2.5 million into the project.

Over time, it is increasingly becoming clear that the Bitcoin network will act as a settlement layer and with its security and rigidity of the team to increase block size because of decentralization concerns, the only solution to scale the network will be through off chain implementations. As a result of this, LN is more of a software layer riding on a more distributed and trustless legacy layer. Elizabeth Stark, the CEO of Lighting Labs said` this about Jack Dorsey’s project:

“If Bitcoin is like a decentralized savings account, Lightning is a decentralized checking account where users can send money instantly. You still pay on-chain Bitcoin fees when getting on or off of Lightning, but that may happen infrequently, like once a month or year. Lightning can allow users to take advantage of low Bitcoin fees when they are cheap, while often avoiding fees when they’re high, thus actually helping to stabilize on-chain Bitcoin fees in the future”

This endorsement is the kind of boost Bitcoin and LN enthusiast want to see. It’s from an industry leader, a visionary. And going by recent events—note the wave of adoption and recalibrations mostly by US states to accept BTC as a form of paying taxes, the inherently scarce, digital and censorship money stands to function as billed—as bona fide, internet money.