“We are building open source projects that will make mass adoption not just possible but inevitable…”
That’s what Twitter and Square CEO Jack Dorsey tweeted to his followers last week.
If you didn’t know already, Dorsey is a pioneer in the tech space. He co-founded Twitter in 2006, growing it from an obscure messaging app into one of the world’s largest social media platforms, with over 321 million monthly users (including President Trump).
He’s also the founder of Square, a financial services and mobile payments company based in San Francisco. Square allows individuals and merchants to accept offline debit and credit card payments on their smart devices. It also supports bitcoin trading.
Dorsey helped turn both companies into multibillion-dollar enterprises. So he knows a thing or two about internet technology…
He’s also a bitcoin bull—and he’s putting his money where his mouth is.
Back in March, he said he was buying $10,000 worth of bitcoin every week. And in the first quarter of this year, Square accepted a record $65 million in bitcoin payments—despite the brutal Crypto Winter.
Fewer people have a clearer vision of the future than Jack Dorsey. So when he says mass adoption of crypto is “inevitable,” that’s bullish news…
Another Heavyweight Gets Into Crypto
Dorsey isn’t just talking the talk… He recently launched Square Crypto, the digital currency division of Square.
We don’t know all the details about Square Crypto yet… but its main goal is to make bitcoin the “native” currency of the internet.
But Square isn’t the only major business helping to build out the crypto space. Heavyweights like Microsoft are, too.
That’s the report from our very own Greg Wilson… world-renowned cryptocurrency expert Teeka Tiwari’s chief analyst at Palm Beach Confidential newsletter.
Like Teeka, Greg travels far and wide to uncover the biggest trends in the crypto space.
And earlier this month, he attended Consensus in New York City, the world’s biggest cryptocurrency and blockchain conference.
At the conference, Greg said Microsoft unveiled a new blockchain project that will help people control their personal information online. Here’s Greg:
Microsoft is the first major tech company building a project directly on the bitcoin blockchain. It’s called Ion… and it uses encryption to help you control your online data.
Without getting into the weeds, it’s similar to using your Facebook account to log into a third-party website like Airbnb. But instead of Facebook owning your identity data, you own it. So if for some reason Facebook deactivates your account, you’ll keep your identity data and still have access to Airbnb.
Again, this project will be built on the bitcoin blockchain. That means whoever uses Ion will to need to buy some bitcoin first. That increased demand will move bitcoin prices higher.
Greg said other smaller projects will also bring crypto to the masses, including startup Flexa’s mobile app called Spedn. GameStop, Bed Bath & Beyond, and Whole Foods Market are some of the companies already using the app.
And Greg says soon you’ll be able to transact bitcoin without an internet connection.
Startup Blockstream broadcasts the bitcoin blockchain via satellite 24/7. So anyone will be able to connect to it without disruption. Blockstream will eliminate cost barriers and that’ll enable more people to adopt bitcoin.
Bitcoin Is Going Mainstream
At PBRG headquarters, some staffers settle bets and pay for lunch with bitcoin. It’s not as easy as dealing with cash—yet… But as adoption increases, so will ease of use.
And Teeka says usage and adoption are two of the most important metrics when it comes to valuing cryptos.
Here’s Teeka:
Over these years, I’ve discovered the most important element in crypto selection… and the most enduring catalyst for creating value in cryptos: usage.
Again and again, the usage of the coin, network, and underlying solution is what drives the long-term value in the crypto market. Sure, over the short and intermediate term, hype, hope, and market sentiment are tremendous drivers of value.
But enduring value—the kind that lasts over several market cycles—comes from projects where usage of the underlying token is increasing. A crypto must be useful and widely used for it to gain massive long-term market value.
That’s why Dorsey is getting in front of this tidal wave of bitcoin adoption with Square Crypto. He knows when adoption increases, usage will, too.
And as adoption and usage increase, so will price. You can see that with the current bitcoin rally.
But it’s not too late to get in. As more people adopt bitcoin and cryptos in general for payments… data privacy… and communications, demand will soar. And that’ll push prices to new highs.
The good thing is you only need to take a small stake for the potential of life-changing gains. So position yourself today.
Regards,
Nick Rokke
Analyst, The Palm Beach Daily
Sincerely yours Palm Beach Reseach Group