Bitcoin price rebounded quickly after falling last March along with most other financial and investment assets, but it recently fell again in line with technology stocks.

Recently go run Mr. Jack Dorsey gave an interview to “Reuters” in which he talked about Bitcoin in detail, which we will cover in this article.

Before we present Jack Dorsey’s statements, we recall that he has been one of the supportive figures for Bitcoin for a while, as he relied on him in the “Square” payment service that he founded and runs, and he also had several positive statements about Bitcoin earlier.

Recently, “Jack” stated that Bitcoin is the local currency of the Internet and probably the best because it is consensual and open to all.

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He added:

The Internet is a consensus and something built by everyone, anyone can change their course, Bitcoin has the same model, it is built on the Internet, anyone with a great idea can contribute to it.

Patents for Cryptocurrency Companies:

Jack Dorsey, CEO of Twitter and Square, announced that his company Square has invited other cryptocurrency companies to join an “alliance” that would pool patents and preserve the spirit of open source in the industry. Cryptocurrency Open Patent Alliance (COPA).

Jack Dorsey stated:

We believe there should be a global local currency for the Internet.

Just as everyone should be able to participate in the economy and access the same tools and services, everyone should be able to share and access cryptocurrencies.

We have COPA, which is a core innovation and entity that is completely separate from Square and has its own independent board of directors.

There are threats to the growth and adoption of emerging technologies such as cryptocurrencies as a result of the aggressive and misleading use of patents.

On the mention of patents related to US cryptocurrency and blockchain, we find that their number doubled between 2016 and 2017, with software and computing giants “Microsoft” and “IBM”, both of whom applied for patents.

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China’s technology and retail giant Alibaba holds the most patents related to cryptocurrency, according to a report published by the Patent Database.

Any cryptocurrency company will be eligible to participate in COPA, regardless of whether it has a patent or not.

Dorsey said:

Square connects all of our crypto-patents to a new non-profit organization.

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Last month, Square announced that its popular app generated $875 million in bitcoin-related revenue in the second quarter of 2020.

Among Dorsey’s recent statements:

I think the internet wants a local currency, and I think the best manifestation of that so far is bitcoin.

He also added:

Bitcoin and cryptocurrencies are things that have to be improved before they can become more broad, generally accepted, and that their efficiency and usability should be improved.

We need to build Bitcoin in an intuitive, fast and efficient way and improve it from what it is today in preparation for the future.

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