Jack Dorsey, co-founder of Twitter (now X) and the Bitcoin-focused fintech firm Block, Inc. (NYSE: XYZ), has finally responded to the current X boss Elon Musk’s now-viral post about Bitcoin.
On Oct. 14, Musk compared Bitcoin, the cryptocurrency minted on energy, favorably to “fake” fiat currency because while governments can print “fake” money, they can’t fake energy.
Related: What is Crypto? Cryptocurrency explained
The tech tycoon was responding to an X post by financial outlet ZeroHedge which said that governments will eventually issue fiat money to fund AI — the “new global arms race” — but it’s the debasement of currency as a result that is leading to soaring prices of assets like Bitcoin, gold, and silver.
Dorsey seemed to be in agreement with Musk and responded with one word, “yes.”
This isn’t the first time that Dorsey has reminded Musk of the virtues of Bitcoin. After all, Musk used to be one of the most vocal proponents of cryptocurrencies.
In fact, Musk’s Tesla (Nasdaq: TSLA) had purchased $1.5 billion worth of Bitcoin in February 2021 and later began accepting Bitcoin payments. But the automotive and clean energy company soon abandoned the payment policy in the face of criticism by environmental activists who lambasted the cryptocurrency’s high energy usage.
In July 2022, Tesla divested of around 75% of its Bitcoin holdings worth approximately $936 million during the crypto winter. Nonetheless, the company still holds around $1.3 billion worth of Bitcoin on its balance sheet.
When Musk floated the idea of launching his own political party, he confirmed it will “embrace” Bitcoin.
After co-founding Twitter in 2006, Dorsey co-founded Block, Inc. in 2009. The fintech company has a suite of Bitcoin-friendly products:
-
Cash App wallet, allows Bitcoin investing
-
Bitkey, a self-custody Bitcoin hardware wallet
-
Proto, a Bitcoin mining system
In mid-July, the company made it to the much-coveted S&P 500 index.
Dorsey is also a well-known Bitcoin advocate who thinks that total market value will surpass $20 trillion by 2030, which will drive its price up to at least $1 million.
