When billionaires get together to chat about anything, it seems like one thing they might not acknowledge is having billions of dollars in the bank automatically lifts you out of everyday reality. Some billionaires live in a reality where you might — like Twitter and Square CEO Jack Dorsey — believe that Bitcoin could one day save us all.
CNBC reports that Dorsey participated in a Bitcoin webinar on July 21 called "The B Word," which also included Tesla CEO Elon Musk. This was where he revealed just how optimistic he is about crypto's inherent promise. Here's more from CNBC:
“My hope is that it creates world peace or helps create world peace,” Dorsey said during a “The B Word” webinar on Wednesday.
“We have all these monopolies off balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems,” Dorsey added. Tesla CEO Elon Musk and ARK Invest founder, CEO and CIO Cathie Wood were also speakers on the panel.
“All these distractions that we have to deal with on a daily basis take away from those bigger goals that effect every single person on this planet and increasingly so. You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term but my hope is definitely peace,” the founder of Twitter added.
This actually isn't new for Dorsey. He's been pretty gung ho on Bitcoin for years. As CNBC noted, he was saying three years ago that it would end up being a single world currency.
Dorsey's Square also has substantial Bitcoin holdings and on July 15, 2021, he tweeted that Square will launch a new business for "decentralized financial services."
During the same webinar, Elon Musk didn't make quite as much news as Dorsey, but he did state that Tesla — which accepted Bitcoin as payment for a couple of months until he changed his mind due to the negative effects Bitcoin "mining" can have on the environment — "most likely" will begin taking the cryptocurrency as payment again.
"As long as there is a conscious effort to move Bitcoin miners toward renewables, then Tesla can support that," Musk said.
The overall takeaway might be that Bitcoin is good for billionaires. And optimistic as Dorsey sounded about crypto's potential, it's worth remembering that he and at least one of his businesses would do very well if cryptocurrency adoption became truly global.