On Friday (May 13), Jack Dorsey, who is the co-founder and former CEO of Twitter, as well as the co-founder, chairman, and CEO of Block (formerly known as Square), shared his latest thoughts on Bitcoin ($BTC).
Dorsey says that he does not pay close attention to the Bitcoin price because he knows that — over the long term — as adoption increase, Bitcoin’s value will go higher.
I don't watch the price. I know it will always gain in value over the long term as more people are able to use it.
This is a view shared by Tyler Winklevoss and Cameron Winklevoss, the famous twins who co-founded digital asset exchange Gemini.
It’s only a loss if you sell. Spartans HODL!
The markets always get it right in the long run. Be patient and HODL.
When Tom Philpott, who is the food and agriculture correspondent for Mother Jones Magazine, asked Dorsey if people who are not billionaires should also think in this way about Bitcoin, the Block CEO replied:
“yes I do. it’s young and forming. you buy in because you believe it frees people, not to day trade.“
Back in February, Dorsey explained why he has more faith in Bitcoin than Ethereum, even though the latter evolves faster. His comments about these top two cryptoassets were made while he was being interviewed by Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR) for the keynote at MicroStrategy two-day “Bitcoin for Corporations” event (February 1-2, 2022).
According to a report by The Daily Hodl published on February 3, here are some highlights from Dorsey’s comments about Bitcoin and Ethereum:
“It’s deliberate and it’s predictable. Bitcoin gets a lot of knocks, especially in the technology mainstream media, versus Ethereum in terms of speed of development. Ethereum moves very, very fast in comparison, but it’s a question of what is the ultimate outcome of those moves.
“Bitcoin is very deliberate about what goes in and what stays out…It’s slower, but slower things tend to last and they tend to be a whole lot more predictable in terms of the direction they’re going. They tend to be a lot more secure. They tend to have far better uptime and usability than anything else.
“That’s not to say that there’s not a ton of great ideas in the sandbox everywhere and happening in all of these other projects. There are great sandboxes that will test ideas very quickly, but that deliberateness is what makes Bitcoin, to me, the potential internet’s currency and gives so much confidence, as a business owner, as someone running one of these companies, that it’s going to stick around and it’s going to serve billions of people throughout decades going forward.“
According to data by TradingView, on crypto exchange Bitstamp, although the Bitcoin price got as low as $25,919 on May 12, it is currently (as of 08:08 a.m. UTC on May 15) trading around $29,734, which means that it is up 1.36% in the past 24-hour period.
Yesterday (May 14), Ryan Selkis, Co-Founder and CEO at Messari, pointed out that although the $BTC price might be down around 57% from its all-time high of around $69,044 (set on 10 November 2021), $BTC is still doing better than many popular tech stocks, such as Netflix (NFLX), PayPal (PYPL), and Zoom (ZM).
BTC is down 57% from its all time high.
In other words, it’s holding up better than Netflix, Block, PayPal, Doordash, Palantir, Pinterest, Snowflake, Spotify, Zoom, Zillow, Peloton, Opendoor, and DocuSign in this market correction.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image by “Donbrandon” via Pixabay.com