Twitter co-founder Jack Dorsey is still a big fan of Bitcoin, despite the rough patch that cryptos are going through. He went on Joe Rogan’s podcast recently and reaffirmed his positive views on the world’s first cryptocurrency.
Dorsey said that, “(Bitcoin) was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.” These ideas fall in line with previous statements from the CEO, which center around Bitcoin as a common online currency.
Bitcoin has broken a lot of hearts over the last year, but from a wider perspective, the crypto market is still in good shape. Bitcoin entered 2017 at around $1,000 USD, and today it is trading at more than three times that price. Use of the digital currencies is still growing, which is what will probably fuel the next crypto bull market.
Is Dorsey Right on Bitcoin?
According to Dorsey, cryptos are getting some major static from the banking cartels. He told Rogan that, “…just look at some of the major banks and their considerations on Bitcoin… (cryptos are) certainly threatening to certain services behind banks and financial institutions, it’s threatening to some governments as well…”
There is no doubt that cryptos are an existential threat to the established financial system, and the banks have been hard on anything having to do with cryptos. The top in BTC prices lines up with the introduction of a cash-settled BTC futures contract on the Chicago Mercantile Exchange, which is odd because there is no connection between actual bitcoins and the futures contract.
It isn’t secret that the vast majority of Bitcoin is held by a few ‘whales‘, but a less popular idea is that Bitcoin was started by the factions within the established banking system and the US Government. It is very curious that Satoshi Nakamoto (whoever that is) created a technology that could replace the existing financial system, and then disappeared.
A Fake Competitor
Unlike many conspiracy theories that rely on numerous parties keeping quiet, the secrecy that is built into the Bitcoin blockchain would allow it to be launched by a small group of people (or space aliens for that matter***JOKE***). The motivation to do so is obvious: Discredit a new technology that has the ability to undermine the money-cartel’s power.
By building a platform like Bitcoin that has a practical limit which is based on how much power it takes to operate the system, BTC couldn’t ever really replace the fiat cartel’s network. It looks like it could, but as the market showed us in 2017 if the price rises high enough, it becomes unrealistic as a currency.
The psychological damage that a crash does is substantial. It is impossible to know if BTC was set up to discourage the use of cryptos, but it has certainly given people who are critical of cryptos a lot of ammunition.
The Bull Case for Cryptos is Strong
Wherever Bitcoin came from, the crypto revolution has transcended the token that took blockchain into the mainstream. Crypto use continues to grow, and many people in nations where the monetary system isn’t in great shape have been able to use cryptos as an alternative to fiat currency.
The idea that 2008 was the last major financial crisis is absurd. The global financial system has been able to survive because of central banks’ credibility, but it won’t last forever. When the next crisis hits, cryptos may be able to help facilitate trade between nations who are locked out of the established financial system.
Jack Dorsey could be right about Bitcoin, or a currency like XRP or ETH may end up being the next ‘online US Dollar’. One thing is for sure, the crypto space is still growing, and will probably be one of the biggest trends in economics for a long time.
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