Jack Dorsey: “The Internet needs its own currency and therefore I believe in Bitcoin”.
Jack Dorsey is known to everyone as a co-founder and CEO of Twitter and, in an engaging interview by Lex Fridman, he talked about various topics related to innovation, cryptocurrencies and Bitcoin.
Starting with Square, a company that is demonstrating greatness in the payments industry, Jack explains the dynamics that led him to support the need to remove barriers to accessing the financial system.
“With Square, we cannot work as an internet company, to open a new market, we must always relate to a local bank.
A digital currency like Bitcoin could launch our services globally, limiting friction and regulatory problems ”.
When asked how he was able to solve Square’s scalability problems safely, with a Machiavellian approach, to say the least, the American entrepreneur with $ 4 billion in assets says “as long as it works”.
The problem approach, denoted by his training against hackers, allowed him to refine his ability to observe phenomena without prejudice and from all possible points of view, without limiting the methods of solving them.
He owes a lot to the open source world, “everything I learned in engineering and programming”, he says: “I learned thanks to the community”.
From there, to talk about Bitcoin, the transition was short and, during the interview, Dorsey reiterates a concept he likes:
“The Internet needs its own currency and therefore I believe in Bitcoin.”
Problems of the contemporary financial system according to Jack Dorsey
Square sees some key issues in the global finance and payments sector.
- Risk models;
- Barriers to entry;
The solution to these problems must begin with a radical change in the model. Currently, the financial system requires a person to be accredited in an institution in order to be able to carry out transactions.
This model is based on the assumption that a person has no credit and later obtains it.
Changing attitudes means starting by trusting individuals and then checking that the way they do business is in line with the parameters to ensure that confidence remains unchanged.
“Cryptocurrencies are the answer to the need for a more inclusive and participatory economy”.
The most interesting thing for Dorsey remains the free aspect of this new paradigm, nobody dictates a direction and, therefore, nobody can block it.
The organic nature of the ecosystem determines its success, the model evolves and adapts. In a particularly inspired moment, he also states:
“Bitcoin’s whitepaper is poetry”.
The debate has also reached a more philosophical level, certainly the technologies that are emerging will lead to a radical change in society.
The man and his way of thinking, interacting and relating also depends on the tools he is using. That is why change is not a matter of will, but of inevitability.