On Friday (May 13), Jack Dorsey, co-founder and former CEO of Twitter, as well as the co-founder, chairman and CEO of Block (formerly known as Square), shared his latest thoughts on Bitcoin ($BTC).
Dorsey says he doesn’t pay close attention to the price of bitcoin because he knows that – in the long run – as adoption increases, the value of bitcoin will rise.
This is a view shared by Tyler Winklevoss and Cameron Winklevoss, the famous twins who co-founded digital asset exchange Gemini.
When Tom Philpott, Food and Agriculture Correspondent for Mother Jones Magazine, asked Dorsey if people who aren’t billionaires should think this way about Bitcoin, Block CEO replied:
“yes I do. It is small and pose. You buy it because you think it liberates people, not day trade.“
Last February, Dorsey explained why he believes in Bitcoin more than Ethereum, even though the latter is developing faster. His comments about these two groups of crypto assets were provided while he was interviewed by Michael J. Corporate Bitcoin Day (1-2 February 2022).
According to a report by The Daily Hodl published on February 3rd, here are some highlights from Dorsey’s comments about Bitcoin and Ethereum:
“It is intentional and predictable. Bitcoin takes a lot of hits, especially in the mainstream tech media, versus Ethereum in terms of speed of development. Ethereum moves very, very fast in comparison, but the question is about the end result of those moves.
“Bitcoin is very deliberate about what goes in and what stays out… It’s slower, but slower things tend to go on and tend to be more predictable in terms of which direction they’re going. It tends to be safer. It tends to have better uptime and much better usability than anything else.
“That’s not to say there aren’t a lot of great ideas in sandboxing all over the place and happening in all of these other projects. There are great sandboxes out there that will test ideas very quickly, but that forethought is what makes Bitcoin, to me, the potential internet currency and gives me a lot of confidence, as a business owner, as someone who runs one of these companies, that it’s going to stay consistent around and serve billions of people for decades from now. onwards.“
According to TradingView data, on crypto exchange Bitstamp, although the price of Bitcoin dropped to $25,919 on May 12, it is currently trading (as of 08:08 AM UTC May 15) around $29,734, which means that It is up 1.36% in the last 24 hours.
Yesterday (May 14), Ryan Selkis, co-founder and CEO of Messari, indicated that although the dollar price of BTC could drop by about 57% from its all-time high of around $69,044 (set at 10 November 2021), BTC still outperforms many popular tech stocks, such as Netflix (NFLX), PayPal (PYPL) and Zoom (ZM).
To make sure you get a free newsletter every Friday with the week’s top stories, click here.
Not giving an opinion
The opinions and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only, and do not constitute financial, investment or other advice. Investing or trading in crypto assets involves the risk of financial loss.
Featured image by “Donbrandon” via Pixabay.com