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Jack Dorsey hopes Bitcoin will contribute to world peace

Jack Dorsey, Co-Founder and CEO of Twitter Inc. and Square Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, USA, on Friday, June 4th, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

Square CEO Jack Dorsey has high hopes for digital assets and the emerging currency Bitcoin.

"My hope is that it will create or help create world peace," Dorsey said during a "The B Word" webinar on Wednesday.

"We have all of these monopolies out of whack and the individual has no power and the costs and distractions that come from our monetary system today are real and divert attention from the bigger issues," added Dorsey. Elon Musk, CEO of Tesla and founder, CEO and CIO of ARK Invest, Cathie Wood, were also speakers on the podium.

“All of these distractions we have to deal with on a daily basis are increasingly taking us away from these larger goals that affect every single person on this planet. You fix that basic level and everything about it improves in such dramatic ways as to be long-term, but my hope is definitely peace, "added the founder of Twitter.

A long-time digital currency advocate, Dorsey says cryptocurrency will eventually become the world's "single currency" in 2018. Last year, Square bought about $ 50 million worth of Bitcoin, which is about 1% of its balance sheet.

Last week, Dorsey announced that Square was launching a new company focused on "decentralized financial services" with Bitcoin. Decentralized financial applications or DeFi applications aim to replicate traditional financial systems such as banks and stock exchanges with cryptocurrency. Most run on the Ethereum blockchain.

Dorsey said on Twitter late Thursday that the company is "focused on building an open developer platform with the sole aim of making it easier to create untrusted, license-free, and decentralized financial services."

Following that announcement last week, Woods ARK Invest bought an additional 225,937 Square shares valued at approximately $ 53.6 million, based on Square's closing price last Thursday.

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