Jack Dorsey Says Bitcoin “Will Unite A Deeply Divided Country”

Twitter co-founder and CEO Jack Dorsey says that Bitcoin (BTC) will unite the deeply divided country and eventually the world. His tweet came right after the U.S. Senate blocked an amendment to exempt certain crypto markets from taxation.

Dorsey has harshly criticized lawmakers for the broader scope of crypto delivery in the Infrastructure Act, which is expected to generate $ 28 billion over the next decade. The $ 1.2 trillion infrastructure bill, also known as HR 3284, was passed with 69-30 votes.

Dorsey, who says nothing is more important than Bitcoin in his life, said the new reporting rules could drive innovation out of the US

“If we can’t get the full provision in place so that we can conduct appropriate hearings and advice, then we’re going to simplify the definition of broker to the essentials: where digital assets are exchanged for fiat currency,” said Dorsey.

The drama of the crypto tax regime has united the entire crypto industry against the broader scope of the tax regime. Although the Senate’s tax rule change was rejected due to their procedural rule, crypto stakeholders are now hoping that the House of Representatives will make a change to the tax rule.

“This is a whole new level of coordination and effectiveness that the Washington cryptocurrency industry has achieved,” said Kristin Smith, executive director of the Blockchain Association.

Bitcoin is a top priority for Dorsey

Dorsey’s love for the most valuable cryptocurrency isn’t new.

“I don’t think there’s anything more important in my life to work on,” Dorsey said at the Bitcoin 2021 conference. “In fact, if I wasn’t on Square or Twitter, I would be working on Bitcoin. If Bitcoin needed more help than Square or Twitter, I’d leave it to Bitcoin. “

Over the years Dorsey has touted, promoted, and invested in the world’s first distributed ledger-powered digital currency. In 2018, he predicted that Bitcoin would become the world’s single currency within the next decade.

During the conference “The B-Word”, at which he was accompanied by Tesla CEO Elon Musk and Ark Invest founder Cathie Wood, Dorsey said that Bitcoin reminds him of the early Internet days.

In addition, he said that Bitcoin had significant chances of becoming a native internet currency.

“What really drives my thinking and passion is if the internet had a chance to get a local currency, what would it be?” Said Dorsey. “For me, it’s Bitcoin because of these principles, because of its resilience.”

In June, he stated at the Bitcoin 2021 conference that bBtcoin is the perfect way to protect assets from currency devaluation.

What Bitcoin means for Twitter and Square

In addition to being passionate about Bitcoin, Dorsey’s fintech company Square is making it easy for retail investors to access one of the best performing emerging markets. Square recently announced plans to build a DeFi platform on the Bitcoin network. On the other hand, Square has generated billions of dollars in Bitcoin revenue thanks to its various Bitcoin products and services.

While Twitter doesn’t have a long Bitcoin history, Dorsey wants to change that trend. He recently stated that Bitcoin will be the key to the future of Twitter and expects to combine several Twitter functions with Bitcoin in the form of Super Follow and the Tip Jar.

Bitcoin’s bullish price action continues

Bitcoin is one of the most historically unpredictable assets in the world. After falling below $ 30,000 in July, the most popular cryptocurrency has rallied sharply in recent weeks, with the aim of breaking above the $ 50,000 mark.

“Bitcoin’s price has been surprisingly robust after the news,” said Greg Cipolaro, global head of research at NYDIG, recently. “We interpreted this price campaign as extremely bullish.”

“We think that the endorsement of the crypto industry by lawmakers was ultimately a legitimizing event that should give solace to investors that this industry will continue,” added Cipolaro.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.

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