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Speaking to Quartz.com this week, Twitter co-founder and Square founder Jack Dorsey offered his opinion on the future of Bitcoin and predicts a cashless society as the price of that cryptocurrency traded just under $8500 Friday morning. Bitcoin now represents up to 80% of all funding methods for online gambling websites.
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Do you think bitcoin could be the internet’s currency?
I haven’t seen any other currency that would challenge it across the dimensions that I think are really important. First, I think it has an amazing brand. The other thing that I think makes it probably the strongest candidate is that the principles behind it are very pure. The creation of it was very pure, and focused on a public good, rather than any other particular agenda. The fact that it’s meant to be deflationary, meant to incentivize savings instead of spending, I think is a net positive for the world and how we think about consuming. Because it is a scarce resource, it has a probability of always increasing in value, which makes you consider a lot more how you spend it. Because you know that spending it today—it might go up in a week. And purchasing coffee, or a new sofa, with that really puts everything in perspective. Do I really need this? So from a psychological perspective, I think that’s interesting.
And finally, I think it’s been resilient. It’s 10 years old now, so it’s been tested over those 10 years, across every dimension from security threats, to governments, to forks, to agendas from miners, to nefarious nation states, and it’s been resilient to all those threats and challenges. And resilience is very valuable. There could be an upstart cryptocurrency that could challenge it, but it doesn’t have those tests and that memory of those challenges built into it.
The community around it is very passionate, and it’s been a dream for cryptographers for 30 or 40 years. So to realize something that is now usable, there’s just so many people who want to make it happen and want to make it better. And I think they do so with the right principles, I think they do so with the internet principles of having a connected world where anyone can participate and everyone has equal access. I think it’s quite powerful.
- Aaron Goldstein, Gambling911.com
