Bitcoin has recently fallen from its $40,000 high and is now trading for about $4,000 less at $36,000. Despite this little setback, Jack Dorsey – the bearded CEO of both Square and social media giant Twitter – says he’s sticking with the coin and is refusing to rescind his support.
Jack Dorsey Still Has “Passion” for BTC
In a recent tweet, Dorsey comments that he’s maintaining his “passion” for the world’s largest and most popular digital currency by market cap, claiming that it’s likely to take over the internet in the coming years. He states:
The reason I have so much passion for bitcoin is largely because of the model it demonstrates; a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be.
To be fair, one could potentially argue that bitcoin is representing one of the few remaining stable investments in Dorsey’s life considering how much his company has lost following Twitter’s censorship of President Donald Trump. The social media company took action against the 45th President of the United States and served as one of the first platforms to fully ban Trump following the Capitol riots of a few weeks ago, but thus far, that decision is proving ruinous.
The social media company’s stock fell roughly 12 percent not long after the decision was set in motion. At the time of writing, it is estimated that both Twitter and Facebook – another social media firm that took to censoring and banning Trump – have lost a combined total of $51 billion off their market caps after taking said action.
Then again, one cannot ignore the fact that Dorsey and his companies have been strong advocates of bitcoin time and time again. Dorsey commented in 2018 that he was confident bitcoin would eventually take over as the world’s primary currency within a ten-year period. His payment platform Square was also one of the first major institutions to pledge support for the asset and purchase it in the millions.
Last September, the company also invited several crypto-based enterprises to join what’s known as the Cryptocurrency Open Patent Alliance (COPA), an organization designed at sharing blockchain patents and keeping crypto-based data open source.
Keeping Things Open and Available
In a statement four months ago, COPA explained:
We believe there needs to be a global native currency for the internet. Just as everyone should be able to participate in the economy and have access to the same tools and services, so too should everyone be able to participate in cryptocurrencies and have access to its underlying innovation.
Dorsey has also composed an open letter addressed at the Financial Crimes Enforcement Network (FinCEN) criticizing recently introduced legislation designed to expose the identities of those who engage in crypto transactions exceeding $3,000.