CNBC

Hey folks.

Block Inc. founder and CEO Jack Dorsey has heaped more praise on Bitcoin (BTC) and its potential in international monetary systems.

Jack Dorsey, the major tech innovator has called Bitcoin permissionless freedom money. Furthermore, Bitcoin was lauded by him due to its capacity to either complement or bring down the United States Dollar.

Currently, a substantial part of the international market is being controlled by the United States Dollar. This is a position that the BRICS countries are trying to resist. As opposed to Bitcoin, the use of the US dollar needs permission from the government and banks.

Therefore, the government has the power to control the transactions that each person can perform. Dorsey conceded that granting the government power results in a certain amount of restriction against fraud, assaults, and other illegal activity. The CEO of Block stated that there is a hefty price for this protection.

Bitcoin gives freedom to all of the challenges that are related to traditional fiat currency, especially the US dollar.

It is important to note that many key players in the crypto industry as well as the traditional market have acknowledged the ability of Bitcoin to serve as a hedge, particularly the economy of the United States continuously inching towards inflation.

Even during the economic unrest that occurred in Egypt in March, Hunter Horsley, the CEO of Bitwise, an issuer of Bitcoin ETFs, highlighted the potential of Bitcoin as a hedge against these kinds of situations. The Egyptian pound had fallen to more than 50 pounds to the US dollar at that point, breaking all prior records.

The economic state gives a direction for Bitcoin to take a strong position on an international scale as a reserve asset.

Not financial advice.

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