Jack Dorsey, CEO of the Block company, does not speak directly about de-dollarization, but he does show that he believes that this process is underway. What he does say he is firmly convinced of is that bitcoin (BTC) will replace the dollar as the world’s reserve currency.
During his speech at a live event in Italy, Dorsey detailed the reasons why considers bitcoin to be the best money currently availableso it has a promising future that makes it the new world currency.
It is mainly due to the fact that bitcoin is “freedom money, without permission”, contrary to the dollar and all fiat money for which authorization from governments, banks, corporations or third parties is required.
Today everything requires permission: money, speech, intelligence. I’m sure everyone has had the experience of going to a bank and putting money there, depositing more money and more, but when you need to take it out, it turns out that you have to talk to someone and in some cases they can even block you from taking out that money. In other cases, the money may disappear. All of this is because to participate in today’s economy you need to ask permission, even from your government, to use the currency you have in your pocket. Permission from your bank and from every person you know. There is no freedom.”
Jack Dorsey, CEO of Block.
The founder of Twitter also recognizes that all that friction that occurs in the current economy is good for minimizing fraud and crime, but what is really happening is that financial freedom is limited. And the same thing happens with digital communication, because “many of the platforms that are available today have the power to close your account, even if you do the right thing and respect all their policies,” Dorsey added.
The same thing happens with intelligence, because it is not something that is freely available, but rather it is necessary to ask for permission. “To be able to read the scriptures or the latest news in science, you used to have to go to church, and although the printing press came to make knowledge available to everyone, now that is about to change with the arrival of Artificial Intelligence” , explained the renowned bitcoiner.
You don’t own anything, just your bitcoins
For Jack Dorsey, people don’t own anything, even if they think they do. He points out that governments have a monopoly on violence, so with their army and weapons they can force anyone to do what they want. Therefore, “you may think that you own property or a piece of clothing, but the truth is that what you have is a lease signed with the government, because they can confiscate everything, at any time, and take the assets of those who go against their policies and rules,” he clarified.
So the governments of the world restrict the freedom of individuals, and one method they have to prevent financial freedom is surveillance. For example, all Human Rights activists are under surveillance. And in Nigeria, Dorsey added, when there were protests against police brutality, the government ordered the bank accounts of those who protested to be closed.
Furthermore, he explained that Bitcoin works without these limitations imposed by the government and offers a decentralized alternative that bypasses the controls of traditional financial systems. This system also “has all the authority to print money, which creates inflation,” he said.
The co-founder of Twitter maintains that Bitcoin’s decentralized nature offers a more liberating financial system.
“Satoshi Nakamoto created this new system with which we now do not have to go to a bank for a transaction to be valid, because there are thousands of computers in the world that are constantly validating transactions. It is also not necessary to go to a government to issue money because computers are doing it and there is no leader because Satoshi has disappeared.”
Jack Dorsey, CEO of Block.
In addition to financial freedom, Bitcoin is increasingly considered, a protection against inflation and that is due to the fact that it will not be issued infinitely, but rather there will be 21 million BTC, as established in its source code.
So eventually, bitcoin will replace the dollar that rules everything and is being challenged by China, Dorsey notes. His speech comes at the precise moment when China is accelerating de-dollarization, not only within its own borders, but also as part of the bloc of countries that are distancing themselves from the US dollar.
