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Twitter and Square CEO Jack Dorsey has long been a bitcoin enthusiast. In fact, he’s so bullish about cryptocurrency that he thinks it could bring a more peaceful planet. The billionaire suggested that bitcoin could help address financial inequalities and allow humanity to focus on bigger issues.
“My hope is that this creates world peace or helps create world peace,” Dorsey said. “We all have these imbalanced monopolies and the individual has no power and the amount of cost and distraction that comes from our monetary system today is real and it distracts attention from bigger issues.”
“All of these distractions that we face daily take us away from these bigger goals that affect every person on this planet and more and more,” he said, as CNBC Remarks. “You correct this fundamental level and everything above it improves so dramatically. It’s going to be long term, but my hope is definitely peace.”
He made the comments during a panel titled “Bitcoin as an Economic Empowerment Tool” at a virtual conference called The B Word. Elon Musk, CEO of Tesla and a player in the crypto market, and Cathie Wood, managing director of the shareholder of Square ARK Invest, also took part in the discussion.
Dorsey spoke in 2018 of his belief that bitcoin would become the planet’s “single currency” within a decade. Earlier this month, Square confirmed its intention to create a bitcoin hardware wallet. Dorsey also said last week that the company was building a “decentralized financial services”. company that aims to replicate monetary systems like banking and trading with cryptocurrency.
There are many obstacles between the current state of crypto and its potential for world peace, such as unreliable internet access in many areas. The energy consumption required for bitcoin mining and for processing transactions is also at odds with Dorsey’s vision, given the environmental impact of many cryptocurrencies.
Earlier this year, Musk said Tesla would stop accepting bitcoin payments for vehicles because she was “concerned about the rapid increase in the use of fossil fuels for Bitcoin mining and transactions.” However, he noted at this week’s conference that Tesla may resume those payments. “I wanted a little more due diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50%, and that there is a tendency to increase that number, and if that is the In this case, Tesla would start accepting bitcoin again, ”he said.
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