Eleven years ago today, Block CEO Jack Dorsey made what appear to be his first public remarks on Bitcoin, in which he praised the digital money at only $11.
Made at a University of Michigan visit in 2012, the endorsement was little noticed at the time, hardly making headlines beyond the Bitcoin Talk forum. The transcript of the visit was unearthed today by Bitcoin Historian Pete Rizzo on X.
Still, the remarks are notable given Dorsey’s public role in Bitcoin’s journey, leading to his current role as the CEO of Block, a company dedicated to advancing the adoption and technology of Bitcoin. Formerly called Square, the company is a longstanding payments innovator, one whose support buoys Bitcoin in the mainstream.
Dorsey’s speech at the University of Michigan in 2012 was a candid conversation about his thoughts on emerging technologies and his fascination with Bitcoin.
At the time, Bitcoin was still a relatively obscure digital currency, trading at just an average of $11 across its few exchanges.
Yet, during his talk, Dorsey referred to Bitcoin as “amazing” and expressed his belief that it could have a profound impact on the world of finance and technology.
He said: “Bitcoin is an amazing movement. that needs to stabilize, and Square will accept any currency that comes over the counter. If it becomes huge and accepted in the world, Square will accept it. We don’t just focus on currency.”
Fast forward to 2023 and Bitcoin has exceeded these expectations.
Trading at $25,000 the cryptocurrency’s price has skyrocketed by an astonishing 220,000% since Dorsey’s initial endorsement. Bitcoin is no longer on the fringes of the financial world; it is a global phenomenon, with widespread adoption and recognition.
Dorsey’s journey with Bitcoin did not end with that speech. In fact, it was just the beginning. In 2018, Square, the financial services company he co-founded, introduced Bitcoin trading to its Cash App, allowing users to buy, sell, and hold Bitcoin.
Under his leadership, Block has become a major player in the crypto space, with investments in Bitcoin infrastructure and projects aimed at making Bitcoin more accessible and user-friendly.
As Bitcoin continues to evolve and shape the future of finance and technology, Jack Dorsey’s early endorsement and ongoing commitment to the cryptocurrency serve as a testament to the revolutionary nature of blockchain technology and its potential to disrupt traditional financial systems.