AAs the price of bitcoin (BTC) grapples with downward pressure, digital currency bulls like billionaire Jack Dorsey, co-founder of Twitter (TWTR) and Square (SQ), appear optimistic about its future fundamentals. He recently committed to spending his entire life making bitcoin accessible to everyone and sees it as the native internet currency. Dorsey, who has a net worth of around $ 12.1 billion, said he would leave its two companies for Bitcoin if necessary.
âIf I wasn’t on Square or Twitter, I would be working on bitcoin. Yes [bitcoin] need more help than Square or Twitter, I would leave them for Bitcoin. But, I think both companies have a role to play, âhe said at a 2021 Bitcoin conference in Miami where he was accompanied by Microstrategy CEO Michael Saylor, Tony Hawk and Floyd Mayweather Jr.
The price of the most valuable cryptocurrency fell back to $ 31,000 on Tuesday after trading around $ 38,000 in the past two weeks. The price of BTC hit an all-time high of $ 63,000 in April. The surprise sale is at least in part blamed on regulatory and environmental uncertainty.
Why does Jack Dorsey want to sacrifice everything for Bitcoin?
Despite the substantial level of price volatility, Jack Dorsey is confident that bitcoin will completely change everything in the future, with the potential to develop a more inclusive and supportive financial infrastructure for underserved communities in Africa or India.
âGo to Nigeria for a day and see the struggle people have to face, with their government and with their money. Go to Ghana which has a bunch of transplants from all over the continent and you witness the same thing every day. in India and you will see the same, âhe said.
Dorsey also sees bitcoin as the best way to protect against inflation and currency devaluation. In the past two quarters, he had added millions of dollars in bitcoin to the balance sheet of his payments technology company Square. Additionally, Square offers a range of bitcoin services to its users. “Anything I can do, anything my businesses can do to [bitcoin] more accessible to everyone is how I will spend the rest of my life, âhe said.
Jack Dorsey’s Square plans to launch hardware wallet for Bitcoin
Last week, Square founder Jack Dorsey announced the launch of a hardware bitcoin wallet, a step that will further improve bitcoin adoption by giving consumers greater control over their crypto.
Currently, the company only allows users to buy bitcoin through its Cash app and store it in a digital wallet. Fortunately, Square’s cryptocurrency business has generated substantial revenue growth in recent quarters, driven by booming crypto volumes and accelerating adoption rate. Its bitcoin revenue was $ 4.75 billion last year, with expectations for further growth this year. He further explained that Square’s product will be different from other alternatives: âThe exchange you used to buy your bitcoin is likely to keep you safe with good intentions, but circumstances may reveal that ‘custody’ actually means âIOU.â Deciding to take custody and security of your bitcoin is complicated. â
Other big names echo Jack Dorsey’s stance
Microstrategy CEO Michael Saylor, who also joined Jack Dorsey at the bitcoin conference, believes bitcoin will become the most powerful currency in the future.
âWhen I discovered bitcoin, I thought it was digital gold on a large technological money network and was going to grow by a factor of a hundred. Then I thought, well, I should buy as much as possibleâ¦ I was buying it and I thought I had to buy as much as I can, as fast as possible or someone will figure it out and I won’t, âsaid Michael Saylor.
He recently tweeted that his public company added more bitcoin to its balance sheet during the last price crash, bringing total bitcoin holdings to 92,079.
Meanwhile, Mike Novogratz, a crypto investing pioneer and former hedge fund manager, has invested billions of dollars in the crypto markets. His Galaxy Digital (BRPHF), an asset management company that operates in digital asset, cryptocurrency and blockchain technologies, recently acquired custody giant BitGo for $ 1.2 billion. He believes that the involvement of institutional investors and the potential launch of ETFs would be the main catalysts for the price increase.
âThe great wealth in America is made up of people in their 50s to 80s, who typically work through RIAs, registered investment advisers. They’re slower to join – this trend has started – the ETF just makes it easier, âhe said. “And so yes, if we had an ETF tomorrow the price would go up,” he said.
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