Speaking on popular podcast Tales from the Crypt hosted by Marty Bent, Mr Dorsey explained how he had long admired bitcoin before deciding to start making large investments.
Discussing BTC’s foundation document – the Whitepaper drawn up by Satoshi Nakamoto, bitcoin’s mysterious inventor – he described it as “…one of the most seminal works in the past 20 years in computer science”.
Mr Dorsey, who also established payment platform Square, said he strongly believed bitcoin’s growth and value would explode over the next 10 years.
“Imagine being born this year,” he said.
“Growing up knowing that the potential for a global currency exists – that is exciting, and what that person does with that realisation is amazing.
“It feels like that will just accelerate things even faster, so I think there’s a massive acceleration that’s going to happen within the next 10 years.”
He also drew comparisons between the development of bitcoin and Twitter.
“Early Twitter – where we had all these patterns of how people wanted to use it which we observed and learned from – the use was people trying to communicate with each other,” he explained.
“It felt more like a protocol than a company, and I guess there are so many parallels with bitcoin because there’s that same community.”
Mr Dorsey, who dropped out of college to focus on programming, was asked how he first got into cryptocurrency before he revealed he had “maxed out” bitcoin spending limits during 2019 to the tune of $10,000 a week.
The revelation will be viewed as a huge endorsement for BTC which is currently stuck in a bear market holding it below $4,000.
Dorsey’s comments, on the back of news that Facebook is working on a cryptocurrency, will no doubt spark rumours that Twitter may also look at its own token.
However, the entrepreneur made it clear he was a huge believer in BTC, and would continue to support its community.
He also added that he didn’t believe cryptocurrencies were about toppling governments or wrestling away control from authorities.
Instead, he suggested they were there to serve the evolving needs of the internet.
“I just think about it in the dimension of how the internet creates a new reality and it will want its own currency – it’s independent of the state,” he said.
“I would want our nation states to figure out how to make that work for their constituencies and how to provide bridges for that to happen.”
Published at Thu, 07 Mar 2019 15:01:00 +0000