• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Technology Cryptocurrency

 Jack Dorsey lays out 2 things that could prevent bitcoin from succeeding in the next 5 years

4 years ago
in Cryptocurrency, highlights, Home, home-news, latest News, Markets, Technology
3 min read
0 0
0
56
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

 Jack Dorsey lays out 2 things that could prevent bitcoin from succeeding in the next 5 years

Billionaire Jack Dorsey is known for his advocacy of bitcoin, but he still thinks the cryptocurrency has hurdles to overcome before it can flourish.

During a Twitter Spaces discussion this week, the Twitter cofounder and Block CEO shared two major factors that could hold back bitcoin’s mainstream adoption and possibly cause it to flounder over the next five years.

“If it continues to be buried in a lot of the critiques, it means that we’re not doing a great job of showing how it works, educating around the critiques that people have and in trying to diminish those,” Dorsey said in an exchange with host Roelof Botha, a partner at Sequoia Capital.

While the cryptocurrency has grown in popularity, it has faced repeated criticism on several fronts. Some say bitcoin’s volatility casts doubt on it as a store of value, while its energy-intensive mining process has raisedenvironmental concerns.

The risk of scams is top of mind for regulators one called cryptocurrencies just”fraud, hype, and noise” while others describe them as a Ponzi scheme meant to trap investors. A fuzzy regulatory landscape hasn’t helped.

Warren Buffett’s deputy, Charlie Munger, just this week trashed cryptocurrencies by comparing them to sexually transmitted diseases.

RelatedPosts

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

The second barrier to bitcoin’s success, according to Dorsey, is the push by venture capitalists and corporations into the crypto sphere.

Many in the community see crypto as a way to shake off Big Tech and Wall Street’s role as gatekeepers in the internet and traditional finance. A core tenet of its blockchain-based systems is that they depend on linked-up individuals rather than a central middleman.

Read: Africa’s key markets: The legislative and policy changes investors need to know

“If a company or a particular VC owns the majority of this new space, we’ve completely failed. It goes back to a centralized model where the people don’t actually own it,” Dorsey said.

“And the only success in my mind is that people truly can see and can truly own this specifically, the most important part of it, which is the money and the currency that we use every day to transact around the world,” he added.

Since stepping down as Twitter CEO in November last year, Dorsey has increasingly focused his efforts on bitcoin projects. He’s previously said there’s nothing more significant in his life than bitcoin to work on.

Dorsey has previously called out venture capitalists for eating into Web3, also known as the next version of the internet built on the blockchain, and warned that the ecosystem is still within the realm of outsider influencer.

He also shared what he thinks it would take for bitcoin, and crypto in general, to triumph.

“For bitcoin and in all the other projects around it I think if we’re increasing transparency within the next five to 10 years; if we’re increasing participation, and that participation is globally represented; if we’re providing daily utility, especially in the form of currency, globally that is success.”

Dorsey highlighted some of bitcoin’s shortcomings, and said it still needs work before it can become a global currency.

“Bitcoin doesn’t have all the development and all the attributes that you might find in ethereum and solana, but that is by design,” he said.

“There is that deliberate, yet slow, development cycle for bitcoin because the developer community around it is very cautious, because this is meant to be a global monetary network.”

“This is meant to be as a potential replacement to the US dollar’s dominance, and you can’t screw that up,” he added.

Source: businessinsiderafrica
Via: norvanreports
Tags: BitcoinJack DorseyJack Dorsey lays out 2 things that could prevent bitcoin from succeeding in the next 5 yearsTwitter cofounder and Block CEO
No Result
View All Result

Highlights

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

BoG Designates Digital Credit Services as Non-Bank Financial Service

Trending

Features

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

August 30, 2025

Ghana Warns of Rising Google Maps Brand Impersonation Scams The Cyber Security Authority (CSA) has issued a...

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

August 30, 2025

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

August 30, 2025

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

August 30, 2025

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

August 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.