Market Watch

Victoria-Coins Reports – Can Bitcoin bring world peace?

London, UK, 4 August 2021, ZEX PR WIRE – So, can bitcoin bring world peace? We certainly don’t have the answer to this question but the CEO of Twitter and Square, Jack Dorsey, is quite sure of the arbitrary powers of bitcoin. We have already known that Jack Dorsey is a huge bitcoin enthusiast as he had made clear from his previous interviews and panel talks. He has been long advocating for bitcoin and has taken actions to depict his support too. 

Although bitcoin has been facing scalability issues due to the increasing number of transactions, Dorsey does not seem to be worried about it. He believes that the blockchain technology underlying bitcoin will help resolve all the pending issues of bitcoin in due time.

He believes that every industry will have to adopt blockchain and bitcoin in order to keep up with the pace of changing technologies and business requirements. Victoria-Coins Broker Tony Nikolau explores more in this article on how Jack Dorsey’s payment plan can benefit from bitcoin and how his company could further help bring peace to the world with its revolutionary payment system and cryptocurrency.

What does Dorsey have to say?

His chat with Elon Musk, the co-founder of PayPal and Tesla, and Cathie Wood, founder of ARK invest, at the B-Word conference hosted by the crypto council for innovation, was all about advocating Bitcoin. The tech entrepreneur during this virtual panel expressed his opinion that bitcoin can bring world peace.  

In his words, “My hope is that it [Bitcoin] creates world peace or helps create world peace.” He believes that de-centralization is the ultimate key to quality. He continued during the panel talk, 

“We have all these monopolies off balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from bigger problems”

He further added, “All these distractions that we have to deal with on a daily basis take away from those bigger goals that affect every single person on this planet and increasingly so. You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term but my hope is definitely peace”

This is not the first time 

Jack Dorsey is a long-time advocate of Bitcoin. This is not the first time he has openly expressed his support for it. In 2018 he openly admitted to believing that Bitcoin will become the world’s “single currency” in the next decade.  

In February of 2021, Jack along with rapper/entrepreneur, Jay Z built a 500 Bitcoin trust to facilitate the establishment of bitcoin in Africa and India.

Last year he publicly purchased about $50 million in bitcoin, making about 1% of its balance sheet. This year in June’s Bitcoin 2021 conference he even went on to comment that “he would leave [Twitter and Square] for Bitcoin” if the Cryptocurrency community needed his services. He further added that “I don’t think there’s anything more important in my life to work on”. 

Talk about true love and dedication. 

All talk, no walk?

Is Jack Dorsey all talk and no walk? Are these all mere huge statements? Especially now when China, Europe, and the U.S. Even Tesla stopped accepting bitcoin for purchase due to the environmental issues regarding Bitcoin mining. But Jack Dorsey is adamant about his belief and the B-word Conference just proved it. 

Well, it seems like Jack truly believes in Bitcoin and “decentralized financial services”. He is already taking monumental steps to validate what he says. Only last week Jack announced Square is creating a new business using bitcoin which strives to follow the concept of decentralized financial services. It aims to recreate traditional financial systems like banks and exchanges but with cryptocurrency. Earlier this month, Dorsey also confirmed that Square has plans to make a bitcoin hardware wallet too.

But Dorsey’s plans are not only limited to Square. While on Square Dorsey supports open development of bitcoin at the same time on Twitter, he works to create a decentralized social media platform too. 

Dorsey appears to be a man of his words.

Is it possible? 

Jack Dorsey during the B-word conference explained why he loved Bitcoin so much. He says that “What inspires me the most is the community driving it”. He calls the cryptocurrency community, “deeply principled” yet “weird as hell” at the same time. And this perfect blend makes it appealing for him.

But even with all these efforts and dedication can bitcoin help in bringing world peace? Can it be the unanimous currency of the whole globe in the next decade?

Well, there are a lot of things to consider, the foremost being availability of the internet in many regions. Especially the third world countries where people are even deprived of basic human needs. Will they want reliable access to the internet or three meals a day?

Bitcoin mining is getting a lot of terrible reputation as well due to the power consumption it requires that results in negative environmental impact. 

And even if all the above issues are somehow resolved, there are still a lot of illiterate people in the world. And others do not know how to use the internet. So, imagining bitcoin as the only currency of the world till the next decade appears to be a long shot from a realistic point of view. 

Last Thoughts

Whether or not Bitcoin can bring world peace is still a debatable question. However, one cannot undermine efforts that Jack Dorsey is taking to support bitcoin. 

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