Jack Dorsey believes BTC is the best manifestation of native digital currency, remaining outspoken about his interest in the benchmark cryptocurrency as we are reading more in today’s Bitcoin news.
He reaffirmed his support for the crypto asset recently. Jack Dorsey believes BTC is the best manifestation of cryptocurrency that is a native asset o the internet. His bullish stance on Bitcoin adoption comes as Square Crypto, that is mainly focused on digital currency, announced a new initiative to keep the crypto space free and open by solving “patent lockups” problems that can slow down the growth and adoption of new technologies.
During his recent interview, he explained that he believes BTC is in a great position to take the reign as a currency that is native to the internet:
“I think the internet warrants a…native currency… Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.
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He further added that Bitcoin is underpinned by the same features that the internet was built upon, saying that he believes Bitcoin will garner widespread adoption as a native internet currency. Dorsey also said that the bitcoin community is quite an open explaining that anyone that has developed ideas or an interest in participating can join without having the company-ties that are required in the traditional finance space.
In the recent thread of tweets, the company said they will launch a new initiative aimed at stopping “patent lockups” which usually stifle the innovation in the ecosystem, as Dorsey commented about Square:
“If you’re tired of grant tweets and patent trolls, we’ve got great news. Today Square is announcing the formation of the Cryptocurrency Open Patent Alliance (COPA)… The success of cryptocurrencies, as with any new technology, depends on people being able to build what they want, which is not possible when every new idea gets tied up by patent litigation.”
To stop the ideas from getting “tied-up” by patent litigation, members of the COPA will try to assert patents on foundational crypto technology unless this is done defensively.
As recently reported, Jack Dorsey’s Square crypto payments app was accused of the crypto users that the platform unfairly withheld 30% of their funds as many businesses have a hard time staying afloat during the ongoing pandemic.
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