Bitcoin could become the national currency of the Internet: Jack Dorsey

Jack Dorsey, former CEO of Twitter and current CEO of fintech company Block, joined Microstrategy CEO Michael Saylor at the "Bitcoin for Corporations" online event.

This is an annual free conference sponsored by MicroStrategy. This company owns the largest stake in BTC compared to any other institution or individual in the world.

The event explores the multiple benefits that the corporate world can derive from the use of a major cryptocurrency in terms of critical elements such as advanced analytics, knowledge transfer, BTC strategies, strategic vendors, etc.

This time, Jack Dorsey joined Saylor for the event. As a longtime supporter of Bitcoin, he called the main cryptocurrency different from others in terms of predictability, transparency, and intentionality. He believes that Bitcoin can become the national currency of the Internet.

Dorsey pointed out several ways in which bitcoin can help people and institutions. He believes that the current financial system needs a currency that ensures that decisions made by a superpower do not affect smaller countries located on the other side of the world. This, he says, is possible thanks to BTC. He also explained that Bitcoin's transparency is a response to the incompatibility of financial products within the traditional financial system.

Dorsey also added that even if a company is not directly involved in BTC, it should learn about the cryptocurrency and its potential business impact once it is integrated with products and service offerings.

Speaking about his company Block, he mentioned that the adoption of Bitcoin would achieve his original goal, which was to make the financial system accessible to everyone due to the rise in credit card usage. With Bitcoin, he can now create an accessible ecosystem run by offline money without the need for special permission.

By integrating Bitcoin with his Cash App, posting complex discussions with the SEC, Dorsey challenged the status quo of payments, including protocols, compliance, technology, law. A recent development of the Cash App was its integration with the LDK, which added the Lightning Network to the app.

Meanwhile, analysts continue to look for an answer to the question of what is happening with cryptocurrency prices. There is no single answer, and the technical picture looks ambiguous from a global point of view.

The current consolidation in the $35,500–$38,500 per BTC zone and a cautious attempt to grow can become both a springboard for a reversal and the calm before the storm.

But the giants of the industry do not seem to be puzzled by the issue of crypto winter. Michael Saylor continues to buy bitcoin on the dip, crypto firms are raising capital for management, while VanEck and its colleagues continue to work on launching a spot bitcoin ETF.