Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
Twitter CEO Jack Dorsey, known to advocate cryptocurrency believes in Bitcoin as the next step in money.
In an interview with Reuters, Dorsey offered his opinion and rationale behind his advocacy, saying:
“The internet warrants a [native] currency and 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… The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet.”
Twitter CEO @jack tells @Reuters #bitcoin is still the most viable internet-native currency pic.twitter.com/w1c3J46E7h
— Reuters (@Reuters) September 10, 2020
Bitcoin: Possible for Individual Investment
Dorsey also remarked that “anyone with a great idea” can involve themselves in the cryptocurrency industry and that Bitcoin is open to the public; decentralised from any corporates. As Dorsey noted, they “don’t have to be part of a company.”
The way in which Bitcoin is built makes it safe from corporate and government tracking and surveillance and gives the economy back to the individuals. This, one of the core features of Bitcoin, lends itself to combat any central power that monopolies and banks might have.
The Benefit of Bitcoin as a Digital Currency
As Dorsey noted, two key things need to be implemented for an internet-native currency to thrive:
“Transaction times and efficiency. So making it cost-effective and making it time-effective. Second, it needs to be intuitive to people, so that they might understand why they might use it and what it is. And that they can access it.”
“We have to build Bitcoin in such a way that it is as intuitive, as fast, and as efficient as what exists today, and obviously it goes beyond that.”