Praising ‘The Bitcoin’ whitepaper that was published in 2008 by Satoshi Nakamoto (a name used by the presumed pseudonymous person or the group who developed bitcoin) that outlines what Bitcoin is and how it works, Dorsey said he sees ample opportunity for Bitcoin to bring about a sea change in the world.
The Bitcoin whitepaper is “one of the most seminal works of computer science in the last 20-30 years. Bitcoin is like poetry,” he said during an Artificial Intelligence (AI) podcast with MIT research scientist Lex Fridman via The Daily Hodl.
“I think it was smart not to do it anonymous, not to do it as a real identity, but to do it as a pseudonym because I think it builds tangibility and a little bit of empathy that this was a human or a set of humans behind it. There’s this natural identity that I can imagine,” explained Dorsey.
Does Bitcoin has the potential to become the major currency of the world and redefine how money works?
“Definitely, but I think the bigger ramification is how it affects how society works. I think there are many positive ramifications outside of just money. Money is a foundational layer that enables so much more,” Dorsey replied.
Twitter is also considering a feature that would allow users to tip one another – in Bitcoins.
The Information reported recently that the micro-blogging platform is working on implementing a new payment feature to let people send money to each other.
It is not yet clear whether the Twitter tipping feature would integrate with Dorsey’s other company, Square, which is a financial services, merchant services aggregator, and mobile payment company based in San Francisco.
According to the Twitter CEO, Bitcoin will one day be the currency of the internet and his company Square is integrating cryptocurrency payments.
Dorsey has also hired Bitcoin developers for his payments company.
“I think as we get a more durable, resilient, and global standard, we [will] see a lot more innovation everywhere,” he said during the podcast late last week.
Bitcoin seemed to be the last decade’s best-performing asset. The largest digital token, which trading at around $7,200 in December last year, had posted gains of more than 9,000,000 per cent since July 2010, according to data compiled by Bloomberg.
In India, trading and investment in crypto currency was made legal by the Supreme Court in March this year. The Court set aside the Reserve Bank of India’s (RBI’s) April 2018 circular asking banks and entities the central bank regulated to stay away from dealing in crypto currencies, including Bitcoin.
The judgment said the circular had been “set aside on the ground of proportionality”. This has given a major relief to exchanges dealing in these crypto currencies. It opens a window for developing a market for crypto currencies, which are formally traded in derivatives markets in the US, with CME allowing trade in them.