- Bitcoin will not succeed in going mainstream if it cannot overcome persistent criticism, says Jack Dorsey.
- Another hurdle is if VCs and large corporations come to dominate the crypto space, he said at a Twitter Spaces event.
- The marks of success will be increased transparency, participation and daily usefulness, Block’s CEO said.
Billionaire Jack Dorsey is known for his advocacy of bitcoin, but he still thinks the cryptocurrency has hurdles to overcome before it can thrive.
During Twitter Spaces Discussion This week, the Twitter co-founder and CEO of Block shared two major factors that could hold back the mainstream adoption of bitcoin — and possibly cause it to flounder — over the next five years.
“If it continues to be buried in a lot of reviews, that means we’re not doing a great job of showing how it works, educating about the reviews people have and trying to lessen them,” Dorsey said in a post. exchange with host Roelof Botha, partner of Sequoia Capital.
While cryptocurrency has gained popularity, it has been the subject of repeated criticism on several fronts. Some say it’s bitcoin
The risk of scams is a priority for regulators – one calling cryptocurrencies simply “fraud, hype and noise” – while others describe them as a Ponzi scheme intended to trap investors. A hazy regulatory landscape hasn’t helped.
Warren Buffett’s deputy Charlie Munger just this week trashed cryptocurrencies comparing them to sexually transmitted diseases.
The second obstacle to bitcoin’s success, according to Dorsey, is the push of venture capitalists and companies into the crypto sphere.
Many in the community see crypto as a way to get rid of Big Tech and Wall Street’s role as guardians of the internet and traditional finance. One of the core tenets of its blockchain-based systems is that they depend on connected individuals rather than a central intermediary.
“If one particular company or VC owns the majority of this new space, we’ve completely failed. It comes down to a centralized model where people don’t actually own it,” Dorsey said.
“And the only success in my mind is that people can really see and can really own that – in particular, the most important part of it, which is the money and currency that we use every day to carry out transactions around the world,” he added. .
Since to resign As CEO of Twitter in November last year, Dorsey increasingly focused his efforts on bitcoin projects. He once said that there is nothing more important in his life than bitcoin to work on.
Dorsey has previously called on venture capitalists to eat into Web3, also known as the next version of the internet built on blockchain, and warned that the ecosystem is still in the realm of the foreign influencer.
He also shared what he thinks it would take for bitcoin, and crypto in general, to triumph.
“For bitcoin – and all the other projects around it – I think if we increase transparency in the next five to 10 years; if we increase participation, and that participation is represented globally; if we provide everyday utility, especially in the form of currency, on a global scale – that is success.”
Dorsey pointed out some of bitcoin’s shortcomings and said it still needs work before it can become a global currency.
“Bitcoin doesn’t have all the development and attributes you might find in Ethereum and Solana, but that’s by design,” he said.
“There’s this deliberate, but slow, development cycle for bitcoin because the developer community around it is very cautious because it’s a global monetary network.”
“This is meant to be a potential replacement for US dollar dominance, and you can’t mess this up,” he added.
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