Jack Dorsey Praises Bitcoin (BTC) as 'Permissionless Freedom Money” and Highlights Its Potential to Replace the US Dollar (USD)

Jack Dorsey, the founder and former CEO of Twitter, oversaw the introduction of the Bitcoin tipping feature on the platform

Jack Dorsey, the former CEO of Twitter, has praised Bitcoin for its potential in global monetary systems. Speaking at a live event in Italy on 22 June 2024, Dorsey described Bitcoin as “permissionless freedom money” and highlighted its ability to complement or even replace the U.S. Dollar (USD) & other fiat currencies.

Dorsey explained that currently, the US dollar (USD) dominates the global economic market, a position challenged by BRICS countries. The former Twitter CEO explained that the US dollar (USD) requires government and bank permission for use, allowing governments to control transactions, unlike Bitcoin.

Dorsey acknowledged that while control of the US dollar helps prevent scams and crimes simultaneously it also limits freedom. Bitcoin, in contrast, offers freedom from the restrictions and challenges associated with traditional fiat currencies like the USD.

In May of this year, Dorsey proposed a new strategy for investing money in Bitcoin. He proposed investing 10% of the company’s Bitcoin product’s gross profit monthly to purchase Bitcoin, aiming to strengthen its economic base through consistent investment.

His company Block currently holds 8,038 BTC. They bought 4,709 BTC for $50 million at $10,618 each initially and added 3,318 BTC in Feb 2021 for $170 million at $51,236 each.

News source：https://www.kdj.com/cryptocurrencies-news/articles/jack-dorsey-praises-bitcoin-btc-permissionless-freedom-money-highlights-potential-replace-dollar-usd.html

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