The World Needs a Universal Sovereign Currency, Jack Dorsey Tells Michael Saylor

During a conversation with fellow Bitcoin advocate MicroStrategy CEO Michael Saylor at MicroStrategy’s Bitcoin for Corporations conference on Tuesday, former Twitter CEO and current Block Head, Jack Dorsey spoke about Bitcoin and how society can benefit from its adoption.

Noting that the world needs a universal currency where, for instance, decisions made in Washington don’t affect smaller nations on the other side of the globe, Dorsey said:

“We’re the closest we’ve ever been to having a native currency for the internet with bitcoin.”

Furthermore, he praised the transparency of the Bitcoin network with transaction fees that are visible and understandable. This in sharp contrast with traditional finance where charges are hidden.

Dorsey commented on the often-heard criticism that Bitcoin’s development is much slower than that for other cryptos such as Ethereum and said:

“Slow things tend to last and be more predictable and secure.”

With respect to purchasing or incorporating Bitcoin into business operations, Dorsey said that even if they don’t intend to use bitcoin, every company should be on top it to see how it could potentially improve their operations since services built around the bitcoin ecosystem will become of key importance in the future.

The Block CEO also said that Meta’s failed cryptocurrency project Diem was “wasted effort and time” and it should have focused its efforts on “making Bitcoin more accessible for everyone.” Although Facebook probably started Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency, he added.