Bitcoin and blockchain are the ‘future’

  • Twitter CEO Jack Dorsey predicts that Bitcoin will be a part of the future that will transform the Internet.
  • Dorsey aims to build a decentralized social network with the with Bluesky project.

Jack Dorsey is one of the best known advocates of Bitcoin. The CEO of Twitter and the payment company Square has in the past often openly expressed his positive stance towards cryptocurrency and Bitcoin in particular. At the Oslo Freedom Forum 2020, Dorsey reaffirmed his position that Bitcoin is part of the future that will change the Internet.

The CEO of Twitter was interviewed by Thor Halvorssen, founder of the event and President of the Human Rights Foundation (HRF). He explained that Bitcoin is a system with a model that can be adapted to the Internet of the future. In this sense, he said that his vision is for users to have greater control over the network:

You see this most fundamentally in Bitcoin and in blockchain. The keys will be more and more in the hands of the individual. The whole spirit of Bitcoin, for instance, is to provide a trusted system in a distrusted environment, which is the internet.

Twitter will adopt the core principles of Bitcoin

Late last year, Dorsey announced the creation of a technical team of open source architects, designers, and engineers called Bluesky. The team will be responsible for building an open and decentralized standard for social networks. The goal, Dorsey said, is to make Twitter a customer of this standard:

What that means ultimately is we need to become a client of something much bigger than us. We need to enable people to contribute to a public blockchain and we need to be able to enable people to be able to pull and see from that public blockchain as well.

And if we’re able to do that, it’s something that’s really powerful and something I think speaks back to the power and the original intent of what the internet could be

In the interview with HRF’s president, Dorsey further stated that Bluesky also seeks to solve the problem of information centralization. In that sense, he indicated that Bitcoin and its underlying technology are examples of what they are seeking to build with Bluesky; a system based on Bitcoin’s features and principles: decentralization, resistance to censorship, security:

A lot of our value in the past was around content hosting. So we would host the tweets, we’d host the images, we’d host the videos. Blockchain and Bitcoin point to a future and point to a world where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it.

Dorsey continued to explain that the project is still searching for a leader. The CEO of Twitter has emphasized in previous opportunities that Bitcoin is the best option as a native currency for the Internet. Its consensus-based system and its accessibility are other features that the Twitter CEO considers important for building a freer internet. In the biography of the social network he presides over, Dorsey has only one word: Bitcoin.