FX.co ★ Prospect for Bitcoin

Jack Dorsey, CEO of Twitter and Square, has always been a Bitcoin enthusiast. He is absolutely confident in cryptocurrencies, and believes that cryptocurrencies can make the planet more peaceful. According to the billionaire, the leading digital asset has the power to eliminate financial inequality and allow all of humanity to focus on more serious problems.

Dorsey says that everything in the world is not balanced, a person has no power, and there are many distractions that come from the monetary system, respectively, distracting attention from more serious and pressing problems. And in addition, they also lead away from the biggest goals of a person that a person would like to achieve.

It can be recalled that the Twitter and Square CEO attended a virtual conference called "The B Word" and left comments on Bitcoin as a tool for economic empowerment. Tesla's CEO Elon Musk, who is the driving force behind the cryptocurrency market, and ARK Invest's CEO Cathie Wood, were also present in the discussion. The stakeholders of the Japanese computer games company Square were also there.

In 2018, Dorsey talked about his confidence that Bitcoin will become the single currency of the planet within ten years. On this wave, the company Square confirmed plans to create a Bitcoin wallet this July. Dorsey said last week that the company is building decentralized financial services, a business that aims to replicate monetary systems such as banks and cryptocurrency exchanges.

There are many obstacles between the current state of cryptography and its potential, such as unreliable Internet access in many regions. The power consumption required for bitcoin mining and transaction processing is also at odds with Dorsey's vision, given the environmental impact of many cryptocurrencies.

Before the conference, Musk said that Tesla would stop accepting Bitcoin payments for cars. However, during the conference, he said that Tesla is going to resume using bitcoin as payment. Assuming that the percentage of payments for the use of renewable energy is most likely 50% or higher, and that there is a tendency to increase this number, he will undoubtedly resume accepting bitcoin as a payment.