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Twitter CEO Jack Dorsey hails Bitcoin, says it changes everything for the better

In a tweet, Jack Dorsey has mentioned how Bitcoin changes everything for the better and that no single entity can change or stop it.

Twitter CEO Jack Dorsey (Image: Reuters) Twitter CEO Jack Dorsey (Image: Reuters)
Story highlights
  • Jack Dorsey has taken to Twitter to share his views on Bitcoin.
  • The views come after his company Square stated that it would not be making any more Bitcoin investments.
  • Bitcoin's use is being hotly debated because of its environmental impacts.

Twitter CEO Jack Dorsey has reiterated his interest in Bitcoin. Through a tweet, the tech billionaire hailed the cryptocurrency, saying it changes everything for the better and that he will work forever towards improving it.

Dorsey's tweet is the latest in line to mark a stand on the use of Bitcoin and cryptocurrency in general. His other company, Square, was another recent one. Earlier this week, Amrita Ahuja - CFO of Square, stated that the payments company had no plans to buy any more bitcoin in interaction with Financial News.

The statement came after the company has invested a total of $220 million since October last year. As per the company's latest earnings report, Square has lost $20m on its Bitcoin investment in the previous quarter.

Ahuja later clarified through a tweet that the company's bitcoin strategy hasn't changed and that it is working to better the cryptocurrency through its initiatives like Bitcoin Clean Energy Initiative. She stated that the company would continue to assess its Bitcoin investment on an ongoing basis.

Dorsey's tweet comes as an affirmation to the cause, stating that the cryptocurrency changes "everything" for the better and that the team will "forever work to make Bitcoin better." In a follow-up tweet, he states his belief that no single person (or institution) will be able to change or stop Bitcoin's development.

The appreciation post comes during a tumultuous time that Bitcoin has been experiencing in the market. Since US electric car maker Tesla suspended the use of Bitcoin for the sale of its cars, the value of the cryptocurrency took a nosedive, raising serious concerns about its legitimate use in the modern world.

The issues were raised by Tesla itself, flagging the rise in emissions caused by Bitcoin mining around the world. The company noted that since it had started accepting Bitcoin payments earlier this year, the cryptocurrency's mining operations had skyrocketed.

The computational requirements were met by an equally sharp increase in the use of electricity, most of which is still generated through coal power plants. Being hailed as a clean energy firm, Tesla could not afford to be part of such a negative environmental impact.

The company stated that it will hold on to its current Bitcoin investments for potential use in the future and will meanwhile look for other cryptocurrency alternates.