Twitter (now-X) founder Dorsey Hails Bitcoin as ‘Permissionless Freedom Money,’ Challenges USD Dominance”

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Jack Dorsey praised Bitcoin as “permissionless freedom money” and highlighted its potential to complement or replace the US dollar, which he noted is controlled by government agencies and banks, limiting user freedom & privacy badly.

Jack Dorsey, the founder and former CEO of Twitter, oversaw the introduction of the Bitcoin tipping feature on the platform, allowing users to send and receive tips in Bitcoin directly. In November 2021, Dorsey stepped down from the role of Twitter CEO to focus fully on his Bitcoin and blockchain-focused company, Block Inc. In October 2022, Tesla CEO Elon Musk acquired Twitter for $44 billion and subsequently renamed the company to “X”.

On 22 June 2024, Jack Dorsey praised Bitcoin for its potential in global monetary systems, during speaking at a live event in Italy. He 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.

Block & Bitcoin buy plan 

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.

Read also: Pantera Capital Hails Solana as the ‘Mac OS’ of Blockchain, Outshining Ethereum Despite Recent Price Dip